In MORE Vision 4, we discussed the top trends in the retail industry in 2012. One of these trends was retailers focusing on existing customer’s needs rather than tackling huge new projects that most likely will never see the light of day. It’s more expensive to find and attract a new customer than hold on to an old one—so keep your current shoppers interested and engaged!
Launched in the US in November 2011, RNKD offers retailers a truly unique customer reward programme, with discounts and gifts based on items consumers have already purchased. Users log in via Facebook, email or by downloading the iPhone app, and are then awarded points for uploading photos of clothes and accessories in their closet–listing brands and place of purchase. Users also earn points for items added by friends they referred to the site, and they can “follow” friends to discover new brands.
Retail giant J.C. Penney went in a new direction this year when it announced a total marketing overhaul, which will forgo gimmicks and heavy discounts in favour of three prices: “every day,” “month-long value,” and “best prices” for clearance. The company is also slashing promotions to from 590 per year to just 12, as it moves to invest millions in lowering its prices in store. The campaign paid off—J.C. Penney stocks rose 15% after the announcement was made.
And finally, US-based Nordstrom launched an app for iOS and Android devices designed to enhance the shopping experience for the fashion retail chain’s customers. Users can shop on the go, browse personalised product suggestions and find information on nearby stores, in-store events and product availability. Customer reviews are also featured in the app, and once in store, it’s possible to scan codes to access more information on products, as well as reviews.
Watch this space for the next MORE Vision!
Every two months, MORE Vision by MAPIC will contribute to the retail real estate community’s knowledge base by exploring a key trend influencing retail property strategy today. Each issue of this multichannel and multi-tool service will include a presentation of a trend, with history, key figures and useful links. Questions raised will be opened up for debate on our social media platforms – the best comments and discussions will be summarised and published here on the MIPIMWorld blog.
MORE Vision 3 – Culture, leisure: traffic generator?