With just a week to go until Black Friday signals the start of the holiday season, we’ve put together three key areas all retailers should consider to maximize their return during this peak period. Featuring guest comment from Dimension Data, Valantic and our own key recommendations these are your last minute tips for this joyful season.
Oddly enough, Singles' Day began with a performance to remember from Mariah Carey. However, It ended with $37 billion in revenue, and a promise to hit $500 billion in the coming years. As this iconic shopping day cements its position at the top of the retail charts, we sort the fact from the fiction to help you understand what this shopping bonanza means for the global retail market.
As tech giants like Amazon enter the B2B distribution sector, traditional companies have responded with two broad strategies: digital innovation, and mergers and acquisitions. But those two terms cover a breadth of activity, not all of which will be equally helpful in competing with Amazon Business. The success of either approach depends heavily on how deeply a company understands the nature of Amazon’s threat.
Recent research finds that now expect more product choice, even in the same category. Retailers are under increased pressure to provide a differentiated and diverse experience, in a time when 56% of product searches begin on Amazon. This enhanced consumer demand for both product depth and breadth has forced UK businesses who operate an eCommerce environment to consider just how to expand their product assortment profitably if they want to survive this uncertain time.
Increasingly retailers are experimenting with integrating suppliers or third-party brands onto their site in an effort to add a new product category, bolster existing range or improve supply chain efficiency. And the reality is, whether the experiment has been a success or not, integrating a third-party can be an intensive process requiring resources across IT, eCommerce, Merchandising, Product and Supply Chain teams.