As a rule of thumb, every business today is obligated to specific regulations in the sector in which they operate. Retail is no exception and is perhaps one of the more demanding business sectors due to the volume of work involved. Retailers must ensure they are fully in line with retail financial compliance standards to avoid numerous consequences such as fines and restrictions from regulatory bodies, damage to brand reputation, and so on.
Have you ever wondered what are the secrets of efficient back-end operations, seamless supply chains and almost inexhaustible cash flows of large retail companies like IKEA? Well, we have, and what we found out will expand your horizons and help you grasp what it takes to have an efficient cash flow mechanism. Elements of an efficient cash flow incorporate more than one component and in and of itself, cash flow cannot exist without management systems in place. Obviously, the most efficient management system can be found in IKEA, a retail giant with €34.2 Billion (with a capital B) in sales in 2016.
Regardless of the industry, a business operates in, even if it’s relatively new or small, a careful research will reveal two or more competitors. Their existence immediately changes the playing field. In a concentrated effort to gain that one step ahead, businesses adopt numerous competitive strategies to increase their competitive advantage. That’s all fine and dandy, but how exactly do you cope with your competition? The most usual suspect in the case of intense competition is the price war.
At the rate that technology is currently changing, it’s no wonder that the retail space appears to be trapped in a perpetual transition period. From the decline of brick-and-mortar stores in recent years to the diverse options available to eCommerce retailers, having a multichannel marketplace — that is, one comprised of a combination of shopping cart systems, eCommerce marketplaces and brick-and-mortar stores — is fast becoming the norm. In fact, research shows that retailers selling on two marketplaces as well as its own shopping cart earn 120 percent more than businesses without that multichannel marketplace presence.
Ask any consumer what rationale guides their decision-making when it comes to retail purchases, and pricing will almost certainly emerge as one of the most prominent considerations. Because of this, business owners understand that the strategy they apply to their pricing can make all the difference in the long-term success they achieve (or don’t achieve) with their customers. However, though the importance of pricing is well-known, the tools available to optimize it may not be in place when it comes to your business. In particular, automated price monitoring may prove to be a major factor in boosting your sales.
Fashion is subjective, they say. And ever evolving. As this interesting take on the history of shopping dictates.
Today fashion is synonymous with bold prints, beautiful colors, and clothes tailored to suit the global citizen. Today, fashion is the first frontier one has to cross. As they say, ‘The first impression matters.’ And today, the first impression is based on clothes, individual style, etc.
The way to a man’s heart is through is stomach, they say. And the way to a woman’s heart? Why diamonds of course!
Bling has always been a part of popular culture. From princess to pauper; and princes too; have always loved jewels. These portraits of the Indian kings and queen, princes and princesses, of as recently as the 1800s, show just how important a status symbol, these stones have become!
Remember seeing the words, ‘you might also like’ while you are shopping on-line? Or the ‘people you may know’ on LinkedIn or Google Plus? How many times have we actually stumbled upon these words and ended up clicking them, just to find out a little something different?
When Big Data is mentioned, ‘benchmarking’ is often mentioned in the same breath. As amazing and accurate as benchmarking with data is, it is not the end all of big data. There is something more to Big Data- that gives it so much more value. It is called a “Recommendation Engine” in industry lingo.
The latest fad on Instagram that has all the women (and quite a few men) swooning is this account called “Hot Dudes Reading.” The idea was simply an extension of daily observations. And only a couple of weeks after the account was created, it already had more than 300K followers!
#HotDudesReading is proof of the fact that we may have the most amazing technologies, but certain things, like a good paperback book, are a large part of the human imagination. In our interactions with retailers, we at Intelligence Node find that there are certain such things, or maybe sensations even, that unconsciously influence our decisions on the path to purchase.