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meganbos

2 Reasons Consumers Can't Help But Waste Money On Brand-Name Drugs - 4 views

www.businessinsider.com/ric-vs-name-brand-drugs-2013-6

product mk473

shared by meganbos on 21 Oct 13 - No Cached
  • meganbos on 21 Oct 13
     
    This article talks about the tendency for consumers to buy name brand drugs. It references the similarities between generic and name brand products, and about how people "believe" in the name brand products and do not trust the generic branded drugs despite the fact that they have exactly the same ingredients in them. In terms of product this article stresses the importance of a brand name and brand image in the consumer's eye. It highlights the fact that consumers are more likely to purchase products that they trust simply because of a logo or a name, even if the product costs substantially more. The article draws the point of how consumers first believe and then are conditioned to only buy name brand products. It brings to light that consumers need to consider the price quality perception and recognize that they are paying much more for exactly the same product.
  • ...5 more comments...
  • Kara Blakley on 23 Oct 13
     
    I found this article really relevant to my own life. I almost always buy the brand name product, especially with medications. My brother has just started to buy the Equate or Up&Up versions of Ibuprofen because he looked at the back of the bottle and found both products are made exactly the same. I completely agree with the point Megan pointed out about how we are "conditioned" to buy name brand products. My whole life, my family has always purchased brand name everything - from peanut butter, to toilet paper, to milk - because we perceived better quality with the higher price and brand name to back it up. I do agree with this to an extent that some items are made better or are of higher quality. I have been raised on these products and trust them, but I am definitely going to re-examine some of my product purchases in the future so I can save money but not trade down on quality and effectiveness.
  • Sarah Jacobsma on 24 Oct 13
     
    I agree with Megan's statement: "It brings to light that consumers need to consider the price quality perception and recognize that they are paying much more for exactly the same product." As a consumer we typically go for name brands but what we need to realize that some products -- like medication are the same. I agree that "brand names" mean a lot to people and sometimes I don't get why. I usually go for a generic brand especially when the ingredients are the same as the brand name - it just depends on the product and a consumers willingness to stray from what they know. It would be interesting to do a blind fold experiment on many brand name products versus off brand products and see what consumers prefer.
  • Lina Goens on 24 Oct 13
     
    I'm not a sucker! Always buy generic.
  • Sarah Wesp on 24 Oct 13
     
    It often depends on what I'm buying, but if I can get the generic, knowing it works the same, I will buy that product over the brand name. For this example specifically, it is often a mind game with patients, just like the article said. If you have the attitude that you are going to get better by taking Advil instead of Ibuprofen, then you probably will get better. On the other hand, if you have the attitude that you are not get better by taking Ibuprofen, then chances are you may not because people get it in their head that they will not get better with the certain medication even though it is the same thing. Seems pretty crazy, but it's true. So I can see where people are more apt to buy the brand name products due to that perception they have of that product.
  • Paige Laughlin on 24 Oct 13
     
    I totally agree with what Sarah said about it depending on what I'm buying. If I'm just getting ibuprofen, I will almost always get the generic brand from target or cvs. However, if I'm getting really any other sickness medications, I will get the brand name. Somehow it's always been in my head, like the article states, that those brands are better and will be more effective. I also think, for our generation, it depends on what we've grown up with. My parents normally buy brand name medicines (other than Advil), and I know my grandma will always get the brand names, no exceptions. It's interesting to see how people feel about this kind of thing.
  • Thomas Holmes on 24 Oct 13
     
    Having dealt with migraines most of my life I was always used to grabbing Excedrin when I was at home because that is what my Dad kept around for his migraines. After coming to college and really being budgeted I found myself trying the off brand migraine relief medicines. I was hesitant but when it came down to it I found comparable relief with each and now get to enjoy the extra few dollars in my pocket. I think a lot of it was that I just grew up with a certain brand in the house so I think it matters what your parents buy because when it comes to you buying on your own it is often what you remember using. If my Dad had used off brand medications then I am sure I would have just continued that trend right off the bat and not hesitated on getting them.
  • Emily Prellwitz on 29 Oct 13
     
    This trend shows through with not only brand name drugs vs. generic drugs, but also with just about every kind of consumer product. It shows through with different kinds of food and drinks as well. It is very hard to tell the difference between Diet Sam's Club soda and Diet Coke, however we all tend to go with the brand name Coke product instead. This shows how consumers stick with what they trust even though the other option might be the same.
Angelo Csuti

