Dick’s Sporting Goods does combo store
Dick’s Sporting Goods is putting two of its formats under one roof in the Austin, Texas, market.
The retailer will open a Dick’s Sporting Goods and Field & Stream store on Friday, March 3 at The Parke in Cedar Park, Texas. It will be Dick’s 677th store and 29th Field & Stream store nationwide.
There are currently three other Dick’s Sporting Goods stores in Austin.
The new 90,000-sq.-ft. location is the eleventh of its kind in the country.
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Amazon reveals some Prime data
For the first time ever, Amazon has released data that details how much money its Prime membership program and other subscription services bring in.
Amazon disclosed in its latest annual filing that it brought in $6.4 billion from Amazon Prime and other subscription services, Bloomberg reported.
Net sales from Amazon Prime and other subscriptions are growing by more than 40% annually — and this comes a dozen years after Amazon launched the membership program, noted the report.
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Study: Retailers leave money on table due to lack of personalized service
Disappointing shopping experiences are costing brick-and-mortar retailers serious money.
Stores left about $150 billion in potential revenue on the table in 2016 by failing to offer shoppers personalized in-store shopping experiences. Shoppers would increase their in-store spending by 4.7% — if they received better, more personalized service from retailers.
That’s according to TimeTrade’s “State of Retail 2017” survey. Previous TimeTrade surveys of retail executives consistently report that they believe their stores do provide customers with personalized shopping experiences. But consumers see things differently. About half of this year’s survey respondents (49%) said they “never” or only “sometimes” receive what they consider to be personalized service.
In fact, 70% of the time they shop they can “never” or only “sometimes” find a sales associate when they need assistance.
This disparity is financially damaging for retailers. For example, 71% of consumers said they sometimes or always abandon dressing rooms and leave stores if they can’t obtain help with sizes or color, among other factors. Conversely, 88% said that when helped by knowledgeable associates they are “somewhat likely” or “extremely likely” to make the purchase.
When asked what is most valuable when shopping in a retail store, respondents cited prompt service, personalized experiences and smart recommendations. To improve service, 64% said they would like to schedule in store appointment (from any device) with a retail associate at a time most convenient to them.
This should be a wake-up call for some retailers, especially as 82% of respondents said they still do half or more of their shopping in physical stores (excluding grocery stores). Moreover, 70% said they planned to do the same in 2017, with 14% saying they would increase the amount of shopping they do in-store. Even when an item is available online — as well as in a nearby store — 75% of respondents said they preferred to buy from the physical store, the study said.
“Just imagine the positive financial impact on brick-and-mortar retailers if revenue jumped by 5%,” said Gary Ambrosino, CEO of TimeTrade. “Right now, retailers’ revenue projections and stock prices are under pressure as the landscape continues to change. A renewed focus on providing shoppers with a better, more personal in-store experience would go a long way toward stemming the tide of defection to competitors and online sellers.”
Personalization is especially important among the millennial generation, especially as they enter their earning and spending prime. Almost half of them (47%) do 75% of their shopping in stores vs. online, and 29% always start shopping online and go in-store to complete the purchase.
Those helped by a knowledgeable associate are extremely likely to make purchases (58%), and nearly 70% said they would pay more for products or services they had a highly personalized in-store experience. This could include personal assistants/shoppers (45%), beacon technologies (31%), and wait-time displays or text/email updates when their turn is near (29%), the study said.
Many retailers lack customer centricity
Brick 'n mortar retailers better wake up quickly. Disappointing shopping experiences continue to drive customers to online channels and many retailers like Office Depot and Sports Authority (http://stuartdornfield.com/2016/03/sports-authority-bankruptcy-lack-customer-centricity-failed/) and others have not only lost money because of it, but lost their businesses. Even upscale retailers like Bloomingdale's suffer from lack of personalized service. You can't have one sales person straddling three departments and call that customer service!