Re-Inventing Retail

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

Group Buying for YOUR customers Bookmark

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Have you heard about Boxed? It’s an online store that’s been called “the Costco for Millennials.”

What especially intrigued us, however, is this new feature Boxed has announced: group orders.

Customers can now do a group order online by sending links to others to collaborate on an order.

This includes a Venmo feature (a mobile payment service) that will automatically divide the price of the order and charge the recipients.

What a win-win situation!

Splitting warehouse-club-quantities – and savings – is made easy for the shoppers. And it all happens online. (You know, where the customers do the work....)

Boxed gets customers it otherwise would not attract (the people who want those warehouse-club savings but may not have room in their apartments to store it). All in one transaction.

Plus, Boxed avoids the hassles of those other pesky “retail” details: the customers consolidate the order; receive the shipment in one place; and re-distribute it.

As you can tell, we were quite impressed by all this. Not because of Boxed, or the Millennials. Because it's such a great idea for retailers like you to piggy-back on!

Whether your stores are in a small community or a shopping district within a city, why not team up with other specialty retailers to offer “group orders.”

One common webpage/shop where customers purchase from multiple retailers;

a payment feature for splitting the bill amongst the customers;

a single-destination delivery.

Are there details to be worked out? Of course! But the online services are out there, just waiting to be applied in this way. 

And this isn't just for Millennials! Think about your customers of whatever age; they’re online, right? What an opportunity for cross-selling with other merchants! 

Will Fong, Boxed Co-Founder and Chief Technology Officer, has stated “There’s so many ways that shopping an be improved. We’re just at the tip of the iceberg.” 

He may not realize how right he is!

more details here: Dennis Green, Business Insider, 12.13.17

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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!"