Apple's Seductive Brand Promise: Cultural Capital and Social Mobility - 8 views

www.psmag.com/...-capital-social-mobility-67091

mk473 product

shared by Angelo Csuti on 22 Oct 13 - No Cached
  • Angelo Csuti on 22 Oct 13
     
    Despite the recent scandals regarding Apple's business practices, it has succeeded at cultivating a brand to which we feel positive emotional attachment. How does apple make a difference?
  • ...2 more comments...
  • Lina Goens on 24 Oct 13
     
    Apple makes a difference because they have made us brand advocates. However, after learning about the scandals going on - I double take. Can the brand we love do such terrible things? Makes me rethink the integrity of the company. The brand does seduce you but on the other hand I think that Apple is facing some merchandising management problems. There used to be buzz about new releases, but I heard a rumor that another phone will be released shortly? In my opinion they are loosing their merchandising management touch by releasing so many products consecutively. Apple is starting to lose its "make a difference" feel. How can Apple make a difference when there isn't even a difference in their products anymore.
  • Lindsey Wacnik on 24 Oct 13
     
    I agree with Lina, Apple has gained a large following of loyal consumers, but there continue to be releases of their "new" iPhones and what not, but there is relatively few differences between the products. I was unaware of the scandals that Apple is a part of, and it makes me wonder if more people become knowledgeable about the situation will that reduce their customer loyalty and deter people from joining the Apple craze.
  • Thomas Holmes on 24 Oct 13
     
    I am not an Apple follower and to be honest don't see the point of the prestige they place on their products. One thing that stood out to me in this article were some of the ways they marketed their products. One was touched on Apple products can make you better, later it adjusted this by saying it gives you the tools to be the best you, but it still rubbed me the wrong way. the other way was with the Ghandi ad made reference to "daring to be different". In today's terms buying Apple products is hardly being different but even when the ad came out in 97 Apple products did not offer customization, which what I associate with being different. It offered Personal Computers with a different OS. I may be biased against them but it just seemed like odd ways to promote their products and didn't sell me on any of their products.
  • alipaigeh on 24 Oct 13
     
    WOW, what an amazing article! I think this is a great example of a great product that does great things for its consumers. I especially appreciate the time line of Apple's ads and their competition throughout. I think it is interesting to mention how their product differentiation is slight for specific products, but that is what keeps the customers who are loyal even more loyal.
Kate King

Opening the Door on Target's new Threshold - The Robin Report - 7 views

therobinreport.com/-door-on-targets-new-threshold

mk473 product

shared by Kate King on 22 Oct 13 - No Cached
  • Kyle Werner on 24 Oct 13
     
    I thought this was an excellent move by Target after following Wal-Mart since Target opened. It is crazy to keep doing the same methods over and over and expect different results. Target thinking outside of the box and offering a differentiated marking strategy could really give them an edge to chase Wal-Mart a little closer or perhaps even surpass this giant someday.
Lina Goens

Fashion Startup Everlane Tests New Price Points With Luxury Totes - 6 views

mashable.com/...everlane-petra-totes

mk473 Pricing Strategy

shared by Lina Goens on 28 Oct 13 - No Cached
  • Lina Goens on 28 Oct 13
     
    This article describes the luxury bag price points.  Everlane chose to use a pricing strategy of around $400 compared to bags $1000 in this category. They can offer these prices by "cutting out middle men like retailers, operation on modest budgets..". However, the big issue is convincing its customers that the quality is still there. Everlane also mentions they will not do discounts because of the customer sensitivity. 
  • ...6 more comments...
  • Sarah Jacobsma on 28 Oct 13
     
    It will be very interesting to see if this pricing strategy is successful. If Everlane can promote to and convince consumers ad to HOW their bags are affordable i.e. cutting out the middle men. Consumers must believe that they are getting the same quality compared to $1000 bags. Not offering discounts is one of the major keys to getting this to work. I do love a good deal but if a bag was already significantly priced lower plus discounts I would begin to question the brand. Im convinced but will consumers be?
  • alipaigeh on 29 Oct 13
     
    I think the best part about this article is when it states, "Everlane's big challenge will be convincing shoppers that they're getting a good deal by purchasing bags that would retail between $1,000 and $1,500 for a fraction of the price." They are right by saying that consumers have no idea how much retailers mark up a simple t-shirt let alone a purse/handbag. Many women show "status" by carrying high-end handbags by Louis Vuitton, Marc Jacobs, Coach, etc. Like the article said, these handbags can run upwards $1000 to $1500! Interested to see how their handbags will sell, I really like them!
  • Sarah Wesp on 29 Oct 13
     
