There’s a Wider Gap Between Big Spenders and Penny Pinchers

Between a fluctuating unemployment rate, irregular spending patterns and a cultural shift from COVID-19, we’ve seen a much wider gap form between heavy spenders and those looking to save. This is largely attributed to the unexpected nature of COVID-19 and all the events that followed it, leading many consumers to reflect on their spending habits.

Prior to the pandemic, there was a larger pool of those looking to spend, but since, some have had to make adjustments. This wealth disparity has led to a need for further segmentation of retail audiences, forcing retailers to adapt accordingly.

Retail Supply Chain

From face masks to paper towels and disinfectant wipes – you can’t argue that we saw a massive surge in demand for certain products. With this, most only considered the impact this may have on the manufacturing side of things, but few looked at the logistics of it all.

Professional freight carriers had to rethink their supply chain to accommodate this almost-sudden rise in demand for just certain products. The process of coordinating with manufactures, to finding more efficient routes to match the rises in cost. Just as they did with the rise in the frozen supply chain, freight companies had to leverage new tech to project and plan given outcomes that yielded maximum results.

Huge Threats to Luxury Brands

With a sharp decrease in buying power among the average consumer, fewer people have the resources to splurge on the ‘unnecessary’. As a result, lower-tier luxury brands have made the switch to a more inclusive position to accommodate this dip in buying power, whereas top-tier luxury brands are doubling down. In time, this could mean gradual price increases to supplement the lack of volume in sales they’re seeing.

However, this could create a new opportunity for smaller brands to break into the low-tier luxury space. Only time will tell how the world adapts to the economical ramifications of COVID-19.

Brands Are Still Focusing on Customers Experience… From A Distance

For retail brands, the products they offer only make up so much of their true value. In fact, it’s a lot less than most people realize. People shop from retailers for the experience – and if they can’t capture that essence in person, brands have decided to shift to more socially distanced measures.

Live Video is allowing brands to take their customers ‘behind the scenes’ for a more intimate experience. Augmented Reality is allowing brands to improve engagement, taking customer loyalty to the next level. More emphasis on eCommerce to compensate for their lack of in-store foot traffic.

The post 4 Lesser-Known Ways COVID-19 Changed Retail Forever appeared first on Koshka.

Position Your Most Popular Items in the Back of the Store

You may have heard this one before, but either way it’s too important not to mention. By placing your most popular items (some of which people will come to your store for), you’re forcing customers to walk through your store TWICE. Going to the front and the back again. By doing this, you’re opening the door of possibilities for customers to see something they like and possibly buying something they might not have been planning on. Just think about it, the more items they see, the more likely they are to buy something.

Place Smaller Items Near the Cashiers

Another common, yet super important tip to implement. Place some of your smaller, more accessory-based inventory towards the front of your store, or wherever the cashiers are. This is where the lines form, meaning customers will have no choice but to see these items while they wait. The reason you should place small, accessory-based is because people are more likely to make impulsive decisions and the size makes them easy to store in their cart or hold in their hands. Think phone chargers, wallets, movies, stuff like that.

Offer Free Wifi

Everyone loves Wifi, especially when it’s free! Just have them enter their email address for access. When they sign into your Wifi, they feel more comfortable, therefore will stay longer and even better, you can send them email promotions.

Encourage Social Check-Ins

Any marketing professional will tell you word-of-mouth marketing is stronger than any ad campaign. This is because people trust their peers more than brands, so their endorsement will have more impact. Encouraging a social check-in (like on Facebook) is a great way to get immediate word-of-mouth exposure and set a reminder of your brand in place of your customers social media profile(s). Simply offer a discount in exchange for a check-in.

Utilize Customer Surveys

Want to get into the minds of your customers? You don’t have to hire that psychic down the street, you just have to ask your customers. Entice them to take surveys (maybe send them an email after letting them use your Wifi) and position the ask as a way to improve your customer experience. Offer them a coupon in exchange for an honest review.

Compiling enough surveys will give you a good idea as to what your customers are looking for and how you can improve their experience moving forward. And actually implementing these changes will tell your customers you’re actually listening, which will impress them and cause them to tell their friends leading to, you guessed it, word-of-mouth marketing.

Analyze (and Learn From) Foot Traffic Patterns

Just as digital marketers invest heavily in analyzing website traffic, you have to analyze foot traffic. Start by tracking what times of the year/month/week/day people are coming in and making observations. As an example, bar/restaurants use happy hour as a way to drive traffic during slower times of the day. You have to implement your own version of happy hour if you want to secure a steady stream of traffic.

