Weekly News Roundup: Big Acquisitions, Second Skin, Variable Prices

Weekly News Roundup

Here's what our team is reading this week... 

Big Acquisitions
App-first company, Chewy was acquired by Petsmart for $3.35 billion in the largest e-commerce acquisition to date (Recode). Walmart’s eyeing up Bonobos for its fourth e-commerce deal in seven months (Glossy, Bloomberg)

Second Skin
Dick’s Sporting Goods plans to cut 20% of vendors and foster its private labels — which includes Calia and its online-only Second Skin high performance gear (Bloomberg).

Variable Prices
How do retailers determine pricing? Retailers are constantly testing to see which price makes shoppers buy (The Atlantic).

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Topics: Trends

3 Ways Retailers Are Collecting Shopper Insights

Customer insights is the building block to personalization and loyalty.

Retailers shifting to become more customer obsessed are learning that they need to start by identifying their shoppers' buyer journey—and they're creating new, interesting ways to compile consumer data.

Which retailers are innovating?

Makeover is recorded by a MemoMi.
Source: Fast Company

Neiman Marcus

Magic mirrors are definitely getting their time in the spotlight recently, and Neiman Marcus is one of the latest retailers to jump on the new technology. 

The interesting twist about this implementation is that it integrates with RFID tags, so not only are shoppers able to play back their experiences with a stylist or beauty expert, but it also logs which products they tried—ultimately helping the brand to personalize future encounters with each customer online and offline.

Lowe's app helps in-store navigation.
Source: Lowe's

Lowe's 

With the help of Google's AR technology Tango, Lowe's Innovation Lab is assisting their customers locate items in stores by using the company's mobile app. Executive Director of Lowe’s Innovation Labs Kyle Nel said:

Our research shows that helping make it easier for customers to find products in stores not only makes for a better shopping experience, it allows our associates to spend more time advising on home improvement projects. 

Understanding how shoppers are moving throughout its stores and which products are most popular will help Lowe's design store interiors, identify customers online and offline, and guide digital marketing.

Timberland's in-store tablets help shoppers create a collection.Source: Digiday

Timberland

Shoppers can use mini tablets to scan products they like at Timberland to get more information, like reviews and related items. VP of Direct to Consumer Kate Kibler said:

You don’t have to download an app or give us your email to use it — only if you want to save your items. This is perfect for people who may not want to talk to a sales associate or don’t want to commit to an app.

At the end of their visit, shoppers can make notes and email their personal collection to themselves, increasing the number of potential customers in Timberland's CRM and understanding in-store behavior and preferences.

What's the theme?

Smart retailers are solving customer pain points while also connecting the dots between in-store and online. They're building strategies that are mobile-first and will allow them to personalize moments and develop loyalty programs in the long run.

Become a customer-centric retailer

It’s time to sideline the old habit of treating traditional brick-and-mortar and digital channels as separate pieces of the retail puzzle.

Join us for our webinar "Customer Obsession: Retailers' Power Play for Victory" on Wednesday, April 26.

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Topics: Omnichannel Trends Solutions Apps

[WEBINAR] Customer Obsession: Retailers' Power Play for Victory

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 REGISTER FOR WEBINAR

This webinar will not be recorded.

It’s time to sideline the old habit of treating traditional brick-and-mortar and digital channels as separate pieces of the retail puzzle and focus on your customers.

Modern retailers are held to a higher standard not only for the products they sell but also the shopping experiences they deliver. Fortunately, digital disruption and consumers’ open mindedness to new technology leave brands with endless ways to:
  • Gain actionable customer insights
  • Enrich CX with personalized moments
  • Increase retention and loyalty

Join Branding Brand Senior Director of Product Matt Compton and guest speaker Forrester’s Brendan Witcher to learn why leading retailers are adopting a customer-centric mindset and what benefits they’re experiencing.

This webinar will not be recorded.

REGISTER FOR WEBINAR

Topics: Omnichannel Trends Solutions Company Webinar

Weekly News Roundup: Pickup for a Discount, Re-imagining Stores, Will It Fit?

Weekly News Roundup

Here's what our team is reading this week... 

Pickup for a Discount
Walmart is turning the tables on buy online, pickup in-store by offering special discounts to customers who chose ship-to-store at checkout (Inc., Business Insider)

Re-imagining Stores
Farfetch this week unveiled its “Store of the Future” retail solution to help it digitize the luxury in-store experience for customers. The retailer will use insights the technology to learn more about its customers to improve their experiences (Glossy, New York Times).

Will It Fit?
Gap’s dressing room app uses AI to allow shoppers to see how an outfit will look on their own custom sized avatar (Women’s Wear Daily).

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Topics: Trends

Attracting Amazon Prime Users

Amazon Prime


Amazon Prime members use the app to make purchases and they do it often. Branding Brand explored results from its
survey of 1,000 Amazon shoppers to understand more about Prime membership loyalty, and how retailers can target these shoppers

App Users are Loyal

Loyalty to Amazon runs deep for its smartphone app users — 64% are Prime members. Of all Amazon Prime Members, 95% said they buy at least monthly. Amazon’s app users shop similarly, with 90% buying at least monthly. 

 

Prime vs. Pricing

The convenience of having a membership is the leading reason 51% of Amazon Prime shoppers buy on Amazon (compared to 31% of all Amazon shoppers). This group cares significantly less about cost, with 18% saying they buy on Amazon for lower prices. However, Prime shoppers said lower prices and free two-day shipping makes them want to shop other retailers. 

Takeaways

While Prime members are literally bought-in for the convenience of Amazon’s loyalty program, retailers don’t have to set a price for customers to come back. Having the app increases loyalty and buying frequency, but only one-in-three retailers has one.

That’s not to say retailers that build an app will have shoppers flocking right away. A thoughtful digital strategy comes first.

An app that helps solve a pain point for shoppers could easily become a lifestyle fit. For more about these pain points and how retailers can address each step of the buying journey, check out the recap below from Branding Brand’s latest webinar featuring Forrester's Brendan Witcher. 

 
DOWNLOAD THE RECAP
 
 
Topics: Trends Survey Company