This Week in Retail: Why discounts are a bad idea, what you can learn from coffee shops and more

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Can you learn a thing or two from coffee shops? Should you discount your products to attract more business? Can Urban Outfitters pull off the ultimate lifestyle destination? Our latest This Week in Retail roundup aims to answer all those questions and more .

Dig in!

1. Urban Outfitters goes big with new NYC store – Specialty retailer Urban Outfitters made headlines this week when it opened a new store in Manhattan. The new branch isn’t your typical retail shop though. It’s a 57,000 square-foot store where people can not only buy clothes, but also enjoy a cup of coffee and get their hair styled… all from one place. This is a solid example of turning a retail location into a “destination” as opposed to just a store. It’s a great effort by Urban Outfitters and we’re excited to see how well it pulls it off and how shoppers respond.

2. Are discounts melting away your profits? – Tempted to slash your prices to attract more customers? Not so fast. As KAYAK’s Randy Milanovic points out, discounting your products can do your business more harm than good. In this insightful piece, he shares some compelling reasons why merchants should avoid offering discounts and he provides advice on what businesses can do instead.

3. What a coffee shop can teach you about finding loyal customers – If you’re looking to enhance your loyalty program, you may want to take a leaf from your favorite coffee shop’s playbook. This article shows us what businesses like Caribou Coffee and Dunn Bros Coffee are doing right when it comes to gaining loyalty and driving repeat visits. Give it a read and see how you can apply what they’re doing in your own store (and while you’re at it, why not grab yourself a nice cup of joe?)

4. Brick-and-mortar retailers need to make customers feel they’re walking into a website – This article provides excellent advice on how retailers can offer a more compelling shopper experience. Roopa Unnikrishnan writes that businesses should “bottle what makes them special” and create a customer story that’s delivered across all their marketing and sales channels (particularly brick-and-mortar). Check out her post and find out how you can do that for your store.

5. Customer Experiences: The KISS principle – Here’s a great piece that urges retailers to go back to basics when implementing marketing campaigns. Innovations like sophisticated analytics and automated personalization are great, but only if they’re being used to cover the basic needs of your customers. Read the post to learn more and be sure to check out the comments from RetailWire’s Braintrust panel for additional insights.

 

About Francesca Nicasio

Francesca Nicasio is Vend's Retail Expert and Content Strategist. She writes about trends, tips, and other cool things that enable retailers to increase sales, serve customers better, and be more awesome overall. She's also the author of Retail Survival of the Fittest, a free eBook to help retailers future-proof their stores. Connect with her on LinkedIn, Twitter, or Google+.

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