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John Cummings

5 Must-Know Technology Trends That Will Drive Retail Business In 2013: Comments By 14 R... - 6 views

upstreamcommerce.com/...-2013-comments-14-retail-execs

mk473 environment 2 technology

shared by John Cummings on 16 Sep 13 - No Cached
  • John Cummings on 16 Sep 13
     
    This article I feel gives a good grasp as to how technology has and will continue to adjust and change the retail industry.
  • Krista Lawson on 17 Sep 13
     
    I think this article is a good lead into the article posted about wifi usage being tracked. While some customers can feel theirrivacy is invaded, others really like the personalization that can be received as far as customer service. Technology is going to be a major rule in the future of retailing, or the future in general. With the amount of technology we have today, it seems that there will be no limits as to what we can do in the future, only limits on to what people will accept and partake in.
Lina Goens

J.C. Penney's Sales Just A Myth? Retailer Accused Of Hiking Prices Then Discounting Them - 2 views

www.huffingtonpost.com/...increase-prices_n_3390910.html

mk473 environment 2 legal regulatory ethical JCP

shared by Lina Goens on 18 Sep 13 - No Cached
    • Lina Goens
      Lina Goens on 18 Sep 13
       
      This reminds me of the mystery shopping we will have to do! Just by investigating, they found out they were being tricked into buying more expensive clothing. We can look out for these types of tactics when we go shopping. 
    • Lina Goens
      Lina Goens on 18 Sep 13
       
      It also mentioned sales online aren't actually sales.  If you look back at the website from January there are lower prices than the sale items now. Did JCP think people weren't going to notice?
    • Lina Goens
      Lina Goens on 18 Sep 13
       
      It is not uncommon for companies to mark up prices, but the problem is that there is a deception when they mark them up and put them on sale.  People believe they are paying less, but they are not.  Good marketing strategy?
  • ...3 more annotations...
    • Lina Goens
      Lina Goens on 18 Sep 13
       
      The least JCP could have done was make new tags so that people couldn't see the previous prices. They seem to think we are lazy! This deceptive pricing could hurt the already hurting JCP. 
    • Lina Goens
      Lina Goens on 18 Sep 13
       
      JCP didn't want to "untrain" they wanted to attract a new generation.  By not being able to do so, only the same customers came and therefore were unhappy with the everyday prices. Maybe they needed a better transition instead of changing everything so quickly.
    • Lina Goens
      Lina Goens on 18 Sep 13
       
      Makes me wonder if we really are ever getting a deal if other companies are being accused of the same deceptive pricing. 
  • Lina Goens on 18 Sep 13
     
    JCP failed to convince customers to buy at "everyday prices" so they decided to bring sales back. To do this, they marked up prices then marked them down however people ended up paying more than the "everyday prices" and there is evidence that proves it.
  • ...2 more comments...
  • Kyle Werner on 19 Sep 13
     
    Great article Lina!! I am sure that this is a strategy commonly used by retailers, but it is NOT one that should be used by JCP. This company is already in a lot of hot water and financial trouble as it is, it would be a safer bet to play it safe than to have their tactics exposed and eliminate the already shrinking customer-base that J.C. Penny has.
  • Camille Sampson on 19 Sep 13
     
    Of course, keep in mind, price anchoring has been standard practice in business for a long time. Not only do we see this in the retail industry, but also in other industries like healthcare, higher education, and auto sales. This is just the nature of capitalism; it;s a political economy that aims to maximize profits at minimal cost. The reasoning behind price anchoring is that original prices are the starting point for negotiations. Although this perspective is a useful tool for businesses trying to make an easy profit off of customers who think they're saving money, it is nonetheless insulting to those customers who have little to no leverage or agency to negotiate prices. The average consumer does not realize that this type of pricing occurs because most hold tight to the belief that businesses always have their best interest at heart; little do they know that businesses are interested in one thing and one thing only- the bottom line. So, although price anchoring may not be a GOOD strategy (because it not only insults the customer by taking advantage of them, but also strips them of their ability to make informed decisions) it is a strategy that works for all intended purposes. The reason it works is because everybody would like to hear that they have saved money. I see this anytime I go shopping with my mom; if there is a sale she's sure to be there because, to her at least, "any sale is a good sale."
  • Sarah Jacobsma on 19 Sep 13
     
    Very interesting article. It seems that JCP has changed their pricing strategy multiple times this year -- I think this strategy could possibly cause JCP to loose more customers. Marking up and down is a good strategy but not when existing customers know what specific items cost -- the worst is that JCP put higher price tags on top of low ones (as a customer I would just be offend and that alone would drive me to shop else where). I think JCP has driven customers to think they are getting ripped off rather than getting good prices and leading them to believe they are getting a bargain. I think it is a very common strategy used by retailers and I am not bothered by it but when I become fully aware of it -- that is a problem.
  • Kara Blakley on 19 Sep 13
     
