That's a very impressive list. I can personally attest to the growth on on-line shopping. I do about 90% of my shopping on-line. It is so much easier, most of time there is no tax or shipping charges. It is important for retailers to offer deals equivalent to a giant like Amazon since it is easy to bargain shop on the internet.
The other reason I tend to do my shopping on-line is lack of customer service. While I agree that retailers should maintain good customer relations and support post sale, I feel that they need to step up their customer service to achieve the sale. Doing research on the internet is usually more accurate than the information you get from a sales rep. It is also hasstle free if you get a rep that doesn't feel like begin there.
It's an excellent list, Bolaji, but I would add one more thing. That is to remember that you want to keep your relationship with your customer active after the sale, so be sure to provide excellent customer service, espeically if there was a problem with the order and follow up. That sows the seeds of customer loyalty.
"Embrace mobile retailing. In 2010, about one third of the world's population used a mobile device to access the Internet. With mobile-optimized Web sites, retailers can attract new customers and increase existing customers' loyalty."
Mobile retailing is particularly useful in emerging countries where consumers show high interest in mobile retail apps, both in their current and potential usage.
Yes, I agree with you. Although I also tend to think that if one is employed and healthy but has some friends who are not for the reason you say "hitting home", that will also afect us in one way or another.
Consumers are more picky and carefull, too, about their shopping habits. Retailers have to be careful of not losing the opportunity of a sale as a result of making a bad move or having a bad marketing strategy not according to the time and moment we are living.
This is going to be a very interesting holiday season for retailers and OEM's. By all accounts many economists and fund managers say a recession is almost inevitable. On top of those fears, consumers just aren't giving up their money as easily. They want to be well informed and make sure these are valid purchases. Retailers need to look at this trend and follow suit. Your 10 recommendations make great sense. If retailers can make sure the shoppers willing to spend money are getting their best deals, they should do okay.
If one is employed and healthy it is easy to stay somewhat removed from the recession. Sure things are a bit more expensive and it is depressing watching the news stories of wars and recession. However it is really starting to hit home now as I know quite a few people who have lost their jobs or are having to sell their car to pay mortgages etc. It is quite scary out there and I feel very fortunate to have a job. Relating to the article posted, I am a firm believer that there are always opportunities for the savvy suppliers and retailers. Bolaji's article cited 10 things and they are all valid points. Consumers now are a lot more picky about their purchases and shopping experience so to survive retailers must be cognizant of their customers' changing needs and adapt their tactics/services accordingly.
EBN Dialogue enables and encourages you to participate in live chats with notable leaders and luminaries. Not only editors and journalists, but the entire EBN community is able to comment and ask questions. Listed below are upcoming and archived chats.
Archived Dialogues
Thailand Stages a Comeback Join EBN contributor Jennifer Baljko on Thursday August 23, 2012, at 11:00 a.m. EST for a live chat on how electronic manufacturers in Thailand have shored up their supply chain to reduce the impact of future natural disasters.
Euro-Crisis: What It Means for High-Tech Firms Join EBN Editor in Chief Bolaji Ojo and Contributing Editor Jennifer Baljko on Thursday, July 12, at 10:00 a.m. EDT for a Live Chat on high-tech and Europe's economic difficulties.
Microsoft Surface: Potential Winners & Losers What are the implications for the electronics industry supply chain of Microsoft Corp.'s decision to launch its own tablet PC? Join industry veteran and EE Times' systems and OEM expert Rick Merritt on Tuesday, July 3, at 12:00 pm EDT for a Live Chat on this subject.
Join EBN contributor Jennifer Baljko on Thursday August 23, 2012, at 11:00 a.m. EST for a live chat on how electronic manufacturers in Thailand have shored up their supply chain to reduce the impact of future natural disasters.
Peter Drucker famously said "Trying to predict the future is like trying to drive down a country road at night with no lights while looking out the back window." Yet in the razor's-edge world of electronics—with a lean supply chain and just-in-time demands—the need to know the future is vital.
While no one really can accurately predict the future, we can take guidance from another Drucker saying which is the best way to predict the future is to create it.
You've heard the saying "the No. 1 supply chain risk is your people." That hasn't always been the case. But today's complex global supply chain requires a new type of multitalented employee. It's one who understands, finance, marketing, economics, is savvy with technology, graceful with relationships and can think analytically.
Where are these people? Are universities properly preparing the next generation supply chain professionals? How do train your existing workforce for these new, demanding positions?
Brian Fuller, editor-in-chief of EBN, will lead a 60-minute Avnet Velocity panel discussion that will ask and answer these and other questions swirling around today's supply-chain talent challenges.
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