“Shopping on Social Media Seen Hitting $1.2 Trillion by 2025” by Martine Paris via Bloomberg

“Shopping on Social Media Seen Hitting $1.2 Trillion by 2025” by Martine Paris via Bloomberg

Parcels inside a shipping container at the UPS Worldport facility in Louisville, Kentucky.Photographer: Luke Sharrett/Bloomberg Shopping on social networks such as Facebook, TikTok and WeChat is going to grow three times faster than sales from traditional channels over the next three years, according to a study released by Accenture.  Social commerce, defined as transactions that take place entirely within the context of a social-media platform, will reach $1.2 trillion by 2025, up from $492 billion in 2021, the consulting company said in the report. The trend is being driven primarily by Gen Z and Millennial consumers, who are expected to account for 62% of the spending.  The most popular products sold via social networks include clothing, consumer electronics and home decor. Beauty and personal care is also seeing growth, with online influencers playing a significant role. The trend offers good news for mom-and-pop shops: More than half of so-called social buyers surveyed said they are likely to support small businesses over larger retailers and would likely buy from them again. This may allow new brands to build loyalty and gain traction. Accenture also found that around 3.5 billion people used social media in 2021, spending on average two and a half hours engaged with it per day. The market for social commerce is far less saturated in the U.S. and the U.K. than in China, where 80% of social media users make social-commerce purchases, according to Accenture. China is expected to remain the most advanced market for social commerce in size and maturity, Accenture said, with the highest growth being posted in developing markets such as India and Brazil.  The study is based...
“Will 2022 be the Year of the Dark Horse in Retail?” by Arick Wierson via The Robin Report

“Will 2022 be the Year of the Dark Horse in Retail?” by Arick Wierson via The Robin Report

My father grew up on a farm in central Iowa in the 1930s and 40s, and although life in the post-Depression heartland was pretty harsh, among his fondest memories from his childhood are those of his many horses, each one of them different shades of black. As a youngster, he had a black Shetland Pony named “Spanky.” Then in middle school came “Spot,” a black Murgese And in his final years of high school, his father – my grandpa, who by this time was feeling a bit less worried with the worst of the Great Depression more than two decades in the past, splurged and gave my dad a powerful riding horse named “Lucky,” a jet-black Percheron – apparently a ‘big hit’ with ladies in town (OK, whatever you say, dad.) . It is pretty much a given at this point that retailers will eventually have to enable payment and checkout solutions that accept Bitcoin, Ethereum, and Dogecoin. Anyway, decades later when yours truly was growing up in 70s and 80s in the Minneapolis suburbs, apparently my father felt that there was a gaping hole in my psycho-emotional development in that I had very little interaction with farm life, in particular, with horses. And the way in which he attempted to fill this void was with a near-endless menagerie of equine-themed birthday toys, trips to the annual ‘Horse Show” at the Minnesota State Fair and, of course, several trips to the cinema to see the now classic 1979 film “The Black Stallion,” starring Mickey Rooney and Teri Garr. Now, by this point, you are likely asking yourself what all...
“How To Set A New Direction For Retail 2022” by Bob Phibbs (The Retail Doctor)

“How To Set A New Direction For Retail 2022” by Bob Phibbs (The Retail Doctor)

The start of a New Year is a good time to assess retail trends and where you’ve been and where you want to go. Otherwise, it can be just the same problems, different day. You have to believe there has to be more to running a retail store than a paycheck. Thank your lucky stars you were smart enough to figure retail out – about half a million business owners had to close since the pandemic began. But surviving isn’t fun… Let’s look at what didn’t and did happen in 2021 and set a new direction for retail in 2022. What didn’t happen Shipaggedon – As much as we were told driver shortages across delivery platforms including Amazon would exceed capacity by as much as 5 million packages per day, UPS and the postal service delivered 99% of their packages on time or with minimal delays. In fact, UPS, FedEx, and the postal service are delivering packages faster now than in the post-Thanksgiving period in 2019 Store closings – As much as we were told stores were out of style, store openings topped store closings for the first time in five years. And as direct-to-consumer brands realize profits are elusive in an online-only world, they are opening hundreds of stores. Christmas ruined by supply chain problems – Starting in August we heard, “shop early or you won’t get your gifts on time.” Yes, cars and some expensive niche items are still hard to find because of a shortage of some crucial materials like computer chips. And prices are up for all kinds of goods but in general, products are in stores. What did happen Unprecedented demand for...
“Customers want you but choose Amazon, WHY?” by Dan Pankratz via Exchange Collective blog

