This Week in Retail: Surprising and delighting customers, increasing your financial IQ, and more

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Hey there and thanks for checking out our latest retail roundup! This week you’ll learn what you can do to be more financially literate, how major retailers are implementing omnichannel, how you can surprise and delight customers, and more.

Check ‘em out:

1. Is financial illiteracy hurting your business? – Financial literacy is critical to retail success. As SmallBizTrends puts it, “misunderstanding business finance terms and practices could eventually mean the failure of your business venture.” That’s why every merchant should educate themselves on the basics of small biz financials. You can start by reading this post. It links to a great quiz that tests your financial literacy and offers advice on how to increase your financial IQ.

2. 2015 top 10 retail technology predictions – part II – Retail expert Tony D’Onofrio is back with more retail technology predictions. And like part 1, this post is packed with insights on what’s in store for retailers this year. This time, Tony talks about the rebirth of the physical store, the evolution of the grocery sector, social media shopping, and more.

 3. How Macy’s, Lowe’s and The Limited are tackling omnichannel – Earlier this week, retail executives from Macy’s, Lowe’s, and The Limited took the stage at the NRF Show to talk about one of the biggest trends in retail: omnichannel. Find out how these major retailers are implementing the strategy in their organizations and see if you can apply any of their techniques in your own business.

 4. Traditional stores still trounce e-commerce when it comes to returns, new survey says – A new study has found that shoppers would rather return their “not-so-perfect” holiday presents at brick-and-mortar stores rather than going the online route. And while no merchant likes returns, there is a silver lining to this: when it comes to shoppers bringing back merchandise, offline stores have an edge over ecommerce because they have the opportunity to convert consumers in-store. As A.T. Kearney put it, “For online pure-plays, returns are dead-net cost; for a brick-and-mortar store, a return is a potential new sale.”

5. How Zappos kept shoppers engaged during the holiday season – Zappos is famous for going above and beyond when it comes to customer service, but last year, the e-tailer took things to another level with Glance, an online shopping tool that helps “surprise, delight and inspire consumers at the point of decision-making.” Retail TouchPoints’ Alicia Fiorletta went behind the scenes with Glance content curator Kandis Yoakum and explored how Zappos is using the tool to engage and serve shoppers. You’re bound to pick up some pointers on how you too can surprise, delight, and inspire your customers so check it out!

 

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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