It’s smiles all round at Booodl HQ with an exciting week having passed. In case you missed out, Booodl was featured by the App Store as one of the top shopping apps, not to mention we now officially have over 800,000 products listed! Everything about this week is big, and what better way to reflect this than a retail wrap-up covering big brands and big changes. Here goes!
1. Facebook’s foot traffic feature becomes every retailer’s friend
The Facebook frenzy has manoeuvred across all walks of life, including the realm of retail. They’ve introduced a dedicated shopping section for shoppable ads, and now their attention is going beyond e-commerce to physical retail stores. The new feature uses geolocation analytics and anonymous information updated every week, month or quarter to report on foot traffic trends. With this, retailers can view how many customers are nearby each day, busiest days of the week, as well as cross referencing demographics within the search. In our view, utilising digital features to encourage customers in physical stores is a true reflection of the potential the future of retail holds! Who knows what’s next?
2. Can’t stop won’t stop! Designated fast-track shopping lanes are now a thing
Whether it be lanes for VIP movie members, lanes for cyclists or lanes for texters, there is a sense of luxury that comes with ‘efficient’ spaces designed for certain groups of people. Now, our bargain-hunting buddies, there may soon be a lane for us shoppers! No more time spent stuck behind snail-pace citizens or accidently jolting the innocent with our super-sized Zara bag. After some research, retailer Argos unveiled the 47% of shoppers who also dislike slow walkers, and 31% with similar feelings towards ‘pavement hoggers’. The solution resides in One Shopping Centre situated in Liverpool, where experiments are underway to see if designated, fast-track shopping lanes will enhance foot-traffic and enhance the overall experience for all. If these hit Sydney, we’re never looking back!
3. Beacons build sales for brick-and-mortar
Companies across the globe are ultilising beacons. Women’s fashion media brand Elle Magazine is now jumping on board to use this and geo-fencing technology so readers can shop its editions and receive recommendations for people on the go. The multi-brand beacon is powered by Swirl, where Vice President, Rob Murphy, exclaims beacon marketing allows “publishers to bring their editorial content to life in a whole new way. Users of mobile apps RetailMeNot and ShopAdvisor will receive push-notifications and message-prompts informing them that monthly issues are available for purchase in nearby bricks-and-mortar locations. Now this is right down our alley!
4. The almighty Amazon evolves: opening of first physical store
If you haven’t already heard, Amazon recently opened a physical book store this week called Amazon Books. This move has come as a shock to many, with its online culture seemingly disregarding physical retail. But hey, if digital companies like Apple, Microsoft and Samsung have retail stores – why shouldn’t Amazon? Whilst many have doubted the ‘dead end’ move for the company, what it does reveal is Amazon’s realisation in lacking physical presence and limited views on what their customers look like and behave. Fail or not, it reflects the bridge between online and physical presence as a future prospect in retail, and a process we support at Booodl!
5. Tracking technology as the key for inventory glory!
Many retailers would understand the complex and tedious process of inventory upkeep. But could it be possible that we’ve found the solution? In a recent report, Retail Dive announced Levi’s opening of a flagship store in San Francisco. Using RFID tags powered by Intel, they are labelled on each item of clothing, connecting to IoT platforms to compile data on inventory and real-time insights on customer demand, stock, availability and more. Brian Krzanich, CEO of Intel, says that inventory accuracy delivers more sales by telling retailers what’s selling and what’s not. What we find most interesting is if brick-and-mortar stores took advantage of this, it will not only encourage local shopping, but hold the potential to be just as accurate as any channel. Sounds like win-win to us!