    It makes me sad to think that companies are "tricking" us to get our business. I understand from a "marketing mindset" and psychological perspective that companies get us to think we are getting such a great deal when prices are slashed. Just like the article also mentioned, Kohls may do this too. They always make a conscience effort to circle (in red pen) the amount of money you saved today on our shopping trip. But that number fluctuates so much based on when there is Kohl's cash, 15-20% off mobile coupons, etc. They always make you think you got an amazing deal, when next week it could be even better...or worse.
Kate King

New Wisdom on How Men Shop for Clothes - WSJ.com - 2 views

online.wsj.com/...4110404578625933374837170.html

mk473 consumer behavior gender shopping behavior

shared by Kate King on 19 Sep 13 - No Cached
  • Women have long dominated consumer fashion both online and off, but men's interest is on the rise, and they are expected to offer big growth in coming years, particularly as the millennial generation settles into adulthood.
  • but men increased most types of shopping between 2004 and 2012.
  • "Men are becoming more like women in [the fashion] context,"
  • ...3 more annotations...
  • "for a man to walk into a retail environment and walk out with nothing—that would be viewed as a failure,"
  • Other findings: Men find models' faces distracting.
  • men have a strong need to touch and feel clothing before buying it.
  • Carly Foley on 23 Sep 13
     
    I think my favorite part of this article is that they are going to include a strip of packing tape to make it easier to return. That is just funny. I would think they wouldn't want to make it easier to return,, I mean, what company wants to have a customer return an item. I understand they want to make it convenient, I just think it's funny.
Kate King

Millennials Are On the Rise - Barrons.com - 5 views

online.barrons.com/...3889404578440972842742076.html

mk473 consumer behavior millennials

shared by Kate King on 19 Sep 13 - No Cached
  • make up the largest population cohort the U.S. has ever seen. Eighty-six million strong, it is 7% larger than the baby-boom generation
  • could keep growing to 88.5 million people by 2020, owing to immigration, says
  • 27% of the U.S. population
  • Lina Goens on 23 Sep 13
     
    The description of the millenials are dead on, now I wonder what marketers will do with this information moving forward.
  • ...1 more comment...
  • Sarah Wesp on 23 Sep 13
     
    Wow--I didn't know the millenials were 7% larger than the baby-boomer generation, but I would agree with Lina on this one in that how they described the millenials is pretty spot on. Even going as far as the car companies predicting the types of vehicles we will buy in the future, I do think they are overall pretty accurate in these predictions.
  • Sarah Jacobsma on 24 Sep 13
     
    I actually read this story the other day and really enjoyed it. I was wondering if this would end up on Diigo. Like Sarah said, who knew the millennials were 7% larger than the baby-boomer generation. It is a huge market to target along with a lot of potential - it will be very interesting to see the many different ways marketers target and cater to millennials in the future.
  • Camille Sampson on 24 Sep 13
     
    It'll be interesting to see how accurately this article describes market growth as influenced by the millennials. As an entrepurener, I personal found this article to be helpful as a guide for my next interest; home ownership. It seems like the next few years could provide ample opportunity to capitalize on the growth in the housing market that is soon to come. Although the ,market is lagging right now, this is the time to buy in, when costs are low, then capitalize and lease properties once the population begins to seek homes away from mom and dad. the question is, what other industries will be influenced by this flux in the market? The article mentioned the growth of sales that will be seen in construction stores like Home Depot etc. but what about variables that are dependent of those organizations? Will the price of various resources increase? for example, wood, concrete, marble etc. Also, what will be done demographically to account for this oncoming flux in living styles? Business will need to capitalize on the innovations in living patterns that are going to develop from this flux-mainly locations. Where will these people move from? More importantly, what lifestyles are they moving to?
Kate King

New Wisdom on How Men Shop for Clothes - WSJ.com - 5 views

online.wsj.com/...4110404578625933374837170.html

mk473 consumer behavior gender shopping behavior

shared by Kate King on 19 Sep 13 - No Cached
  • Lina Goens on 23 Sep 13
     
    I like the "show room" idea. That could really boom.
  • John Cummings on 24 Sep 13
     
    I agree Lina this has a chance really take off
anonymous

Marketers Have it Wrong: Forget Engagement, Customers Want Simplicity - 3 views

www.forbes.com/...ment-consumers-want-simplicity

mk473 consumer behavior decision process decision simplicity

shared by anonymous on 20 Sep 13 - No Cached
  • anonymous on 20 Sep 13
     
    This article has great content about how marketers can master the consumer decision process. The article was written about a year ago, but the information is still very relevant and provides helpful tips on how to be most effective in this area as a marketer.
  • ...4 more comments...
  • Lina Goens on 23 Sep 13
     
