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The Good, the Bad, and the Ugly of Purpose-Driven Retail

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Purpose-driven retail is more than just a buzzword… it’s the new standard. Contrary to popular belief, purpose-driven retail and conscious capitalism are not the same thing. Conscious capitalism works to elevate humanity through every component of a business, while purpose-driven retail refers to a retail business built around an altruistic central purpose or core motivation. Have you heard the slogan “your vibe attracts you tribe?” The retail version would be, “Your purpose attracts your customers.” This isn’t theoretical: nearly …

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Saks: Unlocking Value, for Whom?

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I will state my opinion right up front. I believe Richard Baker's move to split the Saks Fifth Avenue and its ecommerce business into separate companies, which he calls "unlocking value," is simply applying a fancy buzzword, disguising what will ultimately lead to a real estate play. The reality is somewhere, way down deep in his real estate DNA, he clearly sees his personal cash-generating machine where it always has been -- in real estate. So, don't fall for unlocking value in the retail enterprise as a strategy to improve and accelerate the …

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The Point of No Return

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The cost of returns is estimated at $550 billion for 2020 and the number of online returns has more than doubled. In 2020, the pandemic accelerated online purchasing with non-physical store sales ending the year up an impressive 23 percent. However, higher ecommerce sales mean higher online returns. Returns fraud is another serious issue: cybercriminal activity and returns fraud are already costing states $1.5 billion in lost taxes and over 741,000 jobs per year, according to a report by Appriss Retail and the NRF. The growing shift to digital …

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The New Chief Marketing Officer

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The average age of a CMO is 52 for the consumer industry segment -- and the CMO position has the shortest tenure of all C-suite executives at 3.5 years. One could argue that struggling to master the dramatic shift in the digital marketplace and evolving consumer trends has made today's CMO position a revolving door. Over the next few years, I predict the average age of a CMO will drop at least 10 years based on the need for highly proficient digital skills, keen understanding of analytics, drastic change in key marketing performance metrics and …

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Grey Is the New Black

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An increasing number of major brick-and-mortar retailers-led by Walmart, Target, Best Buy, and The Home Depot-will not open their doors on Thanksgiving, giving employees the day off and pushing more spending to digital channels. What's more, fewer promotions have been targeted specifically for the day after Thanksgiving, today, traditionally known as Black Friday. Over the past few years, our ramped-up consumer culture has expanded Black Friday from a one-day, to a weekend-long, to a week-long event. However, in the year of pandemic, Black …

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Coronavirus Shakes Up and Reshapes the Retail Ecosystem

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The pandemic that took the U.S. retail market by storm in March changed how consumers shop and will have long-term effects on the retail industry. Some of these behavioral shifts were a long time coming for an industry that is not known to be agile and nimble. The industry had been put on notice for some time that the real CEO in charge is the consumer, and the nimbleness of the industry will be thoroughly tested through the holiday and into the next few years. With the benefit of hindsight, let's take a look at how retail has been reshaped …

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If You Can’t Join Them, Buy Them!

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Walmart's bid (with Microsoft) to buy TikTok, the video-sharing social networking service, is a way for the juggernaut to continue to compete with Amazon. A few short years ago Walmart lagged behind in the digital space and was constantly outpaced by the innovation at Amazon in e-commerce, logistics and last-mile delivery. But much has changed in the last three years. When Walmart bought Jet.com in 2016, the goals for its e-commerce business were to consolidate leadership under Marc Lore, to shorten the learning curve for understanding the …

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Don’t Be Fooled by Virtual Sizing Apps

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Sizing and fit are top concerns for consumers shopping apparel. According to Shapeometry, in 2019 the apparel returns related to fit hit $60 billion, half of which were returns of online purchases. About 85 percent of apparel returns were due to fit issues. So, the premise of a digital personal avatar sounds great for shoppers, but the reality is that the supply chain cannot deliver to specific avatar sizes. Instead, brands match a personal avatar size to the closest size in the existing product range. Jason Wang, COO of Alvanon explains, …

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