This Week in Retail: Why customers are leaving you, how to prevent holiday theft, and more

thisweekinretail 2

Thanks for checking out our latest This Week in Retail post! As usual, today’s roundup is packed with informative nuggets. You’ll learn about theft prevention, the future of retail, taking care of your employees, and more.

Check ‘em out:

1. 4 tasks small business owners must complete before January 1st – The end of the year is always a busy time for retailers, and it’s not just because of the holiday season. The last few weeks of the year gives you the chance to reflect on your business’ performance and it’s the perfect time to take steps that’ll set the stage for the coming year. From compiling tax deductions to providing staff bonuses, there are a number of things you should do before 2014 ends. Find out what they are by checking out this post on the Intuit Quickbooks blog.

2. The coming retail singularity – This piece by Jon Bird on The Huffington Post is quite insightful. According to him, the retail industry is heading to “the point when physical and digital retail worlds merge to a stage where separation is meaningless.” (And we couldn’t agree more.) Bird talks about how shops are evolving and offers real-life examples and store concepts that effectively blend various digital and physical elements of retail. Check it out.

3. Holiday season brings eggnog, mistletoe and shoplifting – The holiday season is a period that brings in additional foot traffic and sales, but we must not forget that it also paves the way for theft. According to the U.S. Retail Fraud Survey for 2014, “shoplifting accounts for about 11 percent of losses in stores” and employee theft accounts for 38% of shrink. It’s more important than ever to be vigilant about these things, so take the time to beef up your loss prevention efforts. Check out this post (and the accompanying video) for tips on how to do this.

4. A retail brand that rallies customers – and employees – “To successfully operate in a competitive environment, retailers need to cultivate a brand that speaks to customers and employees,” writes Jonathan Levitt on Multichannel Merchant. And while corporate social responsibilities can help retailers do this, Levitt argues that taking care of employees and implementing progressive HR practices are far more effective in building a brand that the public can relate to. Read his post to learn more.

5. Clues your customer base is abandoning you (and how to stop it) – Has business been slow lately? It could be because your customers are shopping elsewhere (or they’re not shopping at all). In this post, Geoff Williams write about 5 signs that your customers are leaving you… and what you can do about them. Check it out and see if you’re spotting any of these clues in your business.

 

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+.

Reply