Thursday, November 27, 2014
A unique shopping experience is becoming a significant factor of success for retailers, according to a “Future of Retail” study by Motorola Solutions. Customer service is extremely important in cultivating a good shopping experience. This can be done with better store employee support through real-time access to product information as well as a trend-setting development of IT systems to help retailers keep abreast of retail competition. Recognizing the need to deploy advanced techniques, retailers will increase technology spending on BI and analytics from 15.6% of IT budget in 2014 to 23.3% of IT budget in 2017, representing a 14% compounded annual growth rate*. With the help of video analytics solutions, retailers would be able to make good business decisions as well as allocate retail staffs wisely.
Friday, November 21, 2014
The rise in online shopping continues unabated leaving brick and mortar retailers to face more challenges and upheaval. In fact, more than 50% of Singaporeans shop online at least once a month, placing them as Southeast Asia’s top online shoppers. However, is traditional retailing really dying?
Tuesday, November 18, 2014
There are a various number of reasons why people shop – ‘showroomers’, window shopping, shopping for specific product, the list goes on. Although recreational window shopping where people use shopping to socialise has always been popular, showrooming is a new term to describe shoppers who visit a shop to check out a product but purchase online. In Singapore, showrooming is getting common with 78% of consumers using their smartphones while in-store and 73% stating they would leave the store if after researching they find the same or similar product 5% cheaper somewhere else.
Wednesday, November 12, 2014
Retailers all know that to increase retail sales, they need to drive more prospect traffic to their stores, convert shoppers to buyers and increase the average spending per customer. Driving traffic to your store and increasing the average spending per customer will be discussed on separate articles. Below are some tips to help you increase customer conversion rate and get that sales needle shifting.