    The idea is really great, but I do worry about how they are going to advertise this to consumers to convince them of this great idea as well. If they can devise a plan to convince the consumers, then I think Everlane could be very successful. Though I am a huge fan of discounts, even if a $1000 bag were 50% off, I'd still be paying more than the $400 bag from Everlane. That being said, if they can convince consumers that the quality is still there, then I do think this pricing strategy could work.
  • meganbos on 29 Oct 13
     
    This is a really interesting pricing strategy for a brand that is interested in conveying quality. The brands that come with status are known for quality but women are also attracted to the altruistic aspects that women get from carrying a name brand bag with a designer name on it. I think that if this strategy is to be successful then they need to build their name in the market by growing their popularity and quality through consumer testing and testimony. They need to get their bags to have that status before they can expect to be in the same market as the other designer brands.
  • rteufel on 29 Oct 13
     
    I have seen the same pricing strategy before. A Dutch firm called Suitsupply sells high quality suits (also produced in Italy or Portugal btw) for medium prices (between $300 and 700$), even including in-store tailoring. They just started about 10 years ago but are now expanding all over the world. I visited their Chicago penthouse store last month and it looks really great. They also achieve those low prices by cutting out the middleman of the supply chain. The thing is that they rely almost only on mouth-to-mouth marketing and endorsements such as one of the WSJ that ranked a standard Suitsupply suit even above a $2000 Armani suit. What I want to say with this is that both Everlane and Suitsupply might have found a new way of price marketing that propells them in front of many of their competitors.
  • Lindsey Wacnik on 29 Oct 13
     
    I think Megan has a good point, if the brand doesn't have a status then why would people believe or want to buy it? When a brand has a status it gives it an association with quality, high cost, and etc. The status and association is what I think draws consumers in to purchase the various brands that are of the designer level. The brand needs to establish itself as a brand of quality a before they can expect consumers to believe they are offering them a deal on this bag that is comparable to the quality of a designer, well known brand.
  • Brock Naylor on 29 Oct 13
     
    I personally believe that Everlane's strategies are not only a fantastic approach at growing their consumer base, confidence and improving their brand image, but will also allow them to gradually squeeze in to compete with the handbag 'titans' - if you will. By eliminating excess costs and utilizing a penetration pricing method, not only will they be able to target a larger market that can afford their products, but they will also be displaying that they can compete with the other big name brands on the basis of quality alone.
  • Kara Blakley on 29 Oct 13
     
    I think the bags Everlane is selling at reasonable prices for this quality will pay off for them. I see this as a JCPenney type idea under Ron Johnson: selling items at good quality without sales or discounts. That way people will understand how Everlane is trying to give the customer the savings by cutting out the middle man/retailers to give customers the savings. If money grew on trees and I wasn't a broke college student, I would LOVE to buy one of those bags. To know it could sell at an upscale retailer for close to half the price with similar quality is great for the customer's piece of mind!
John Cummings

Perfect Business > Your Resources > Grow > Pricing > PricingTechniques - 10 views

www.perfectbusiness.com/...PricingTechniques.aspx

pricing price

shared by John Cummings on 28 Oct 13 - No Cached
  • John Cummings on 28 Oct 13
     
    This article lists multiple different approaches to pricing a product. Including multiple that are mentioned on our class guide sheet...
  • Krista Lawson on 29 Oct 13
     
    I like looking over all of these different pricing strategies because it makes me more aware. Some of the strategies were familiar from MK380, but others were new. Reading over and understanding the different pricing strategies makes me more aware when I am shopping to take note of what strategies retailers are using, and seeing how they work on myself and others. I think it's interesting to think of all the different components needed to consider just for pricing. I like, and know I fall victim to, odd pricing quote often. I find it interesting that even something at $3.99 will typically be perceived as $3. Overall I think this is a really good article to describe and provide examples of all of the different pricing strategies.
Carly Foley