    Making it easier on us will make it easier on the companies. I still wonder how companies can implement this in the retail industries. Turbo tax was a good example but I am curious as to how you can make it easier in retail because retail stores may offer same types of clothing but completely different prices, quality, styles. Can't really think of anything off the top of my head, but may be a good discussion question.
  • Sarah Wesp on 24 Sep 13
     
    Interesting article! As I was reading it, I was thinking to myself about what I would want more, engagement or simplicity--and I do have to agree with them that simplicity would make things easier. In the last paragraph, the author states, "don't you think it's time to stop overwhelming consumers with marketing information and cut through the clutter?" I do think some marketing information is beneficial, but as a consumer, it would be nice to "cut through the clutter" and have things stated or marketed more simply.
  • meganbos on 24 Sep 13
     
    I think simplicity comes into play especially with the way we view advertisements. If a company conveys a message simply and concisely with out me having to really pay attention or sort through more information I think I am more likely to buy it. Also simple images have more of a design appeal and I think our generation is more focused on aesthetics and the way things look and feel- and simplicity plays a large role in that.
  • Lindsey Wacnik on 24 Sep 13
     
    I agree with Lina this is a tactic that would be hard to apply with clothing retailers, but it would be useful for electronic and appliance retailers. I was just on the Best Buy website, and for each product there was a whole page of information about its capabilities and features. They gave the option to compare products which helped to "cut the clutter". This was similar to Turbo Tax; there were options to choose four different products for a side by side comparison that gave a breakdown of the difference for the features and capabilities in just a few words. Best Buy is utilizing this simplistic tactic, and I personally love it!
  • Brock Naylor on 24 Sep 13
     
    I would have to agree with Megan on this point. There is a statistic somewhere that identifies the average amount of time a person spends actually observing an ad, and in that tiny time frame, there is no way you could pull away all the information many ads are trying to convey. This is why there is a great push these days towards image messaging as opposed to textual advertisements
  • Camille Sampson on 26 Sep 13
     
    Although this article is titled, "Forget Engagement, Customers want Simplicity" I think this article provides an excellent response: http://www.forbes.com/sites/rogerdooley/2012/07/03/ikea-effect/ Although it was written a little over a year ago, I think it makes a pressing point. Simplicity is good, but too much of it and you will push the consumer away. There is a fine line between obligating the customer to be overly involved in the decision making process, but we need to remember to leverage their spending power. Consumers feel confident about their purchased because THEY chose to purchase it, not because it was pushed into their faces. Marketers need to remember the value the customer receives from the invested interest in the product. Although simplicity is an efficient and beneficial advantage, it limits personal investment into a product which intern negatively affects the value it holds in the consumers mind.
Kyle Werner

Five Reasons We Impulse Buy | Psychology Today - 10 views

www.psychologytoday.com/...five-reasons-we-impulse-buy

mk473 consumer behavior impulse

shared by Kyle Werner on 23 Sep 13 - No Cached
  • Kyle Werner on 23 Sep 13
     
    This article discusses why consumers typically jump on impulse buys. Being knowledgeable of these triggers will make the buyer more aware in the future.
  • ...7 more comments...
  • Lina Goens on 23 Sep 13
     
    I wonder if this trend will ever change. JCP thought we were smart enough to know the difference but apparently we weren't. It seems that JCP was a little before its time by thinking in this way. Our subconscious feeds off of impulse buys because its instant gratification. Hopefully I can resist next time I'm out running errands.
  • Sarah Wesp on 24 Sep 13
     
    All five reasons are so true and I have probably had at least one impulse buy for every reason, but I think the biggest reason for those impulse buys are because of those discounts and sales. Who doesn't love to save money? Now that I have read this though, I am going to try to be more cautious the next time I'm out shopping (hopefully there aren't too many good sales going on).
  • meganbos on 24 Sep 13
     
    I thought this was really interesting especially because it came from psychology today. However, number two was not what I expected. I am usually accustomed to people brining up buyers remorse, rarely do they ever say they never regretted it. Maybe that is just with more expensive purchases and not on sale items? All of these articles on pricing have made me more aware of how stores are manipulating me into buying, and I must say most times it works!
  • Angelo Csuti on 24 Sep 13
     
    Yes, I agree with Sarah. I also bought a lot of those products, which I will never use again, but I think that behavior is not as unconscious as the article may want us to believe. Most of the time I am pretty aware of the fact that I am buying stuff because I perceive it as a good deal, even though I also know I won't make too much use of it.
  • Sarah Jacobsma on 24 Sep 13
     
