Pricing

AI in Retail: It’s Not Just for the Fortune 500 Anymore
May 29, 2019 at 2:05 pm

A new study from IDC predicts retailers will spend $5.9 billion this year alone on artificial intelligence (AI) tools like automated customer service and product recommendations. Furthermore, 79 percent of retail and consumer products companies expect to use intelligent automation to learn more about their customers by 2021. Yes, retailers are making big investments in…

Know What Your Shoppers Want: A Road Map for the Right AI-Driven Pricing and Promotions
May 22, 2019 at 9:38 am

Much has changed in the retail landscape, from the relentless rise of the power of the shopper vs. the retailer, to an explosion of online and brick-and-mortar competitors, to the ease with which consumers can compare prices and promotions across all channels, brands and retailers with a few taps on their mobile device. Some core…

Deals and Digital Rule the World, According to Millennial Shopping Report
May 21, 2019 at 10:22 am

The ever-analyzed millennial generation — currently the largest in history — is expected to spend $1.4 trillion annually by 2020. Their ballooning spending power is matched only by their love of all things digital. Shopping is no exception. Seventy-nine percent of millennials browse the internet before making retail purchases, whether in-store or online, and that…

Reduce Email Fatigue: 5 Ways to Increase Average Order Value
April 11, 2019 at 1:16 pm

Many online retailers invest significant resources in email marketing to drive new and existing customers to their sites. Of course, too many emails can cause email fatigue, tuning customers out and weakening brands. There are certainly other ways to drive traffic, such as paid search and digital advertising, but these approaches come with a price.…

How Businesses Are Reaching Price-Sensitive Millennials
March 27, 2019 at 9:59 am

Millennials are a unique segment of the consumer marketplace. They do things differently than the generations that precede them and aren’t afraid to make their opinions known (and often very loudly). In particular, businesses are learning that millennials are extremely price sensitive. The Millennial Psyche According to data gathered and published in an IRI survey,…

Price Optimization Helps Consumer Electronics Retailer Raise Revenue by 16%
February 25, 2019 at 12:51 pm

In any difficult situation, cut the price. That’s the basic rule omnichannel consumer electronics retailers use when setting prices. And copy the moves of your competitors. That’s rule No. 2. If a retailer suddenly changes the price for a particular product for a specific reason — e.g., lowering the price to liquidate excess inventory —…

Tariffs: How Smart Retailers and Brands Are Handling the Trade War
February 19, 2019 at 11:24 am

The trade war with China has been cited as a primary cause of much of the recent economic volatility, from the stock market dive last fall to fluctuations in oil prices. While it's clear that tariffs are creating some level of instability as companies and investors try to guess what will happen next, many retailers…

Study Finds Markdowns Cost U.S. Retailers $300 Billion in Revenue
February 8, 2019 at 3:37 pm

In a survey conducted by Coresight Research and Celect, more than 200 senior retail decision makers shared their views on top areas of concern around inventory decisions and the correlation to key performance indicators such as full-price sell through, markdowns, stockouts and margins.

Best Retail Tips of 2018 to Drive Improved Performance This Year
February 1, 2019 at 9:10 am

In this episode of Retail Right Now, Joe Keenan shares a few of his favorite tips from Total Retail’s recently released report, 50 Best Retail Tips of 2018. This annual report highlights the best tips over the course of the past year, and provides a blueprint for how retailers and brands can leverage those insights to…

Vision for the Future: Zenni Optical's Plan for Owning the Online Eyewear Category
January 7, 2019 at 11:10 am

In episode 177 of Total Retail Talks, recorded at the 2018 Shop.org conference in Las Vegas, Bai Gan, chief product officer at Zenni Optical, an online eyewear retailer, discusses the brand's growth from humble beginnings (i.e., selling products out of the founder's garage) into a leading seller of prescription glasses and sunglasses. Zenni Optical currently owns…