Old retail is 80% analog. This consists of: the physical store, staff, customer service training, etc. What youβd expect walking into a Saks or Macy's. And it's about 20% tech: computers, cash registers (POS systems), mobile shopping, Google ranking, apps, hiring social influencers, Instagram, etc.
Today, the retailers that are well positioned, growing, and 'hot' carry the opposite equation: they're 20% analog and 80% tech.
Are you encouraging shoppers to make returns in store? Shoppers making in-store returns buy more.
Are you promoting gift cards? Selling them at a discount? Shoppers overspend a gift card on average by $38, reports todayβs Times. This is why Kohlβs accepts Amazon returns.
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