    This article was really great -- I impulse buy for all five reasons and a place I impulse buy from ALL the time Groupon. I agree with Angelo I buy products and sometimes when I am buying them the thought crosses my mind if I will ever use it again does not matter. I usually buy things because I think it is a good deal because lets face it we love to buy things -- especially when they are discounted or on sale!
  • Krista Lawson on 24 Sep 13
     
    I also agree with the sales aspect being one of the biggest reason for impulse purchases. In two different jobs I have worked we had What we called PWPs (purchase with purchase). Once a customer made I purchase I was able to offer them another item at a discounted price. I would always say, "with your purchase today you qualify to get -said item- for 50% (or other discount) off!" Granted, this sale usually went on for three months or so, but using the word 'today' tended to convince customers they needed this item. So e customers would think out loud and reason why they should go ahead and buy it which was always interesting for me to listen to. As a sales person, I would remind them that the sale wouldn't last for long and it was a great deal so they could get it now and not have to come back hoping the sale was still going or that supplies were still available. Most of them never would have bought the item had they seen it on the shelf, but hearing the discount associated with their purchase today they felt obligated to buy, and almost always did.
  • Kara Blakley on 24 Sep 13
     
    Target is my downfall for impulse buying! I always stop by the dollar bin section (especially when it is 50-70% off) then I feel like I need everything! Which is terrible because I can personally go to almost half the things I've purchased in my home that I have not used. The other day at Michaels, I witnessed a lady purchasing some scrapbook paper and after having to wait for a few customers ahead of her, she purchased a small piece of Hershey chocolate sitting in a bin for 59 cents. I couldn't help but think about the marketing and item placement that Michaels thinks about in their store layout because they would not have sold that extra item had it not been convenient and inexpensive. The placement of small items helps create more sales - especially by the cash registers - as children and people of all ages may want things they didn't think about when initially going into the store. This was a really interesting article!!!
  • Emily Prellwitz on 24 Sep 13
     
    I think this article perfectly describes a lot of purchases made on black Friday. I have made a lot of purchasing decisions on this list. This is exactly how stores draw people into their stores by offering a huge sale but only for a limited time. Or for online shopping stores sometimes offer free shipping for a limited time in order to create impulse purchases.
  • Paige Laughlin on 24 Sep 13
     
    I totally agree with Emily. After working the last three Black Fridays at Express, it's amazing to see how impulsive customers are when buying items. I am definitely one of those people as well, especially in a huge sale environment. You ask yourself "will it ever be this price again?" And if the answer is no, I will probably buy it.
Brock Naylor

There's A Thin Line Between Tracking Terrorists And Tracking Consumers - 5 views

www.businessinsider.com/rveillance-domestic-nsa-2013-8

mk473 STP Targeting

shared by Brock Naylor on 02 Oct 13 - No Cached
  • Brock Naylor on 02 Oct 13
     
    This is another article that outlines how companies target consumers by obtaining information about there interests. Many people feel that a lot of these methods of gaining information are invasive or otherwise unsettling. How do you feel about information being gathered about your consumer behavior? Do you feel that they are going too far?
  • ...3 more comments...
  • Brock Naylor on 02 Oct 13
     
    Excuse me, their* interests
  • Carly Foley on 02 Oct 13
     
    Not sure how I feel about this. Also not sure how it works. If it is based off of what they use to track terrorists, how have they configured it to work for consumers. Even after reading the article, I still feel like they didn't explain it very well.
  • Angelo Csuti on 03 Oct 13
     
    Quiet intimidating to see how much we are getting observed by big companies, using the same techniques as the NASA. In Germany we also have had a big debate about it for years already but there is no progress. I think we unfortunately have to accept that the spying techniques are one bad consequence of the internet and be aware, while using it.
  • Kara Blakley on 03 Oct 13
     
    This article was really interesting, creepy, and yet educational all at the same time! I'm not surprised at all that companies are using these algorithms to track our movements. Yes, nothing is safe in this world and how can anybody trust anything?! But at the same time, we as consumers need to be aware of these insecurities because you never know who has access to the Wifi connections or internet access. All of this psychological analysis is used to increase sales. Maybe they didn't want this particular example to get out that the same type of technology is used in tracking terrorists, but we should understand as potential marketers that this is just to generate sales. And because of programs such as these, we may be introduced to brands and products that could change our lives for the better.
  • meganbos on 03 Oct 13
     
    The ad targeting is very interesting- I have definitely noticed the targeted marketing durning this project. After searching Vera Bradley for my in class project all of my advertisements on Facebook and other searches are all Vera Bradley products!
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