Retail Dive gives us six reasons via six statistics:
1. 100 stores The number of Macy's locations closed since August 2016, as well as the number of stores that off-price retailer Ross opened in 2019 alone
2. $19 billion Projected off-price sales by 2021
3. $20.4 billion The amount department store sales have dropped over the past five years
4. $14 billion The amount in sales that Costco's Kirkland Signature private label outpaced all of Macy's nationwide sales last year
Wayfair had about 4 buyers visiting 41 Madison showrooms last week. While the building and showrooms love buyers, I'd suggest some caution with Wayfair since itβs hemorrhaging money. Check out the attached graph.
Amazon most likely has lower prices than most stores--including yours, shares Retail Dive.
Excerpt: "With the holiday sales season underway, Amazon is pricing 20% below other online retailers on average in key product categories, according to a study by Profitero."
You may ask, how is Amazon wining this online price war? I'll share my answer: Bots. Amazon has unleashed an army of bots to crawl and scrub all of your data and websites, and report it back to Amazon ...
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October 22, 2019
October 22, 2019
How can you prepare for Black Friday / Cyber Monday? Here's a checklist:
1. 'Seed the sale' by telling customers to expect deals. "Promote sales, promote sales, promote sales," said Sucharita Kodali, principal analyst of e-business and channel strategy at Forrester. "It's the number one thing that shoppers look for during the holidays." (Source: Retail Dive)
You can do this via posts on Bridge and social media.
2. Craft an irresistible offer.
3. Organize your upcoming sales / discounts. You can do ...
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October 22, 2019
October 22, 2019
We're happy that REI, with 154 stores and $2.4b in revenue, is finally catching up to Bridge.
REI, the outdoor gear retailer, made news last week when it announced that it was offering an expanded selection of gear online from big brands like Salomon (the outdoor, athletic shoe company).
Excerpt:
The expansion allows customers to choose from a wider range of products. "This functionality opens up so many doors for our customers and gives them access to new sizes and styles of products that we ...
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October 14, 2019
October 14, 2019
More customers plan to shop online than in-store this holiday season:
Fifty-four percent of survey respondents said they plan to shop online and 46% plan to shop in-store during the 2019 holiday season, shares Retail Dive from a PwC survey.
Just as recently as 2015, the equation was flipped: 58% of shoppers purchased goods in-store and 42% did so online.