Re-Inventing Retail

From the Co-Founders of The Retail Owners Institute.
Tips | Tactics | Insights on the Business of Retailing.

...And many happy returns Bookmark

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How important is it to have - and brag about - a “free and easy” return policy? 

That is an issue that vexes many retailers. 

Processing and handling returns can be costly and time-consuming. 

But, there also are "costs" associated with more restrictive return policies. 

A two-year study comparing return policies of two similar retailers offers some new insights. 

Food for Thought Bookmark

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How to deal with the turmoil and stress of today's retail environment?

Recent strategic changes by two global firms – McDonald's and 7-Eleven – offer good reminders for us all.

Each of these long-established businesses dealt with their growth challenges first by listening to their customers (using good data analysis and research).

Then, what they chose to do next offers some "food for thought" for all retailers. 

Where Shoppers Prefer to Shop Bookmark

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Most shoppers prefer to shop in stores, not online.

But – gulp! – there's a catch!

Despite the ease and convenience of online shopping, “the majority of American consumers still choose brick-and-mortar stores over e-commerce.”

Why? According to Retail Dive’s Consumer Survey* of 1,425 U.S. consumers, there are three main reasons:

  1. “To see, touch, feel and try out items” is the top reason
  2. Shoppers also want it now and want it fast; they want “to take items home immediately.”
  3. One in five consumers cites easy returns  

Refreshing, isn't it? Shoppers want a shopping experience, in a real store. And it confirms that Amazon is nowhere close to being the only game in retailing. (If only everyone would quit hyperventilating.)

But, there is a far more sobering message here about today's very demanding shoppers.

About The Co-Founders

Pat Johnson and Dick Outcalt, The Co-Founders of The Retail Owners Institute®, have been called "The Zen masters of retail finance!"

Since 1999, they have been assembling  their proprietary content into a unique self-help website. The Retail Owners Institute is an unmatched resource that assists retailers worldwide with basic financial training, assistance and easy-to-use tools.

Their engaging and empowering how-to resources about the financial levers in retailing are informative, fun(!), and retailer-friendly. Their promise: "Everyone will 'get it'!"

Pat and Dick are recognized experts in strategic retailing. Working only as a team – Outcalt & Johnson: Retail Strategists, LLC – they have been consulting, publishing, and speaking professionally throughout North America since 1990.

They focus exclusively on retail, or wherever retail is involved. They work with CEOs, CFOs, boards and owners of retail operations, as well as manufacturers or wholesalers expanding into retail. And they also are Retail Turnaround Experts.

Since 1999, empowering retailers and store owners to "Turn on your financial headlights!"