As the year comes to a close, it's time for my annual roundup of omnichannel retail predictions for the year ahead. I'm focusing on a few interesting trends I saw come to light in 2013 that I believe will become even more widespread next year. Enjoy!
Target has long looked to India to fuel its software applications and back-office projects. Now, the Minneapolis-based retailer is doubling down on the country's tech potential. Come January 2014, Target is planning to launch the Target Accelerator Program, a corporate incubator — complete with funding, and possibly equity stakes in the cohorts — that it hopes will help it tap into the country's startup culture and engineering talent to better compete against other retail heavyweights Wal-Mart and Amazon.com. The selected startups will receive up to $30,000 in funding as part of the program.
The time is here for the online shopping onslaught — Black Friday, Cyber Monday and the whole run up to Christmas. The promotions have been prepared, the email campaigns set up, so just one questions remains: Is your website ready to handle the volume? The issues around website performance have never been as prominent in the news. So let's review the top tips for making sure your websites — and remember this is now across desktop, tablet and smartphone devices — are ready for showtime.
With the holiday shopping season approaching, you can expect many shoppers to do last-minute online gift buying, require immediate deliveries, and, of course, there are all those pesky post-holiday returns and exchanges. Will your website be able to deal with this annual shopping frenzy? By putting a little effort in planning ahead of the frenzy and by following a few e-commerce pre-holiday tips highlighted below, you can ensure that your customer's experience is both positive and cheerful for the holiday buying season.
Amazon.com has the best price on products in its assortment about 80 percent of the time. However, the new "Amazon Holiday Pricing Insights" analysis from pricing technology provider 360pi shows that Amazon does have weak spots, and that retailers can compete with the online giant, especially if they can beat Amazon on other nonprice purchase factors. For example, once Home Depot decided to be price competitive on Oct. 26, it was instantly and dynamically able to beat Amazon prices on power drills.
Kmart is introducing a rent-to-own program charging the equivalent of 100-plus percent annual interest, a move into a business that's drawn criticism for hurting low-income consumers. The Lease-to-Own program touts instant gratification — customers without credit take a product home right away, make biweekly payments, then decide whether to buy out or return the product. A typical deal could turn a $300 television into a $415 purchase. Sears Holdings Corp., which owns Kmart, debuted a similar program at its namesake stores earlier this year.
Treadmills for $33? Computer monitors for $9? The deals were even too good to be true — even for Wal-Mart. The megaretailer said a "technical error" caused certain products to be priced absurdly low or high on its website early Wednesday morning. By Wednesday evening, the discounter had fixed the glitch and decided to cancel the orders of customers who were able to snag the items at steep discounts.
The Company Store hasn't sent many flash-sale emails. In fact, among the 133 emails captured by Who's Mailing What! this year, only one recent email used the flash-sale strategy. However, The Company Store clearly did its homework.
Global online retailer Modnique launched a responsive web design (RWD) version of its website this past September in an effort to optimize the experience of visitors using screen sizes as small as the iPhone and as large as 36-inch monitors. Here's a look at the brand's experience with RWD.
Gift cards are a tried-and-true strategy for influencing purchase decisions and, as such, have proven to be a lucrative revenue stream for small and big-box retailers alike. Today, gift cards take many forms and represent more than $110 billion in sales. Tomorrow, however, holds something much bigger for retailers with gifting programs. There's a "branded currency" revolution on the horizon; those retailers that can make the transition from a traditional gift card program to a comprehensive branded currency strategy will have the opportunity to increase online and in-store sales, drive new customer acquisition and grow loyalty.