Create a Customer Experience

You know what consumers look for? An experience, because that’s not something you can necessarily buy. That’s what large brands are selling, experiences. Creating a unique experience in your store will drastically increase the chances of customers buying more, coming back and telling their friends. Use compelling images on the walls and place your products strategically to transcend the traditional shopping experience.

Double Down on Loyalty Programs

Not everyone will take advantage of your free Wifi, so you should be investing heavily in your loyalty program. Offer exclusive offers in exchange for their email address, then provide special discounts and incentives for larger purchases.

The post 8 In-Store Marketing Ideas to Drive More Retail Sales appeared first on Koshka.

Store closings and a change in spending behavior have forced many retailers to furlough employees or even permanently close their doors. These changes are causing substantial economic impacts on communities and individuals when just a few short months ago many of these areas were thriving. These hardships will be felt for some time to come and continue to impact the retail sector.

While the crisis has substantially impacted in-person shopping, retailers have looked for creative ways to maintain a safe approach to providing goods and services to their customers. Many big and small retailers set up delivery options as well as curbside pick-up. Consumer behavior has also shifted to online avenues. Brands with an online presence are seeing a way to survive and even thrive during these uncertain times. Retailers that were positioned well before the pandemic are likely to be stronger after the pandemic. Those who were teetering prior to are likely feeling the devastation. The retail landscape could see a real shift between the winners and losers.

As retailers look for ways to adapt to the post COVID world, focusing on meshing your online and offline efforts will be key to survival. For the consumer, having your online offers match what is being sold in your offline store will be crucial. For the retailer, planning and executing inventory from distributors will be the challenge. Those companies that can find that balance will have a leg up in the post COVID landscape.

Safety, trust, and convenience will be areas that can not be overlooked. While many people are seeing the gradual opening up of business and retail stores as light at the end of the tunnel there are still many people who will still be apprehensive about venturing out. The safety of your employees and customers will need to continue to be a top priority. While people want to get out and shop and have social interaction, what that looks like instore has likely changed forever. Social distancing and limiting the number of people that can be in the store are likely here to stay.

As part of the safety and trust factor, how customers and employees interact with one another has seen a shift during the pandemic. Dividers or shields have been implemented at many retailers to keep employees and shoppers at a distance. This practice is likely to continue and evolve even more as retailers open back up. Contactless pay options have been around for a few years, however, brands will likely continue to evolve this technology and need to incorporate apps to their in-store experience.

While recent years have seen store pick up options accelerate and more and more companies providing this option, post-COVID 19 is only going to drive this retail option. The definition of shopping and going to a store is seeing a shift. No longer are stores going to be seen as a place to shop, it will be seen as a place to retrieve your products. Companies positioned to provide curbside pick up will likely see the benefits in revenue.

As measures are continued to be lifted, luring customers back will be of top priority for retailers. Safety and convenience will be key factors in getting people back in your store. However, another aspect that should be overlooked is discounts and incentives such as buy one get one free to drive customers to your brand. The quarantine and the stay at home orders have impacted many people financially. People are hesitant to spend money on non-essential items. Retailers could benefit from a creative strategy for sales and discounts to entice customers.

Communication is key, whether it is reaching your past customer or attracting new customers. Update your websites if you have one, send out emails, advertise through social media, tv, radio, newspaper, or any other avenue to make sure your message is out there and let people know you are open and ready for business. Also, be sure to tell your customers you are following all the local and state guidelines to open and that you are also taking the precautions needed to ensure everyone is safe and prevent further spread of the virus.

Many retailers will be looking for that one thing that puts them ahead of the rest as things begin to open back up. Providing extraordinary customer service could be a secret weapon. Bridging the gap between just an ordinary experience to an extraordinary shopping experience could be the piece of the puzzle that entices a past customer to return or creates the exact experience that the new customer was looking for. Creating that culture from within your organizations and then transferring that to the customer experience will create a winning customer experience.

With the shift to online shopping during the recent months and with things beginning to return to a new “normal” the retail landscape has been forever changed and how companies respond to this change will be crucial in coming out of this pandemic. Make sure as a retail company you are adapting and changing to meet the ever-changing needs of the consumer.

The post Retailers In A COVID World and Post COVID World appeared first on Koshka.

We can credit the ancient Egyptians with inventing the mannequin. None other than King Tut himself owned a made-to-measure body double and his clothing, it is surmised, was designed and tailored on it. Mere mortals were not allowed to touch his body so the mannequin offered the ideal solution. It was clearly a prized possession and was found in Tut’s tomb, next to a chest containing the ruler’s clothing.

