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5 Ways Retailers Are Using Behavioral Economics to Supercharge Offers

0Aron Ezra OffercraftWilliams-Sonoma thought they had a hit on their hands. The retailer had introduced a home “bread bakery” machine into their stores for $275. But consumers weren’t interested. They chose the nearby French press or mini grill instead.

Instead of yanking the bread maker, Williams-Sonoma changed how it was presented. They added a larger model of the bread maker priced about 50% higher. Suddenly, the $275 version began to fly off the shelves. Given two breadmaker models to choose from, people saw the smaller one for less money as the better deal, and they pounced.

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Oracle Integrates Swirl Mobile Platform Into Marketing Cloud Ecosystem

0swirloracleMobile marketing platform provider Swirl has launched its Mobile Presence Management and Marketing Platform on the Oracle Marketing AppCloud ecosystem of marketing applications and data services.

Through the partnership, retail marketers can access shopper behavioral data within the AppCloud to create appropriate personalization campaigns, both in and out of the store. As Amazon continues to provide personalized experiences and product recommendations to consumers online, Oracle is seeking to enable its retail clients to attract and retain ideal customers across every channel.

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Moving Beyond The Hype: 3 Tips To Bring Personalization To The Next Level

0RetailMeNotIt should come as no surprise that location-based marketing is gaining traction as it evolves, especially in the retail industry. It’s got the magic formula to deliver the right message at the right time to the right customer — a triple threat if you ask me. But is it all hype?

With more and more shoppers seeking personalized experiences, location-based tactics allow retailers to reach their customers on a more individualized level. Consumers want curated content that is personal and meaningful. They also want to be able to research and explore all options on their own so they know they’re not missing something.

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The Delicate Art Of Delivering A Personalized Experience

0Mark Smith KitewheelAccording to Gartner, less than 10% of top retailers in the U.S. believe they are highly effective at personalization, and nearly one-third report having limited or no capacity to support personalization efforts. At the same time, these same retailers are challenged to improve customer experiences across an ever-growing number of physical and digital channels. Successfully achieving this will more effectively convert consumers despite the virtually unlimited number of options they have when it comes to where they shop. 

Personalization, at least in the marketing context, has been around since the start of the dotcom bubble in the late 90s. At that time, online retailers wanted to improve their services by remembering consumers and recommending relevant products and services. Today, marketers have to expand personalization to include displaying and recommending content across a variety of platforms and channels. This demands a greater emphasis on understanding a consumer across all the channels that he or she frequents.

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67% Of Consumers Still Label Facial Recognition Technology As 'Creepy'

As many of 79% of U.S. consumers are fine with the idea of scanning a product on their mobile device to see product reviews and recommendations for other items they like, according to RichRelevance. But consumers still have two big ‘no-no's when it comes to the personalization of shopping.

For one, 67% of shoppers think it’s creepy when retailers use facial recognition technology to identify prior shopping habits and relay this information to a salesperson. Additionally, 64% say they would be creeped out if a salesperson greeted them by name on the store floor because their mobile phone or app signals their presence.

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Fovo Personalizes Shopping Experiences For Women Based On Shape, Not Size

Perhaps the biggest predicament when shopping online for apparel is buying the right size that fits. Regardless of the size advertised, there is still no guarantee that the item will actually fit once it is tried on.

In seeing this common problem too often, fashion designer Kiana Anvaripour started her own company dedicated to solving this fitting issue. In April 2016, Anvaripour launched Fovo, an e-Commerce platform designed to curate fashion items for women shoppers based on their body shape rather than traditional sizing.

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Assessing The Successes And #Fails Of Amazon Prime Day 2016

After much buzz, Amazon’s second annual Prime Day has come and gone; and while shoppers eagerly await their purchase arrivals, the company may be popping champagne bottles. Whether or not retailers decided to try to beat or join Amazon on Prime Day, there is still plenty to learn from the company’s successful sale (as well as where Amazon missed the mark), including:

  • If you’re not a third-party seller, you may be missing out, especially if your inventory consists of electronics or toys;
  • Having technical issues during a big sale? Handle it as swiftly as possible because the wrath of Twitter awaits; and
  • Take advantage of mobile apps, so consumers don’t have an excuse to miss a big sale.
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Ace Hardware Celebrates A Decade Of High Customer Satisfaction

1-Ace HardwareFor the 10th consecutive year, Ace Hardware ranked “Highest in Customer Satisfaction among Home Improvement Retail Stores,” according to the J.D. Power 2016 U.S. Home Improvement Retailer Store Satisfaction Study. 

The J.D. Power study is based on responses from nearly 2,995 consumers who purchased home improvement products or services in the previous 12 months. Ace Hardware ranked highest among major retailers, with an overall satisfaction index score of 810 on a 1,000-point scale.

The score is based on performance in five areas: merchandise, price, sales and promotions, staff and service, and store facility.

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Fender Uses Visual Tools To Facilitate Custom-Designed Guitar Sales

Unless you happen to be a guitar-smashing heavy metal rock star, it's unlikely you'll be buying multiple guitars from 70-year-old instrument maker Fender. So the company has a strong incentive to ensure that customers love the purchases they make, and also that they get exactly the guitar that they want — down to the tiniest detail.

This is a particular challenge in serving the shoppers who choose to customize their Fender guitars. With options ranging from the materials used to make various parts of the instrument to color choices for the body, fingerboard and pickguard, the number of possible combinations quickly mushrooms. (For the iconic Fender Stratocaster alone there are more than 50,000.)

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The Future Of Retail Marketing Means Escaping The Pull Of The Past

0Panayiotis Vitakis PersadoIt should come as no surprise that the past few years have taken a toll on the retail sector. From the smallest stores to the nation's giant chains, the outlook for 2016 has been grim, with sales numbers declining and in-store traffic reaching record lows.

Marketers are increasingly turning to new technologies to get a better understanding of their customers. But in many cases, they are not adapting new technologies nearly fast enough to keep pace with their customers. There continues to be significant and ultimately costly inertia among retail organizations when it comes to embracing innovation, from automating inefficient manual processes to piloting “but it seems so out there!” technologies. Even with sales figures (and jobs) on the line, few brands are willing to risk what they consider to be bleeding-edge solutions. But they need to.

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