“Customers want you but choose Amazon, WHY?” by Dan Pankratz via Exchange Collective blog

70% of Americans Prefer to Shop Local You hear it all the time, “I love your store,” or “I want to support local,” and “I am over Amazon.” But it is no secret that millions of customers are going to Amazon’s market place to shop and buy. But in a survey of 1,500 Americans done by Intuit, they found that 70% of customers prefer to support local businesses through online and instore purchases. Connecting with your in-store customers online is critical. It is proven that a majority of shoppers start their purchases online. This means your website needs to give customers the option to shop what you have to offer. “But I will never be able to compete with online prices,” so what is the point of trying to have an e-commerce site? A survey done in 2020 by Red Egg Marketing found that 82% of customers surveyed are willing to pay more for a product from a local retailer, and 8 out of 10 customers are willing to spend more money at local businesses. Your website should be treated as the first stop for your customers. Exchange Collective What does this mean for brands and retailers? Exchange Collective solves this problem – it allows people to support their local retailer and buy the brands they want. Brands win by controlling their product images and descriptions, Retailers win by having Brands manage the product data so they don’t have to. In the past few years, it has become easier for retailers to set up e-commerce sites. Though it may be easier for retailers to set up a site, the...
“The Best Advice I Can Give Retailers Right Now” by Dan Jablons of Retail Smart Guys

“The Best Advice I Can Give Retailers Right Now” by Dan Jablons of Retail Smart Guys

It would be easy to start this article by talking about how we’ve all been through the craziest times in our lives.  But you already know that.  I could also talk about how challenging things can be now, with the extreme difficulties in the supply chain causing many to struggle to keep up with increasing demand.  On top of all that, we’re dealing with mask mandates and all kinds of political noise that affects retail.  But you know about that too, and you’re already navigating that. So let’s get down to something important.  In times like these, the winners are those that can become hyper-focused on the truly important things.  It’s very easy to get distracted by the problems that exist in our industry, to throw up your hands and just hope that things work out.  You could do that, but you’re also better than that. At this moment in time, my most successful clients are focused on 2 things, and 2 things only: Their customers and their inventory.  It could be argued that staying hyper-focused on those 2 things has always been the key to retail success, and that’s true.  That said, it’s especially true today, given everything I wrote in the first paragraph, the fundamentals of focus are more important today than ever before. But how do you do that?  The nature of our business is such that there seems to never be enough time to get everything done, and lots of small details seem to block our ability to focus on the things we want to focus on.  Push play to hear about how Dan Jablons...
“If you missed the most recent BRA Retailer Roundtable Panel Discussion at Surf Expo or any of the other three 2021 BRA quarterly webinars, you can view them all right here at no cost” by BRA + Management One

“If you missed the most recent BRA Retailer Roundtable Panel Discussion at Surf Expo or any of the other three 2021 BRA quarterly webinars, you can view them all right here at no cost” by BRA + Management One

Once per Quarter, Board Retailers Association hosts relevant and helpful webinars on a variety of topics in collaboration with BRA Supporting Vendor Partner Management One. You can view all four of these excellent collaborative quarterly webinars below. “5 Things You Need To Know Before Black Friday” (4th Quarter 2021 Collaborative BRA + M1 Webinar) As we begin to plan for 2022, retailers need to focus NOW on key areas in their business to set the stage for success through the holidays and into next year.  Without a doubt, the holiday season will be quite different than last year for both retailers and consumers, so how can you prepare for the unknown? From year-end tax strategies to digital marketing and supply chain moves, retailers will have their hands full in Q4 trying to navigate the challenges. It can be easy to lose sight of what is MOST important and impactful before the new year begins. Our live Q&A includes Paul Erickson of Management One and Doug Works of BRA speaking with Jeff Plattman of CohnReznick, one of the nation’s largest accounting, tax and business advisory firms, to get an informed perspective on how successful retailers need to plan their year-end to be set up for 2022. Push play to view this important 4th Quarter collaborative BRA + M1 webinar “BRA Retailer Roundtable Panel Discussion at Surf Expo – Sept. 2021” (3rd Quarter 2021 Collaborative BRA + M1 Webinar) Concerns about the delta variant contributed to store traffic declines in July, combined with some signs that consumer confidence is wavering. The outlook for business in Q4 is nowhere near certain. In this Board...