For centuries, mannequins were used only by very exclusive clothing designers retained by royalty. The figures were used to send the latest court styles to rulers in other countries. Over time, these forms were simplified, probably because heads not only rolled during the French Revolution at the Court of Versailles, but also in transit. By the late nineteenth century, mercantile stores began crafting life-sized dummies and effigies as the now more affluent middle classes demanded the same considerations as their ‘betters’.

Frank Baum, the writer known for his much loved “Wizard of Oz” children’s novels, got his start as a window dresser and used the medium to imagine and block story lines. In an interesting sidebar, religious organizations were horrified that many retailers dressed and undressed their mannequins IN THE WINDOWS. This led to a nationwide ruling that window dressing had to take place behind drapes or the figures had to be clothed at all times when on display. The laws remained in force until the 1960s.

Another industry growing pain surrounded the composition of the mannequins. Most were carved wood with a thick layer of wax applied and sculpted to resemble flesh. Heat was the forms’ enemy, and many met their end on a hot day. Paper mache forms followed, but these did not store well. Next came plaster, plastic and its variants. Never cheap, today’s mannequins are pricey. Entry-level mannequins are made of fiberglass, sometimes finished in plaster, and painted in varying fleshtones. These generally wholesale in multiples for under $200 each. High style mannequins such as those found in trendy boutiques or designers’ studios are molded from resin, and even lucite. Prices for these, and custom mannequins can reach over a thousand dollars per unit. But there is retail gold in them thar mannequins, so their initial cost is quickly realized in store sales and revenue.

Mannequins Tell A Story

Few of us have passed a store without stopping due to the alluring mannequin displays. They are designed to capture interest and invite shoppers inside. The most attractive window displays tell a story and may include a backdrop and additional props such as furniture to complete each scene. Graphic signage usually completes the tableaux and the story unfolded from window-to-window across the front of a retail store, with each window serving as a diorama. There is an art to this level of storytelling, and most visual merchandisers earn four-year bachelor’s degrees in this discipline. It takes creativity and talent to make eye-catching arrangements and the best visual merchandisers are in high demand. No matter who designs the display, the star of every show is always the mannequins.

Today there are about 250 mannequin manufacturers worldwide. Once available only as youthful men or women, many of these companies now make mannequins in every age, race, and form from infant, to seniors, maternity, and even plus size models. Every May industry reps gather in New York City to debut this season’s newest options for buyers in an event sponsored by the National Association for Display Industries (NADI). Mannequins, it would appear, are big business. The industry grosses about $2-billion annually. But fashion is not the the only purpose for the mannequin. They can help to save your life, too.

Extremely lifelike robotic medical mannequins are available as newborns to the elderly. These figures that simulate actual medical conditions are utilized in medical schools and hospitals to train doctors, nurses, and EMTs on new techniques as well as standard medical procedures. The cost of these training tool mannequins, also called ‘manikins’, ranges from the tens to hundreds of thousands; there is also a brisk secondary market worldwide. Mannequins lend themselves to the world of culture, too. They have been the subject of a major exhibit at the Metropolitan Museum of Art and frequently serve as the backdrop whenever a famed fashion or theatrical designer’s work is featured. Not everyone loves mannequins, however. Just like clowns, some people, especially those who have seen them stored in retailers’ back rooms minus their wigs and or limbs, find them creepy.

Mannequins are not relegated to in-store use. In fact, images of dressed mannequins are used by online retailers to display products on their websites. Mannequins remain the best display form for clothing and apparel to reach every age and demographic. As such they remain a popular display item today, as well as a highly-prized collectible. Some fashionistas arrange several in their homes to showcase https://www.revolve.com/!

In conclusion, throughout the ages, consumers have viewed the mannequin as an extension of themselves and have made their buying and other decisions based on these not always accurate but very flattering ‘mirror’-images. Today’s mannequins are high-style and high-priced to reflect the public’s conspicuous consumption of consumer goods. Love ’em or love to hate ’em, mannequins are a sales force that never calls in sick and doesn’t require use of a company car!

The post History of the Mannequin appeared first on Koshka.

Item: Jabra Elite 65t Completely Wireless Earbuds
Price: $169.99
Where to Buy It: BestBuy

These are really cool because they integrate with smartphones in ways that most headphones don’t. From a customizable voice assistant to the adjustable equalizer, these are a good deal for the $170.

Item: Apple Watch Series 4 GPS Smartwatch
Price: $399
Where to Buy It: Apple

It’s a little pricey, but the Apple Watch 4 has excellent reviews and is known to have a pretty long lifespan. The Apple Watch is known for its abilities to integrate with GPS and health-related apps, which take workouts to the next level. Consider this for a fitness-oriented friend!

