Social media is about having a dialogue between human beings and works for that. People are not really interested to "hear" from brands there. They tolerate it to a different extent, because social media is free to use. So in reality, it is pretty similar with old good TV, just more formats and targeting options for marketers.
I think that the many if not most brands have a bigger problems with co-creation: the consumers just don't care about their products and their content, so the spokes do not talk to the hub or to each other.
When I read this it was exactly my thoughts Kiri: as a seller on a marketplace you expect to have control on prices.Amazon demonstrated that at their marketplace such control is an illusion. One more reason to double think if you want to be there for brands.
Looks like an interesting experiment and probably not the last in this space for Walmart. They areaggressively trying to catch up with Amazon and test different methods.What will it bring to Lord & Taylor? Intuitive answer that, not that much, due to perceived low price stigma of Walmart. However there is a segment of people who don't want to overpay for basic things like pasta and ketchup, but will buy premium clothes. So I think that executed well, L&T webmall may work.
The marketplace space is a good place for startup businesses to test the market, especially if they are selling new products. For bigger businesses I think that it depends and they need to do your calculation carefully.To sell or not to sell on the marketplaces depends on many factors, including pricing, margin, acquisition cost with other channels, lifetime value of customers, probability to convert marketplace customers to the retailer's customer and the chances of cannibalization -- to name the most important.Often it makes sense to sell on the marketplace only a subset of all products; those that fit into the equation.
It is a problem for consumers, retailers and delivery companies. Here in Australia, our local Auspost is launching a product called receva which is kind of big, smart secure post box, intended to be used for packages.
An important factor of Amazon's success is marketing to its investors.Mr. Bezos managed to successfully sell them an idea that Amazon's game is very long term, so the business operated with no profit for very long time. It started to be profitable just recently and not from retail, but from Amazon Web Services.
I wonder about the accuracy of this classification.I kind of doubt that you can really understand if a customer is just exploring or has already made a decision by one click (from home to second page).
It is true that there are now more and more customers who prefer to shop from brands who stand for the causes they share. According to an Edelman report 57% of customers buy or boycott brands based on their position on social or political issues.However, standing for something is a double edged sword and may work if what you are standing for corresponds with what your target audience believes. Otherwise you just face risk to alienate part of your customers.It is much easier to stand for something for a new brand who can wisely select the niche and align their position with target market. For established market players it is much harder. They built their customer base not really on the beliefs and standing, so just blindly taking position, especially on controversial issues is a huge risk. Hence often a wise choice to is be neutral and leave political and social activity to others.
I am not sure if Whole Foods should really drop their prices and if they do, what happens with their brand? Yes, they may lure some new customers who preferred to shop elsewhere, but in the process they risk to lose others, who value premium quality and are OK with paying premium prices. Whole Foods also risks sacrificing their margin and/or lose suppliers who are not ready to pay their part of a price reduction bill.
BK is already a winner there by getting tons of free PR which would not be a case with just launching a loyalty program. Cryptocurrency is a hot topic now, so they piggybacked onto this trend.Since they control the blockchain, the expense side should not be huge -- I assume there will be no miners they need to pay, and will use a Proof of Authority approach, so the cost will be probably comparable with more conventional loyalty program. So why not give it a try and see how it works?I am not sure that others who'll try to replicate that receive the same share of free PR, though.
I can't see the virtual stylist in work, it isn't available for Australia yet, but I think idea is great. Everything that helps a customer to make a right choice (a) increases the sales (b) reduces the number of returns.So if executed correctly it is a right step.Probably having a real 3D fitting based on actual use measurement will be even better, but it may be the next step.
For me seems that advices #2 and #3 a bit contradict each other.Say we have a family with a shopping list of 30 items. Out of that 30 items, 2-3 are what you may call "unpopular," not bought in mass on average. If we start aggressively reducing SKUs, these items will not be presented in the store. Problem is that every family probably has a different set of these unpopular SKUs.But if they are important, your customer has to go elsewhere (possibly to Amazon).And once they start to do it regularly, inevitably they notice that something else is better to buy from the competitor, so it goes on and on. Eventually you risk becoming a 2nd choice or lose a customer.Therefore I think that if one of the reasons why customers are buying from a retailer is wide product range, I would be very careful with shrinking SKUs.I am not an expert in grocery retail, so beg your pardon if I miss something.
I agree with many others that 3D shopping that mimics real physical shopping will be more likely a one-time fun thing to do.There are other approaches and technologies to provide immersive experience: probably virtual reality has some prospective there and virtual doesn't have to mimic real reality. For example, I think that trying a new dress or suit at say a virtual function is more fun than trying it on in virtual fitting room.