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Rethinking retail: Why big brands need to act small

The recalibration of retail has flipped the script on what’s successful in the space. In previous generations, big-box retailers could out-muscle competition, offering lower prices and more variety. Today, ecommerce has reduced barriers to entry for generations of young adults who value uniqueness over variety, craftsmanship over commonality, and rich origin stories over American icons. So what does the competition look like now? Ecommerce is an equalizer

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Loyalty Needs Partners Over Providers

Brands using high-priced platforms often find that the provider lacks know-how to drive the required shifts in shopping behavior or sales. What they need is a partner experienced in loyalty marketing. Let’s cut to the chase: Technology vendors are unintentionally crippling loyalty. They have the right intentions, but once a program is launched, they forget about you – just like your first romantic experience. It still stings, I know.

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Retail runs through Mobile, Loyalty

There are two main mantras touted in retail today—mobile first and customer first. While they’ve both been used ad nauseam, both still embody the right mindset for marketers. More importantly, it’s the most important strategy and the most important channel coalescing. Mobile loyalty is the ultimate expression of a customer-first mindset driven by an often misused, yet omnipresent channel. 66% of companies that saw a decrease in customer loyalty over the past year do not have a mobile app.

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Building Loyalty is Easy: Do What Mom Taught You

In the current brand climate focused on revenue growth at all costs, the answer to driving customer loyalty is quite simple: Do what mom taught you. Or in other words: Just do the right thing. Across all industries from retail to airline, and CPG to hospitality, each has fallen a long way away from understanding that the customer is king. It’s not the brand that controls each dollar; it’s the customer. The good news is that marketers love to get together and throw around the term “customer centricity,” which is actually much-needed in today’s market.

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Loyalty: A Source Of Certainty In Uncertain Times

The retail world is rarely stable. We’ve seen high highs and low lows, but lately there seems to be more cause for concern. Some well-known brands have simply disappeared, whether that means filing for bankruptcy or erasing any brick-and-mortar footprint, as we’ve seen recently with HHGregg and The Limited. Other retail brands are working to find a new equilibrium, but it’ll be a bumpy road to get there. Could loyalty programs be the key we need to navigate this uncertain retail climate?

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The Retail Reckoning: How to Survive the Digital Revolution

The retail bubble is finally bursting. For too long, retailers have remained bloated in store footprints and overconfident in mindset. Store experiences refused innovation for decades, while merchants ripped every dollar they could out of product. Yet somehow, we found a way to pack more product into our over-sized stores. Finally, retail is experiencing the reckoning it has deserved for some time.

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Mobile Conversion Still Impeding Mobile Adoption

Despite the meteoric rise of Ecommerce, mobile conversion rates are still a critical issue for retailers. A recent study from Mobile Ecosystem Forum shows that 58% of customers abandon mobile transactions at the shopping cart due to concerns over providing sensitive information, connectivity issues, or frustration with the length of the process. Yes, that means more than half of your mobile customers are ditching purchases all because of inconsistent mobile experiences. Some may revisit their purchases via desktop or stores, but there will be a significant attrition rate.

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Post-Purchase Marketing Key to Customer Retention

The idea of lifecycle marketing evolved in leaps-and-bounds last year. But brands are still having a difficult time when it comes to execution. According to a new study by Koyne, only 61% of companies are satisfied with their customer marketing efforts, and more than 90% of respondents agreed that lifecycle marketing is very important to their success. Yet for many brands, creating a fully realized strategy is too complicated in a highly fragmented, cross-channel world.

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Customer Loyalty Is Changing—And You Should Too

Retailers are squandering time, energy, and investment on outdated loyalty models that don’t work. According to a recent Accenture survey, 78 percent of U.S. consumers are retracting from loyalty programs. Most of that withdrawal can be attributed to customers flocking to the most evolved programs that are more aligned to their expectations and needs.

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Loyalty to Resurrect Declining App Market

2017 is shaping up to be a tumultuous year for apps as US downloads dropped 20% YoY according to Nomura. In the same study, they noted that the average American downloads less than 1 app per month, showing a steep decline in a market that saw frenetic and investment in previous years. While the bubble may have burst on the app market in 2016, the good news is 2017 will bring many brands back to the drawing board on the purpose of their apps.

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The Key to In-Store Success? Think Like ECommerce

Media Post originally published this article Retailer stores are in a state of turmoil. Traffic is in sharp decline and it’s dropping faster than solutions are being executed.

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