Omni-Channel Retailing
why is reverse logistics so important
reduced costs, faster service, customer retention, reduced losses and unplanned profits
factors affecting sales projections (uncontrollable)
-Seasonality -Weather -Competitive Activity -Product Availability -Economic Conditions
What percent of retail sales happen in stores
92%
What percent of Americans have worked in retail?
59%
personal selling
A communication process in which sales associates help customers satisfy their needs through face-to-face exchanges of information.
factors affecting sales projections (controllable)
-Promotions -Store Locations -Merchandise Placement -Cannibalization
How many U.S jobs are retail related?
1 out of 4
What percent of GDP comes from retail sales?
8%
What percent of shoppers use their device to help them shop while in the store
82%
Shopping on the internet
Almost 81% of U.S. consumers use the Internet to search for information before they make a purchase. 60% begin by using a search engine to find the products they want, and 61% will read product reviews."-Adweek
Unique Benefits Provided by Store Channel
Browsing Touching and feeling Personal service Cash payment Entertainment and social interaction Immediate gratification Risk reduction
Staple (Basic) Merchandise Categories
Continuous demand over an extended time period Limited number of new product introductions Hosiery, basic casual apparel Easy to forecast demand Continuous replenishment
Fashion Merchandise Categories
In demand for a relatively short period of time Continuous introductions of new products, making existing products obsolete Athletic shoes, laptop computers, women's apparel
American Disabilities Act (ADA)
People with disabilities must have access to all facilities and must receive equal opportunity to use the facility
Merchandise Management
Process by which a retailer attempts to offer the appropriate quantity of the right merchandise, in the right place and at the right time, so that it can meet the company's financial goals.
Repeat customer
Spends 67% more than a new one
sales forecast
The amount of a product a company expects to sell during a specific period at a specified level of marketing activities
reverse logistics
The area of logistics that involves bringing goods back to the manufacturer because of defects or for recycling materials.
Retailer
a business that sells products and services to consumers for their personal or family use
assortment plan
a list of the SKUs that a retailer will offer in a merchandise category and reflects the variety and assortment that the retailer plans to offer in a merchandise category
Omni-channel retailing
a multichannel approach to sales that seeks to provide the customer with a seamless shopping experience whether the customer is shopping online from a desktop or mobile device, by telephone or in a bricks and mortar store.
Retailing
all activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use
loyalty cards
average person has 14
Why is pricing important?
customers have alternatives to choose from and are more informed than ever before
Mobile is more important
in the store
value=
perceived benefits/price
Assortment (depth)
the number of SKUs within a category
variety (breadth)
the number of different merchandising categories within a store or department
Public Relations (PR)
the organizational function that manages the firm's communications to achieve a variety of objectives, including building and maintaining a positive image, handling or heading off unfavorable stories or events, and maintaining positive relationships with the media
Internet Channel Benefits
● safety ● convenience ● broad and deep assortments ● extensive and timely information (for solving problems & evaluate merchandise) ● personalization (info. is tailored to individual consumers)
