strategic insights...competitive advantage.” what’s your 10-year retail strategy? “while...
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The PL Directorate is dedicated to researching industry trends in order to report possible strategic options to assist in the continued growth of the Exchange. This digest contains recent articles on strategy, retail trends, and leadership.
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Chip Cards Cause Headaches at StoresA majority of credit cards in the U.S. now contain a chip designed to add more security -- yet most payment terminals at retailers can’t read the new technology. And thesituation isn’t going to improve anytime soon. SA: MD, PL, FA, IT
Strategy News
Rebuilding retail brick by brickThere has been much speculation about what retailers should do in an omni-channelworld. How do they compete in a world where Amazon is undercutting them in pricesand offering free delivery? SA: MD, PL, BD, eCOM
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Gregg Cox, Director, Washington Office
Click-and-collect continues to evolve, but where is it headed?According to a survey by the International Council of Shopping Centers, during the 2015 holiday season, nearly one-third of all shoppers chose to make purchases online, then pick up the merchandise at the retailer’s brick-and-mortar location. SA: MD, PL, eCOM, BD
Issue 6: June 2016
Retailers forced to evolve as shoppers dial up mobile purchases. Shoppers are increasingly using mobile devices in the U.S. and China, leading many retailers to divert capital spending to mobile from stores. SA: MD, PL, IT, eCom, BD, FA
Virtual reality and the new sales experience
Mobile shopping shift spurs retailer
STRATEGIC INSIGHTSON PLANNING AND EXECUTIONPL Monthly Digest
As marketers sharpen their focus on the importance of “superfans” and move urgently to develop more sophisticated consumer loyalty programs to reach them, they’re paying closer attention to increasing the effectiveness of their social media tools. SA: MD, PL, IT, BD, eCOM
Embracing the Power of Superfans and Social Media
How brands like Hasbro, Lowes and North Face are using the technology to transform ev-eryday shopping. SA: MD, PL, FA, SFD, BD, IT, eCOM
Resuscitating GapWooing customers will be tough, retail analysts say, because many other big apparel retailers today also carry basics, often at lower prices. SA: MD, PL, BD, eCOM
“When you are planning where you want to be in 10 years, you must factor in where retail technology is headed. These are not easy choices; it is precisely the people technology is replacing that help connect you to your consumers. In many chains, people are the competitive advantage.” What’s Your 10-Year Retail Strategy?
“While e-commerce makes up a hefty $340 billion market, the majority of retail is still happening in stores with a massive $4.7 trillion market,according to the speakers. Therefore, we’re seeing online giants like Amazon begin toflip the digital script on shop-ping and explore avenues of real-world retail.” What’s Next For Retail?
What’s Next For Retail?With a customer experience revival occurring, traditional brick-and-mortar retailers arepoised to take on their online competition with an arsenal of resources at their disposal. SA: MD, BD, PL, eCOM, IT, LG
Retail Trends
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CVS invests in CurbsideRetailers are looking for new ways to accommodate a customer base that now wants the increased convenience that comes with not having to park their cars, then wander around the store, cart in hand. SA: MD, PL, BD, RE, FA
The sixth-largest U.S. retailer by sales plans to tighten deadlines for deliveries to itswarehouses, hike fines for late deliveries, and could institute penalties of up to $10,000 for inaccuracies in product information. SA: MD, PL, eCOM, BD, LG, Regions
Target gets tough with vendors to speed up supply chain
Fully interactive, cloud-based digital displays help enhance the customer experience and give businesses a boost at TurnStyle, the new retail/dining center at the Columbus Circle subway station in Manhattan.
The installation marks the first retail application of the On Smart Media platform, from Outfront Media. The platform allows retailers and advertising partners to deliver contextual messages in real-time. Read More
U.S. Retail Sales Declined as Consumers Remain CautiousU.S. retail sales fell as Americans cut back on auto purchases, a sign of consumer caution amid slow wage gains at home and troubles overseas. SA: MD, PL, BD, eCOM, FA, Regions
What’s Your 10-Year Retail Strategy?As minimum wage increases start to take hold, self-service checkouts and robotic ca-shiers are already a reality in some markets. What does the future hold for c-stores in 10 years? SA: MD, PL, IT, RE, BD, eCOM
Leadership News
“Becoming a leader does not require adopting a new persona; it meansamplifying your true self with focus and discipline. The key is to be authentic—to draw from one’s own experiences, values, and strengths.”Five Tips for Authentic Leadership
“Find out what makes em-ployees excited to come to work, and identify action items that can improve the team’s experience. Most importantly, be accountable by reporting back to yourstaff on the status of those next steps.”Caring for Employees Leads to Long-Term Success
Caring for employees leads to long-term successLeaders need to make employees a priority just like they do with customers, writes Cather-ine Spence, a co-founder of Pomello. That starts with the onboarding process and continues through the use of employee surveys, regular debriefings and the pursuit of a strong corpo-rate culture. SA: All
Put culture ahead of your need for controlLeaders should be stewards of the businesses they run, with a focus not just on maintaining control but rather on championing the people and processes needed for enduring success. SA: All
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Five Tips for Authentic LeadershipFew transitions test one’s character like moving to a senior leadership role. It’s one thing to gain mastery of a particular function or skillset; it’s quite another to take responsibility for employees from different backgrounds, functions, and cultures. SA: All
Leadership is about influencing othersLeadership is about the ability to influence situations and people, writes Joel Garfinkle. Your skill at doing so depends on factors including reputation, skills and expertise, and your abili-ty to win followers. SA: All
Criticism Is Tough To SwallowPeople often try to couch critical feedback in a “praise sandwich. That doesn’t work, because people are primed to notice and react more to criticism than to praise. Instead, try framing criticisms as suggestions that could take a project from good to great. SA: All