Item: GoPro HERO7 Black Action Camera
Price: $399.99
Where to Buy It: GoPro

GoPro combines a high-quality camera and video recorder with a durable companion you can bring with on your adventures. The GoPro HERO7 is both shock and waterproof, so no matter how intense your endeavors are, you can be sure to capture it for future viewings. If you know someone into hiking or extreme sports, this would be the ideal gift.

Item: Amazon Echo Plus Smart Speaker
Price: $149.99
Where to Buy It: Amazon

Amazon’s Echo Plus takes Alexa to the next level and is a great addition to someone’s home. The new addition took a big step with 360 degrees of high-quality sound. Not to mention that it connects with more devices than ever before AND has motion sensor. Pretty cool for the price!

Item: SanDisk Extreme Portable SSD
Price: $109.99
Where to Buy It: SanDisk

It’s hard to put a price tag on storage and this SanDisk model can store up to a terabyte in its shock, water, and dust resistant case. The sheer capacity and durability is a great pickup for anyone who has a lot of important pictures or files they need stored, especially those that are less comfortable with backup cloud storage.

Item: SteelSeries Arctis 3 (2019 Edition) Wired Gaming Headset
Price: $69.99
Where to Buy It: BestBuy

Have any friends or family that are hardcore hardcore gamers? The SteelSeries Arctis 3 is an excellent buy for just $70! It works great for PC, Xbox One, PlayStation 4, Nintendo Switch, as well as Android and iOS devices, making it perfect for any gamer. The sound is great and quality is solid, which will help them last for a long time, even for gamers who play for long periods of time.

Item: Oculus Go Standalone Virtual Reality Headset
Price: $249.00
Where to Buy It: Oculus

Virtual Reality is the future of entertainment and Oculus appears to be leading the pack. The Go Standalone offers 3D graphics with built-in surround sound that helps it act as a personal theater. Anyone into tech or any kind of entertainment would appreciate this beast!

Item: DJI Spark Mini Quadcopter Drone
Price: $315.00
Where to Buy It: DJI

Drones are still hot, but they’re always difficult to purchase. In most cases, you have to spend a crazy amount of money for something that works, so either empties your pockets or get a piece of junk. In this case, you can get a solid drone for just over 300 bucks!

Item: Polaroid Impossible Project Polaroid 600 96 Cam Instant Camera
Price: $189.99
Where to Buy It: Polaroid

Polaroid cameras are pretty retro and might be a side-step compared to the rest of the gifts on this list. The 600 96 is pretty cool because they’re durable and fun-looking. They’re also in limited supply so if you want one, go get it!

Item: Nest Cam Indoor Security Camera
Price: $199.99
Where to Buy It: Nest

Home security is always in style! The Nest Cam integrates with other devices and live streams whatever you want in the house. It’s easy to set up and the products tend to last a while.

Item: Nintendo Switch Gaming Console
Price: $299.00
Where to Buy It: GameStop

The Switch is awesome for a few reasons. The games coming out are really fun (Mario Kart, Super Smash Bros, Mario Party, Zelda, etc.) and it’s really cool because it integrates with any TV and can be played on the go! Unlike other attempts, the Switch is here to stay so go ahead and invest!

Item: Apple TV 4K Streaming Device
Price: $179.00
Where to Buy It: Apple

The new Apple TV is faster than the last edition and works for 4K tvs. It’s as good as the Amazon Fire Stick and better than Chromecast.

Item: Samsung Galaxy Watch Smartwatch
Price: $324.99
Where to Buy It: Samsung

Great accessory for Android users, which we believe is better than Fitbit and LG, but is just a tad below the apple watch. This is probably the most stylish one with the largest screen that has apps that help with everything from organization to fitness.

Item: Sphero R2-D2 Droid
Price: $59.99
Where to Buy It: Sphero

Awesome for Star Wars fans, it’s almost like a pet! The R2D2 rolls around, which is app-controlled. It doesn’t do that much but is a fun thing to have in the house.

Item: Bose Home Speaker 500 Smart Speaker With Amazon Alexa
Price: $399.00
Where to Buy It: Bose

We’re big fans of Bose speakers and the Home 500 model is one of our favorites. It has Alexa built in, which we know isn’t the greatest AI, but is still a bonus. Combined with its sleek design, eight-microphone speaker array which is great for parties! Pick this up for someone who needs a loudspeaker that can connect with various apps (Spotify, Pandora, Amazon Music, etc.)