Abercrombie & Fitch: To Price Promote or Not To Price Promote? | The Wiglaf Journal - 5 views

www.wiglafjournal.com/...romote-or-not-to-price-promote

mk473 price

shared by Carly Foley on 29 Oct 13 - No Cached
  • Carly Foley on 29 Oct 13
     
    This article talks about pricing techniques, and in particular promotional pricing for Abercrombie & Fitch. It talks about how the recession affected how Abercrombie priced items. It talks about the rationale of promo pricing.
  • ...2 more comments...
  • Kyle Werner on 29 Oct 13
     
    That was very risky of ANF to not consider pricing strategies when their competitors such as Hollister were lowering prices to counter the recession. I guess ANF can thank their international customers for rescuing them out of the company's decline!
  • Brock Naylor on 29 Oct 13
     
    At one point, A&F was a very 'trendy' and desirable clothesline to have. Unfortunately though, trends come and they go, often quicker than the last in this day and age. Not reconsidering their pricing strategies (especially with the lower quality and value merchandise) was a massive missed opportunity for them and thus very damaging for the company. Not only did they not account for the recession, but general interest in their apparel as well. As a trend begins to die out, consumers won't be willing to pay the traditionally higher prices for the product(s).
  • Paige Laughlin on 29 Oct 13
     
    I agree with Brock's comment. With the trendiness of Abercrombie and Fitch dwindling, the popularity of this store has gone down. As we have seen with many different trends, the less popular it becomes, the less people are willing to pay for these items. I think it would be in Abercrombie's best interest to rethink their pricing strategy, the time for that is now. Not only is the popularity diminishing for this retailer, it has also been under fire recently with the sizing issue, which has skewed customers perceptions even more.
  • Thomas Holmes on 29 Oct 13
     
    Easy to agree with Brock and Kyle, there was a missed opportunity. It seems like they were holding on too closely to their image and not worrying about how a loss of interest would really impact them. I feel like it was management that had been there and done things a certain way too long that when change was needed they were too comfortable with their current plans and feared change. If they had just seen that price promotions were beneficial and gone into it at first with their "calculated" approach then they could have had a much smaller hole to dig themselves out of. I also didn't see why, if most of the other stores were using pricing promotions to counteract the recession why they thought their image would be tarnished. If it was a uniform movement then their image would stay relatively the same.
John Cummings

Pricing Strategy: Four Pricing Methods - 2 views

entrepreneurs.about.com/...pricingstrategy_2.htm

pricing price

shared by John Cummings on 29 Oct 13 - Cached
  • John Cummings on 29 Oct 13
     
    Not Necessarily for my presentation.  But this article is a good review of economics and how that effects pricing.
Kate King

Elastic Pricing: Beyond Dynamic - The Robin Report - 1 views

therobinreport.com/elastic-pricing-beyond-dynamic

mk473 retail pricing

shared by Kate King on 29 Oct 13 - No Cached
  • Kate King on 29 Oct 13
     
    Good explanation of "dynamic pricing" or how online retailers are able to present specific messages and price offers to consumer based on your behavior on line. Think: "Minority Report" with Tom Cruise!
Kate King

Study: Physical stores still key to consumers in omnichannel world | Chain Store Age - 0 views

www.chainstoreage.com/...ey-consumers-omnichannel-world

MK473 place physical stores

shared by Kate King on 29 Oct 13 - No Cached
  • .  It found that consumers spend the majority of their time shopping in stores (61%), followed by online (31%), catalog (4%) and mobile (4%).
  • Consumers shop in different stages beginning with research, followed by testing, purchase, pick-up or delivery and after-sales experience. Digital channels play the largest role in the research phase of the process, as shoppers read online reviews and find recommendations through social media. While stores can and should play some role in all shopping stages, they needn’t play a central role in each to generate sales across channels.
Kara Blakley

Basics Get Luxury Treatment - WSJ.com - 5 views

mk473 product merchandising_branding

shared by Kara Blakley on 21 Oct 13 - No Cached
  • Kara Blakley on 21 Oct 13
     
    This article dives into the "product" category of the Marketing Mix and explains what Proctor & Gamble is doing to get consumers to purchase elite versions of their everyday products. In class on Thursday, I will give a detailed explanation of what retailers, such as Walmart and Target, are doing to promote and display these items in their retail stores as part of their merchandising and brand strategy.
  • ...3 more comments...
  • Kara Blakley on 21 Oct 13
     
    I used the "capture" tool to post the article from the Wall Street Journal in case some didn't have a subscription to WSJ.com. When you click on the image, click on ORIGINAL SIZE to make the article larger and readable!
  • Sarah Wesp on 24 Oct 13
     
