5 search results for “Bridget Randolph”

11 Online Sales Channels and How to Choose the Right Ones For Your Retail Business

11 Online Sales Channels and How to Choose the Right Ones For Your Retail Business

Sales channels for retail | Shopify Retail blogIf you’ve been selling products via a retail store for any length of time, you’ve probably heard sales and marketing experts recommend diversifying your sales strategy with a multichannel approach. This term — “multichannel sales strategy” — simply refers to selling your products in other places besides a brick-and-mortar storefront or ecommerce website. When you sell across multiple channels — online, offline, and anywhere in between — you’re offering multiple touch points for customers to interact with your brand.

In addition to having your own physical and ecommerce store, there are several types of online marketplaces and sales platforms where you can sell your products to people who otherwise might not find you.

But not every channel is a good fit for every business; for instance, to provide a streamlined customer experience, many of these marketplaces will prioritize their own branding. That can be difficult if your strategy relies heavily on having a recognizable brand. And many online sales channels take out fees for product listings and/or sales commissions.

But the benefits of featuring your products on these websites can certainly outweigh any downsides, especially if your goal is to sell a high volume of products or cater to a niche audience. These product marketplaces (such as eBay, Etsy, and Amazon) are designed to make the process easy for the sellers and buyers alike with minimal technical knowledge required and built-in marketing to a large database of existing customers.

And while there are a variety of options for merchants to choose from, not every marketplace or channel is right for everyone. But here’s how you can narrow your focus to the right channels for you and your retail business.

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How 6 Brands are Using Machine Learning to Grow Their Business

How 6 Brands are Using Machine Learning to Grow Their Business

Machine learning in retail | Shopify Retail blogAs technology continues to evolve, consumer behavior does too — and retailers need to stay ahead of the curve. And using data is one way to make sure you stay ahead of trends and give customers products that solve their problems.

With the Internet creating more data than ever before, big data has become an industry buzzword. Big data typically refers to “data sets that are so voluminous and complex that traditional data processing application software are inadequate to deal with them,” and which used to be impossible for any but the largest, most technically savvy company to collect and analyze.

But simply gathering vast amounts of data alone isn’t particularly helpful. What is valuable is digging through all those numbers to find significant insights about trends, customer preferences, and even future predictions.

So, how are retailers actually utilizing the insights and data they gather? We’ve rounded up six examples of well-known brands that are using big data, artificial intelligence (AI), and machine learning to optimize their processes, anticipate their customer needs, and — in the case of one brand — even identify the early stages of pregnancy.

But before we get ahead of ourselves, let’s take a deeper look at the ins and outs of machine learning specifically and how retailers can leverage it in their business.

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Tap Into These Key Customer Triggers to Optimize Your Retail Loyalty Program

Tap Into These Key Customer Triggers to Optimize Your Retail Loyalty Program

Retail loyalty program, woman in liquor store | Shopify Retail blogAs a business owner or marketing manager, what percentage of your time and resources is spent on trying to get new customers versus re-engaging existing customers? If you’re like a lot of businesses, you’re spending much of your time trying to acquire new business. After all, more customers equals more money, right?

Not necessarily.

Research shows that gaining a new customer is actually five to 25 times more expensive than keeping an existing one, whereas improving customer retention rates by just 5% can grow profits by 25%-95%. In fact, a Gartner study found that 80% of a company’s future revenue comes from just 20% of its existing customers, and 61% of small businesses reported that 50%+ of their revenue comes from repeat customers.

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Wholesale Opportunities: How to Scale Your Retail Business Through Bulk Selling

Wholesale Opportunities: How to Scale Your Retail Business Through Bulk Selling

Wholesale for retail | Shopify Retail blogAt some point, every business owner will face the dilemma of scale. Whether you’re opening a second brick-and-mortar location, doing a brisk weekend trade at crafts fairs, or selling handmade custom jewelry online, the question is the same for everyone: how to grow your business and increase revenue when you only have so many hours in the day.

One of the simplest ways to scale a successful retail business is to sell more products (of course, this is easier said than done). But one common approach to achieving higher product sales is through wholesale selling.

Wholesale selling is a great way to scale your revenue without a heavy investment into marketing and advertising. Instead of trying to painstakingly increase the number of customers you sell individual products to, you can simply sell a large number of items to a handful of wholesale buyers. The concept is simple enough, and depending on your business’s structure, you may already be familiar with wholesale from the buyer's perspective; but it’s a great option to consider as a seller, too.

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Black Friday Cyber Monday: 10 Tips and Upcoming Trends From Industry Experts

Black Friday Cyber Monday: 10 Tips and Upcoming Trends From Industry Experts

Black Friday 2017 | Shopify Retail blogAs the summer draws to a close and we head into pumpkin spice season, retailers are already gearing up for one of the biggest shopping weekends of the year: Black Friday Cyber Monday.

To prepare you for a successful Black Friday 2017 (and its digital counterpart, Cyber Monday), we’ve talked to the experts and rounded up some of this year’s forecasted retail trends for the upcoming holiday season, along with our best tips and resources.

From the importance of a customer-centric approach to increased mobile sales to online and offline integration, here are the top 10 retail trends and tips for a successful Black Friday Cyber Monday 2017.

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