Related Articles

• Oh Those Returns Policies

  

  We read recently of a service that enables retailers to essentially outsource their decision-making regarding refunds and customer returns.  Yes, to an algorithm.

  Used especially by large national chains, it applies technology to accept or reject attempted returns.

  Have questions about your return being denied? The store employee directs you to contact the return authorization service. 

  Well, that's one way to handle returns, isn't it? And it may be very appropriate for large national chains that are particularly susceptible to fraud or so-called "returnaholics."

  But for local retailers, return policies are one of the most complex management issues in retailing.
  

  
  

• No Surprise Here: Optimistic Retailers Look to Expand

  

  The National Retail Federation sponsored a survey in early May of retail small business owners across the country (those that meet the SBA definitions for employee size and revenue.)
  
  Contrary to the doom-and-gloom of the "Retail Armageddon" stories, this survey confirmed that retail owners are optimistic and looking to expand.

  Few believe their business will be in worse shape in 12 months;

  Nearly half expect revenues to increase;

  Many have goals for expansion or implementation of new technologies.

• Timeless - and "Towering" - Lessons

  

  At one time Tower Records was the "superstore hangout for music lovers," a $1-billion worldwide chain of 200 stores in fifteen countries, and the nation's largest privately-held music retailer. We're reminded of Tower Records as its founder, Russ Solomon, passed away in March at age 92.
  
  Reading about Solomon, we were struck by the relevance for today's specialty retailers of many of his basic concepts.

• Retailing in the Palm of Your Hand

  

  Here's a revealing factoid from Bloomberg News: "Of the people who use social media, one in three makes a purchase every month through a platform such as Instagram, Facebook, Pinterest or Snapchat."

  That's right; transactions initiated and completed all via smartphone. At least once a month. One out of three "social media users" (or, 33% of almost everybody?!) 

  
  

  It's what some are calling "handheld retailing." 

   

  It's a trend you may not like, but heads up, folks. It's a tsunami!

  
  

• Food for Thought

  

  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. 

• Is Social Media "Effective" for Retailers?

  The ROI NEWS asked retailers this question about the effectiveness of Social Media: “Does it raise sales?!”

  We invited retailers to take a short, quick, 6-question survey about their use of promotional tools in general, and, in particular, “Social Media”: Facebook, Twitter, Pinterest, Instagram, LinkedIn, Other.

  We asked, and you answered!

  You quickly confirmed that “social media” is in fact a hot topic among retailers!

  And, you are willing to share your experience with it with others, and for that we say, Thank You!!