Item: iRobot™ Roomba™ 890 Wi-Fi™ Connected Robot Vacuum
Price: $399.00
Where to Buy It: iRobot

We love the Roombas – they clean your house and adjust to different surfaces. It takes a bit to adjust to how your place is arranged, but once it’s set, it does a great job – no effort needed. The new model has a larger battery and learns faster, good buy for the price.

The post The Hottest Tech Gifts For The Holiday Season appeared first on Koshka.

But what does AI mean for users? Basically, it’s a way for devices to adapt to users’ behaviors and interests to ensure the better, and faster experience. The whole goal is to make tasks seamless, enabling more to get done, and new things to be discovered. But it’s not just the users’ experience that will change, digital marketing trends will also see it’s share of evolutions as a result of the emergence of AI.

Marketing Will Impact Trends

The thing to remember here is data, data, data. Campaigns will be even more reliant on data than they already are and will become the pioneer for nearly every step of the creative process. Data will become so prevalent that it will be used to create algorithms that can predict what people might be interested in, which can prompt new ideas that will give rise to big trends.

Marketing tactics often adapt to relevant trends to capture the interest of potential customers, so the early stages of marketing strategies might have more to say about direction.

This will lead to more, faster-moving trends that will have more of a niche-impact.

Trends Will Move Faster

Machine learning means faster learning, so AI will integrate with user behavior to push things out faster. This not only means there will be more trends, but each trend will likely not last as long, giving rise to new forms of content to engage users.

What could this mean for consumers? Styles will move quickly so users will have to digest all of this at their own pace and the speed will likely dictate the who they are targeting. There are always consumers operating at different speeds like we still see on Everett M. Rogers’ Diffusion of Innovations, which highlights 5 groups differentiated by the way they adopt innovative technologies.

Consider the difference between someone who needs the newest smartphone as opposed to someone who still uses an old flip phone. The different types of audiences will have unique behavioral patterns that will be addressed per niche. In other words, there will be adoption niches within industry niches that brands will be able to target, leaving more room for content to promote.

Content Will Become More Personal

More data will bring more personalization to the content and marketing funnels that drive businesses forward. The very devices AI powers will collect archives or preferences and behavioral tendencies to segment users for the purpose of reaching what consumers will be more likely to notice, engage with, and eventually purchase. The data companies like Facebook and Google have today will appear elementary when compared to the data advanced AI can gather.

Content will always have the opportunity to go viral because there will always be a “mainstream”, but the majority of content will take more of a niche objective. When most people hear the word “niche” they assume something to be very exclusive to an audience with a strict set of wants and needs. This will have a new meaning in the age of AI.

How will niches differ? There will be more of them, and they will also be larger. More access to data will give algorithms more information needed to lump groups together, based on digital behavioral patterns. With a niche, will create a market, which will create jobs, giving businesses in each sector room to thrive.

Application Marketing Will Explode

With the further emergence of AI, look for more apps to thrive in areas you might not expect in 2018. As an effort to further integrate tech with everyday life, AI will work to further assist users, which will eventually include apps for self-driving cars and automated errand-related processes.

There Will Be Less Noise

AI will likely lead to one of a few main possibilities that will change the digital marketing landscape.

In one case, more data can potentially lead platforms to charge more for advertising due to increased demand and higher quality ad spaces. The more valuable an ad spot is, the more a platform can charge, this can cause brands to be more cautious for ad campaigns. In another case, subscription-based platforms will dominate, creating less room for banner advertising.

Think of the way people choose social media platforms today, only the platforms would be much more detailed, with a major user’s needs in mind. A paid subscription to a bundle with, say a social media platform, publication subscriptions, and access to select content providers.

More platforms (likely bundled) will lead to increased competition. Brands with aligned values will partner up the way conglomerates do now but become juggernauts for content and brand directions. A handful of major content conglomerates would compete for attention driven by large quantities of data.

At the end of the day, AI will be preference-based so people will typically only opt to see ads they find more interesting and helpful.

Advertising Will Become More Native

With content becoming more personal, some advertising tactics will likely stray away from buying ad space and move towards collaborating with entertainers for a more authentic experience. The more expensive things become, the more incentive companies have for finding alternatives. This may lead to more of blurred lines between entertainment-based content and advertisements. This won’t only change the way we see content, it will also change the way we see advertising because they will have to integrate in order to blend in with other forms of entertainment.

This could lead to more entertainers becoming brand ambassadors, which could give rise to brands ‘reserving’ certain entertainers if they align with their brand. We see similar (but less aggressive) campaigns today with brands partnering with creators on platforms like YouTube and Instagram. Certain entertainers could be reserved for exclusive brands, channeling huge audiences with dominating brand messaging tactics.

The post 6 Ways AI Will Change Marketing appeared first on Koshka.