    I find this article interesting because I do think consumers are often willing to pay a higher price for certain items, especially if they are proven to work better than other brands, even if they are "everyday products." Also, it is amazing how much hype and advertising something such as paper towels get, which also drives consumers to buy the product. I look forward to hearing exactly what retailers are doing to promote these items!
  • Carly Foley on 24 Oct 13
     
    I completely agree with Sarah! I will pay a lot more for a product if the quality is better. I would rather buy a product that will be more expensive but last longer than have to go out all the time and get a new one. It is a time saver and just convenient. I mean when it comes to shoes, something I where everyday. I can buy a $10 pair and they wear out in a month. I would rather spend $100 on good Nike's that will last me a few years. You know what they say...you get what you pay for.
  • Krista Lawson on 24 Oct 13
     
    I thought this was really interesting as well and instead of the paper towel example I thought of trash bags. Generally I tend to buy the cheapest option possible of these type of house items given that they will do a decent job, but trash bags are a different story for me. I don't know the exact price of the trash bags I buy, but I do know they are of the "higher end"- as far as trash bags go. I think this is more of a quality issue for me because cheap trash bags have the tendency to breaking meaning they lose their purpose. Overall, I think there are some things where I would be tempted to buy a luxury basic item due to the convenience for me. I think it's also interesting to note that I have observed people with large disposable incomes buying the item on the shelf that seems most luxurious because they have the money. I think it is an interesting concept that can be utilized well for the right market.
  • Thomas Holmes on 24 Oct 13
     
    One question I would have would be why P&G still push to have a higher-high end product with the duratowel. This article even mentions that the normal Bounty is considered a high end towel. Is the R&D and new advertising for the dura towel needed or would a simple focus on the normal Bounty be sufficient since it is already a high end paper towel? Its clear that they want to be the strongest presence in the higher tier and they have already released substitutes on the lower end of the spectrum so is it a smart choice to try and push the boundaries on premium paper towels or even necessary?
Kate King

Finish Line Launches into Mobile POS | Retail Best Practices | RIS News: Business/Techn... - 6 views

risnews.edgl.com/-Launches-into-Mobile-POS86366

mk473 Finish Line

shared by Kate King on 08 Oct 13 - No Cached
  • Lindsey Wacnik on 10 Oct 13
     
    Finish Line is has jumped on the trend that I think will ultimately be a benefit them, mobile check out. It takes the hassle of lines out of shopping, and like I commented on a different post, the less time you spend in line the more time you spend looking around the store. More time shopping will equal more products purchased.
  • ...6 more comments...
  • Krista Lawson on 10 Oct 13
     
    I think that Finish Line is going to benefit highly from being able to do mobile transactions, especially during the holiday season. This will be able to help them eliminating lines and making for a better overall customer experience. I think it may take some consumers a while to become accustomed to, but overall I feel like that is where technology is bringing us in the retail world and it can only help the customer experience.
  • alipaigeh on 10 Oct 13
     
    It is clear that more retailers are moving towards mobile POS systems, and it is interesting to imagine stores without cash registers. Nonetheless, most consumers can't stand the idea of sitting in line when all they want to do is pay once they've chosen the item or items they want. And not only are there problems with long lines, but there are also problems with not being able to find someone to help you when you need it. I think retailers switching to the mobile POS system is an advantage because they can interact more with the customers, while having the ability of being a portable checkout. The convenience of the mobile POS system allows the sales rep to converse and inform the customer of the product they are looking at, and shortens the decision to buy time since the sales rep can swipe the customers card immediately once the customer decides to buy.
  • jkayjohn on 10 Oct 13
     
    I think this is a genius idea. I hate going into finish line and waiting in line for ages because of how crowded the place always is. Giving the attendance the ability to do mobile transactions with decrease the clutter of people in the stores who can get in and out quickly and make the experience much more enjoyable!
  • Emily Prellwitz on 10 Oct 13
     
    I can see why Finish Line is moving in this direction because a lot of the retail industry is following suit. I think the combination of technology and good customer service is a great thing to have in the retail industry but only if the customer service is solid as well. I am a little skeptical about Finish Line doing this only because when I go into tennis shoe stores which is what Finish Line's main product is, I like to talk to someone with a lot of knowledge on the product. I like getting an expert's opinion on running shoes because they are all made so differently.
  • Brock Naylor on 10 Oct 13
     
