MARKETING/SOCIAL MEDIA

Survey: Eight-in-10 consumers will share location for value

BY Dan Berthiaume

Boston – Eight-in-10 (77%) consumers would be willing to share their smartphone location data as long as they received enough value in return. A new study from in-store mobile marketing platform provider Swirl also revealed that consumers are much more likely to entrust their location information to their favorite retailers (65%) than to shopping/deals apps, Google or Facebook.

As retailers ramp up their use of beacons for in-store mobile marketing, they must overcome the two largest complaints from consumers about today’s mobile shopping alerts: lack of relevance (41%) and lack of value (37%)

According to the study, 80% of shoppers would use retailer apps more often while shopping in a store if those apps delivered sales and promotion alerts. Sixty-two percent said they would increase their use of use retailer mobile apps in the store if the apps provided content that was more relevant to their interests and location. When shopping in-store, almost twice as many shoppers prefer to learn about products and promotions from their smartphone than from a store sales associate (65% compared to 38%).

“There is no doubt that 2014 will be the year of the beacon in retail. Retailers like Timberland, Kenneth Cole and Alex and Ani have been using in-store beacons for the past six months and Apple recently enabled iBeacon technology in all of its stores,” said Hilmi Ozguc, founder and CEO of Swirl. “Our research shows that consumers are eager to receive relevant content and offers on their smartphones while shopping in-stores and they are willing to disclose their location in return. Beacon-triggered in-store mobile marketing represents a huge opportunity, but to succeed, retailers will need to create experiences that truly engage and add value for shoppers.”

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FINANCE

Restoration Hardware net income up 400%

BY Dan Berthiaume

Corte Madera, Calif. – Restoration Hardware grew its net income an impressive 389% to $13 million from $2.7 million in the same period a year earlier. Net revenues for the third quarter of fiscal 2013 increased 39% to $395.8 million from $284.2 million, while same-store sales increased 29%.

Gary Friedman, chairman and co-CEO of Restoration Hardware, credited net revenue growth and advertising savings as factors driving the company’s net income increase. The strong quarterly financial performance exceeded Wall Street expectations.

“We are pleased to report another quarter of record financial results,” said Friedman. “Our exclusive products, dominant assortments, taste and style continue to resonate with consumers across all channels. We delivered 39% growth in total revenues driven by a 47% increase in direct revenues, and 29% same-store sales growth on top of 29% in the year ago quarter. We believe that the significant growth in our direct and total business provides the initial data points demonstrating that the most recent evolution of our Source Book strategy was a highly profitable decision.”

For the fourth quarter of fiscal 2013, Restoration Hardware expects net revenues in the range of $490 million to $500 million and adjusted net income in the range of $34.3 million to $35.5 million. For the full fiscal year 2013, the retailer expects net revenues in the range of $1.57 billion to $1.58 billion and adjusted net income in the range of $69.4 million to $70.6 million.

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REAL ESTATE

RadioShack opens concept store in Virginia Dec. 14

BY Dan Berthiaume

Fort Worth, Texas — RadioShack will open its newest Fairfax, Va. location as a concept store on Dec. 14. The new store is the first concept store in this area.

All concept stores in the company’s portfolio feature an upgraded shopping experience, which showcases the company’s new look, and incorporates interactive areas designed to help shoppers improve their technology profile. Some features include:

  • A speaker wall where customers can shop and compare 13 different speakers using music installed on in-store tablets;
  • Interactive displays that enable shoppers to find and compare products, including headphone demo stations; a remote control (RC) toy exploration center; and a GoPro camera display;
  • Technology that makes shopping interesting and playful, like touch-screens and apps that help shoppers understand the benefits of products;
  • Newly configured displays highlighting in-demand brands; and
  • A Do-It-Yourself area where consumers can plan projects.

RadioShack is opening a select number of these experiential stores in neighborhoods throughout the nation. The Fairfax location is one of more than a dozen concept stores to open since the company began converting to such stores. By the end of 2013, RadioShack will have more than 100 concept and brand statement stores open and will have made improvements to nearly all 4,300 stores throughout the nation.

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