On November 22nd, after the table has been cleared and the last of the pie has been eaten, families all over the country will sit down with the shopping ads and make a game plan for the biggest shopping event of the year: Black Friday weekend. This is a huge money-making weekend for large companies […]
Retail Insights
The Race to the Bottom of the Pricing Barrel
When thinking about pricing your merchandise or services you might be tempted to look around at your competitors and then price your stuff the lowest. You figure, this way, customers will choose your company and you’ll make tons of money. But is this strategy the best? Breaking it down into the most simple terms, […]
7 Pricing Strategies Every Retailer Should Know
Of all the strategies you’re thinking of for your new business, pricing is the one that can truly make or break your business. Price too high and your competition will get all the business. Price too low and you won’t make enough money. Super-smart business economists have come up with dozens of pricing models […]
8 Shoplifting Myths That Cost You Money
According to the National Association for Shoplifting Prevention (NASP), more than $35 million of good are stolen from retailers every day. That’s a whole lot of stuff going out the door. If you’re a retailer, you want to do everything you can to deter shoplifters. And with approximately 27 million shoplifters in the U.S., there’s plenty […]
Is Your Business Prepared for a Disaster?
As a business owner you probably worry about things like inventory, marketing, hiring and training employees and paying the bills. An earthquake seems like a silly thing to worry about, considering all your day-to-day worries. But earthquakes do happen (as do fires, floods and tornadoes). And if you’re not prepared when disaster strikes, your […]
Social Factors and Business Performance
According to Julie Baker, a marketing professor at the University of Texas at Arlington, there are three factors that are important to the retail store environment: social, ambient and design. Today, I want to look at the importance of the social factors of your store and how you can make improvements that will increase […]
Amazon’s Same Day Delivery: Why You Shouldn’t Freak Out
An Amazon warehouse is coming to a city near you. In order to fulfill orders the very day they are placed, the company is spending millions to construct fulfillment centers all around the country. In California alone, Amazon will spend $500 million on several new warehouses.
Free Stuff: 5 Reasons To Have Giveaways
My favorite day of summer is today. Why? Not because there’s a great outdoor concert at Deer Valley Resort. My family’s reunion isn’t today. We don’t head to the lake for our annual jet-ski party. Nope. July 11th is the best day of the summer thanks to 7-Eleven. Free Slurpee Day Every year, on July […]