    I feel like the next logical step for finish line would be to offer an array of customization options on a mobile application due to the trend in which people like to individualize their shoes. Prior to this, you would have to buy a personalized product directly from the manufacturer based on the options that they allowed, and were often times much costlier than they might have been otherwise. By acting as a third party on behalf of this order, Finish Line not only provides a channel to its consumers for these customization options, but gives manufacturers more exposure to this application than they had prior. Its a win-win.
  • Angelo Csuti on 10 Oct 13
     
    I agree, it is important to be innovative and develop more ways of approaching the customer. However, in the end it is also important to be distinctive in other disciplines like direct customer service or outstanding product quality and design. When I went into a Finish Line store the first time in my life yesterday, I didnt really see much differences in products or design in comparison to European Stores or Foot Locker.
  • Carly Foley on 10 Oct 13
     
    I agree with Brock. Nike has their own customization, I think now its time for the store to start doing that. I think this would improve sales because when I got my shoes I went to Nike's site so I could customize the shoes to how I wanted since it was only like $10 more to have them exactly how I wanted them.
  • meganbos on 10 Oct 13
     
    This is really cool what they are doing! I'm curious as to if they had a issue with lines in their stores or if they are working on simply improving customer service.
Kate King

http://global.networldalliance.com/downloads/white_papers/Designing-an-Omnichannel-In-s... - 1 views

global.networldalliance.com/...hannel-In-store-Experience.pdf

mk473 omnichannel

shared by Kate King on 03 Oct 13 - No Cached
  • Kate King on 03 Oct 13
     
    White paper: Designing an Effective Omnichannel In-store Experience: 5 Key Considerations
Kate King

Report: Mobile, gamification among leading e-commerce trends | Chain Store Age - 3 views

www.chainstoreage.com/...mong-leading-e-commerce-trends

mk473 omnichannel ecommerce mobile

shared by Kate King on 03 Oct 13 - No Cached
  • Kate King on 03 Oct 13
     
    Top e-commerce trends
Lindsey Wacnik

Staples tracks on digital signage to tackle omnichannel - 2 views

www.digitalsignagetoday.com/...ge-to-tackle-omnichannel-Video

mk473 omni

shared by Lindsey Wacnik on 05 Oct 13 - No Cached
  • Lindsey Wacnik on 05 Oct 13
     
    This article discusses Staples incorporation of interactive kiosks and digital signage into their stores to help be more efficient with their square footage. They are trying to give customers "access to endless aisle shopping and ordering capabilities." Do you think shoppers will be disappointed by the limited amount of options on hand or will the ability to order more items in-store outweigh the limited selection?
  • ...3 more comments...
  • Carly Foley on 06 Oct 13
     
    Isn't this just like what Kohl's has, just for office supply? I think it is a good idea and I have used the one at Kohl's many times. It make shopping more convenient, especially when it is busy. It is annoying sometimes that they don't have on hand the one thing you need now, but in those instances you might go somewhere else and pay more to get it now.
  • Lina Goens on 07 Oct 13
     
    I think the ability to order more items in-store will outweigh the limited selection. At times it can be difficult to find the exact product you need because the labels look the same, but now you can search on the computer/Ipad and find exactly what you need. It sounds like a great convenience as Carly mentioned, and I think it sounds like a great idea. It can take some stress off of employees because people can refer back to the computer as an alternative option.
  • Sarah Wesp on 08 Oct 13
     
    Going off of what Lina said, this will make it much easier for consumers to find the exact products they're looking for. It can often be intimidating when walking into a store like Staples or Kohl's when you are trying to look for something specific, so I think these kiosks will give consumers the opportunity to find what they want more efficiently. Also, I could see where some shoppers may be disappointed because of the limited selection, but I think overall, the ability to order more items in-store will outweigh the limited selection.
  • Brock Naylor on 08 Oct 13
     
    The digital kiosk idea can be great, but only if it works effectively. In my experience, I tried using Targets kiosks that they started using to pull up a registry for a wedding. However, the system wouldn't allow me access to the registry, and even after an employee tried helping me, we both just kind of gave up. This is just one example how technology if used improperly can do more to hinder a consumer's experience than help.
  • Sarah Jacobsma on 08 Oct 13
     
