An article on the Bloomberg website highlights how retail sales are on the rise as the economy improves. What this means for retailers is that they had better start investing money into improving their own legacy environment to boost the customer experience. Now is the time to invest in retail ERP software.
Retailers must understand how consumer habits are changing, an article on the Infofree website explains. In particular, consumers expect year-round Black Friday-type deals, while online shopping, free shipping and showrooming all are on the rise. A retail ERP system can help businesses analyze these trends and adjust future plans.
Even though retail sales got the cold shoulder in December, analysts say consumer spending will warm up in 2013. One analyst points out in an article on CNBC.com that many retailers had the wrong inventory or a shortage of inventory this holiday season. Retail ERP software is the key to better inventory management.
The retailers who survived the recession are the ones that adapted best to consumers’ changing purchasing patterns. More than ever, consumers are cautious about how much they’re spending, an article on Forbes.com reports. Retailers need retail management software to understand these changes and stay strong in an evolving retail landscape.
Beauty bars offering professional makeup services are popping up in big cities across the country, an article on The Wall Street Journal’s website reports. They’re a great place for retailers to showcase products. But first, retailers must understand their customers. That’s where retail management software can help.
Meet retail’s next big customer: the millenials. They are the largest and most diverse group with spending power estimated at $65 billion annually.. To get a piece of that pie, a national department store chain is targeting the 13 to 30-year-old demographic with a multi-brand initiative, says an article on RetailingToday.com.
Since the recession, people are more cost-conscious, and they’re turning to do-it-yourself projects instead of hiring someone to do it for them. That trend is giving some retailers a boost, an article on the Atlanta Journal-Constitution’s website highlights. This trend to save money will likely continue for the foreseeable future.
Hunting for a bargain can be a thrill, and retailers need to understand that about their customers.That’s what retail expert Paco Underhill recently told the Licensing Industry Merchandisers’ Association. Retailers must understand and work with consumer behavior, rather than trying to abruptly change it.
An article on CNN Money’s website said that many online-only retailers are setting up storefronts. It’s a move that seems to contradict why these companies chose to set up their business online in the first place – to eliminate extra overhead expense. While it’s a great idea for retailers that want to expand, it’s not something necessary to succeed.
Retail is taking the big out of box. Instead of “one size fits all,” large store chains should focus on selling niche products, growing digital channels and creating a seamless brand experience, say two leading consumer industry companies in a joint report cited in an article on Retail Wire’s website.
Consumer confidence in September reached the highest level in months, a trend that could translate into huge revenue for retailers and cause a ripple effect for the economy according to an article on CNN’s website. But retailers need to watch stock. They need to make sure they have the products shoppers are looking for.
Randy Misener, Editor-at-Large
Randy Misener is the Industry Executive responsible for Enterprise Retail Management solutions at Avanade. Majority owned by Accenture, Avanade was founded in 2000 by Accenture LLP and Microsoft Corporation and has approximately 15,000 professionals in more than 20 countries.