Mystery shopping has gotten an upgrade in recent years. Shoppers no longer go into stores with several pages of questions to fill out. This experience soon became too bulky and inefficient for brands and retailers that wanted insight into their in-store performance. Why Traditional Mystery Shopping Is Outdated Old school, traditional merchandising was conducted by the in-store retail kings of years past. They sent out hundreds to thousands of paper surveys to mystery shoppers near the stores they wanted data on. A fraction of the…
The once overflowing well of brick and mortar retail sales is drying up to no more than a puddle and once prosperous retail leaders have been reduced to standing outside of their storefronts, begging passersby to cross the threshold and experience their stores. Obviously, this is an exaggeration, but if you listen to retail “experts” as of late, you wouldn’t know how much of a stretch this is. The world of brick and mortar retail still accounts for the vast…
What makes a retail location successful is largely based on choice. Where is it located? What products does it carry? Who is the store’s target market? The same is true for retailers and brands that choose to use in-store performance metrics to improve their offerings. There is a time and a place for getting general feedback on store conditions and sentiment, but getting that information from a curated group of people can be a useful supplement. This method can be better than a public crowd who…
This is a guest article by Tara Johnson, Lead Reporter, Retail at CPC Strategy. For an online retailer, there are few metrics as important as “lifetime value.” Customer lifetime value, or LTV for short, tells you exactly how much a customer is worth to your business over their lifetime – how much they’d spend, how many times they’d return and just how worthy they are of your time, effort and resources. Traditionally, retailers haven’t been that great about monitoring their…
Between 2005 and 2020, data around the world will increase to 40 trillion gigabytes. The growth and importance of data is unprecedented and the only way to stay on top is to mine, analyze, and act on it. We know that data enables retail success and in our new eBook, Wiser’s Guide to Data-Driven Pricing in Online Retail, we break down how it fits in with pricing. It serves as an online retailer’s guide to understanding why data is so important and what they can do…