    I am not sure how I feel about Staples new plan to offer a limited selection in-store. If this is more for small items that there are many types of -- it is helpful and takes away the frustration of searching for a specific item among many alike items -- but why would we go into the store when we can just order it online? Going off Lina -- sometimes the reason people go into stores is to get the item there and then . . . this makes me think will ordering it in store be more of a hassle than a convenience? I think it will be interesting to see how consumers react to this new shopping experience. . I think it is a good way to incorporate online and in-store shopping but I think that this may just drive consumers to shop online and stray away from going into the store.
rteufel

Five E-Commerce Must-Haves in 2013 | Retail Trends | RIS News: Business/Technology Insi... - 8 views

risnews.edgl.com/...mmerce-Must-Haves-in-201388520

mk473 ecommerce

shared by rteufel on 06 Oct 13 - No Cached
  • rteufel on 06 Oct 13
     
    The articles summarizes the most recent trends in e-commerce by giving advice to online retailers about what they should be aware of in 2013.
  • ...6 more comments...
  • Kyle Werner on 08 Oct 13
     
    I agree with the author that the #1 must-have for retailers is mobile optimization. Everyone checks the web on their phone, so optimizing an app for mobile interface will be the key for being the top retailer in the very near future.
  • meganbos on 08 Oct 13
     
    I think stores can really benefit from streamlining the checkout process for consumers. Being able to check out anywhere in the store saves time waiting in line and also gets sales staff out on the store. We learned about JCPenny attempting to adapt this model, although it was not sucessful there- in other smaller stores where integration would be easier and quicker and lines are a bigger problem it could really improve the customer experience.
  • Brock Naylor on 08 Oct 13
     
    I personally feel that aesthetics of a mobile app or website play a significant role in inciting a purchase from a consumer - me, specifically. If a page has an unappealing, non user friendly layout it can be very frustrating to navigate as well as find a specific product you're looking for, and often times will cause me to give up my search. I believe in this regard that ecommerce is the most important frontier for retailers currently, and if they are behind in this respect, then they will rapidly fall behind in the marketplace.
  • Paige Laughlin on 08 Oct 13
     
    I completely agree with this article. The point about free shipping as many times as a company can is huge to me. When I am shopping online and see an item that I want, it makes me that much more likely to get it if there is free shipping on the item. I also agree with the point about creating a mobile optimized website or app for mobile users. Sometimes when I'm on a website on my phone that is not optimized for mobile, it's hard to navigate and hard for me to click on things because the links are so small, which is frustrating. I think it's important for companies to make it as easy as possible for consumers to buy things online because I think that is the new trend and, of course, since mobile phones are so hot right now it would only make sense to make the mobile phone experience when buying something as easy as possible. I actually just bought something the other day online on my mobile phone and it was just as easy as if I were to have bought it on my computer, and that gives me as a customer easier access to buy things.
  • Lindsey Wacnik on 08 Oct 13
     
    I agree with Megan the worst part of shopping is the line just to checkout. If a customer is in a time crunch, and the store has the capabilities to allow customers to checkout anywhere it allows them more time to look around, and possibly make more purchases. It also frees up more space for customers to look around the store, this will be crucial for stores that are very small in terms of space.
  • Krista Lawson on 08 Oct 13
     
    I agree with the above as well. I really find that the page layout and functionality have a strong influence in me not only in purchases, but general cases as well. I remember when I was looking at colleges, those who had poorly constructed websites automatically negatively impacted my thoughts towards them even if I hadn't visited. With such tech savvy consumers I think these online aspects gain even more importance and should be given special consideration.
  • John Cummings on 08 Oct 13
     
    The page layout definitely has strong influence.. A company's website is becoming most important.. For most this is how a person gets their first impression on the business. The more tech savvy the business becomes the better likelihood for success in my opinion.
  • Emily Prellwitz on 08 Oct 13
     
    The number one must have is definitely mobile optimization. I actually tried buying something off my phone today while I was in the car. This creates for convenience for consumers because smart phones and tablets and other mobile devices are so popular right now. Free shipping is also extremely important especially for goods that weigh a lot or that would normally be a lot of money to ship.
Kate King

Study: Omnichannel shopping varies by category and country; most prevalent in U.S. - 4 views

www.chainstoreage.com/...441706

mk473 omnichannel

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  • alipaigeh on 08 Oct 13
     
    This article completely parallels what you have been stressing in class about making omnichannel shopping as cohesive as possible. Not only does the store have an expected image to fulfill, but if the store is utilizing a virtual app in addition to an online website, the channels need to work in harmony to achieve the same desired outcome. It is evident that different consumers have different buying preferences and habits, so it is important that no matter where the consumer is deciding to buy that the channel has a cohesive image that represents the overall brand as whole.
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  • Angelo Csuti on 08 Oct 13
     
    Yes, I am really curious about the next years and how far this whole e-commerce trend goes. Especially in Asian countries like Japan or Korea, where technique is always an important topic and Omnichannel shopping is also on the rise. It would be interesting to see whether they are going to surpass the US and western countries at some point or whether they stick to their traditional way of shopping.
  • meganbos on 08 Oct 13
     
    It will be interesting to see how stores respond to the changes in consumer needs. We talked in class about how our generation is very focused on the store experience. I think that we really enjoy stores that differentiate themselves from others in terms of service- that is why Apple and Nordstrom so frequently in class because they stand out in our minds and have made a prominent impression on us. However, I do think its important to recognize that not all in store cell phone usage is bad. Brands can really benefit from consumers being on their phones by encouraging them to check in, tweet at their friends, or engage online with the brand- for the potential in store benefit.
  • Kara Blakley on 08 Oct 13
     
    This was so interesting! I completely agree with the online-to-store relationships and why customers want to touch and feel the product. I experienced this when completing my e-commerce audit when shopping for my product (a CD). There were perks associated with purchasing online (an exclusive product not available in the store) but there were additional savings options when purchasing in the store. Mobile presence is huge and I foresee this aspect continuing to dominate the market for both brick-and-mortar and online retailers.
Kate King

Finish Line puts up strong Q2 results | Chain Store Age - 6 views

www.chainstoreage.com/...sh-line-puts-strong-q2-results

mk473 Finish Line

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  • Kate King on 08 Oct 13
     
    Most recent operating results for FINL
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  • Kyle Werner on 10 Oct 13
     
    It is good to see that Finish Line is bouncing back from recent hiccups due to their e-commerce. Thirteen percent is a huge increase and showing that Finish Line has been able to come up with better tactics such as their relationship with Macy's and growing their specialty running group.
  • Lina Goens on 10 Oct 13
     
    After visiting the Finish Line, it is easy to see why they have increased Net Income. The store is a lot more modern with tablets and fancy lighting. They are playing on the experience factor we have mentioned in class. By changing the layout, they have sustained and continue to grow their brand image which I believe have led them to an increase in Net Income.
  • Brock Naylor on 15 Oct 13
     
    I think Lina hit the nail on the head with this one. The business that FL can expect to get from Macy's is fantastic, but by improving their store layout, aesthetics, and consumer experience in their own application not only strengthens their brand image, but allows them a solid foundation in which to build up from.
  • John Cummings on 15 Oct 13
     
    I also agree that the partnership with Macy's is the best thing they could do. But improving their customer service is something they need to focus on. Customer loyalty is how they make their income and the more they can improve on customer service the more loyalty and sales will occur.
Kate King

Finish Line overhauls customer experience with new tech | RetailCustomerExperience.com - 6 views

www.retailcustomerexperience.com/...tomer-experience-with-new-tech

mk473 Finish Line customer experience retail technology

shared by Kate King on 08 Oct 13 - No Cached
  • Kara Blakley on 10 Oct 13
     
    I feel this new technology integration is a great aspect for Finish Line to incorporate into their stores. The mobile kiosks they explained will really benefit customers since it's hard for a shoe/apparel store to have every color, in every size, and every style needed - especially when there are so many different variations available. Shoes are almost more critical than clothing when a customer wants the "touch, feel, try-on" aspect. Every shoe looks, feels, and fits differently. So if customers are able to see the style and try on a similar size to know what they specifically need, I think mobile devices and kiosks will greatly benefit customers and add value to the overall Finish Line shopping experience so they can get exactly the shoe they want and not have to settle for what's in-stock. I was also excited to read in the "Keeping Pace in Omnichannel Race" article, about the Finish Line "sections" coming to Macy's stores. When I go to Macy's, I usually shop for dressy shoes or everyday styles and steer away from running/tennis shoes because I feel I need a little more guidance for a shoe that will support my foot in such physical exercise. So now that Macy's will have a section under the Finish Line name that supports active shoe purchases is something I'm very anxious to take a look at when the integration is complete! It's great to have such established and successful companies such as Eli Lilly and Finish Line headquartered in Indianapolis!
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