How Uber Riders can Power Retailers (Hint: it’s the Data)
Retailers have access to more data than ever before. The data helps retailers interpret what consumers will buy and when and for much, among other things. Research it enough and data — if interpreted properly with artificial intelligence — can just about tell you anything you would need to know. “The data comes from everywhere. Indoor tracking systems like Bluetooth beacons or Philips lighting. “From Web browsing behavior and app sessions. From transaction data aggregated by the likes of Visa and Mastercard and the banks. Even from platforms like Uber. For instance, Visa knows that Uber riders with Visa cards spent $144 billion in retail stores … and $2 billion directly after getting out of an Uber,” wrote Dan Rowinski of Application Resource Center.
Retail “Target”-ing Amazon with Redesign
It’s not the Target you’ve come to know, and that’s precisely the point. This October, in a suburb of Houston, Target is launching a completely overhauled retail experience: the “large-format Target of the future.” According to Fast Company Target is spending billions over the next two years to rep-do some 600 stores. “Walking through new, curved aisles rather than a grid…customers will see gleaming merchandise [for a] …free-form shopping experience. Target [will also] offer a quick way to grab your online order or a bottle of wine for dinner.” Target’s not the only large retailer looking to knock Amazon down a peg or two. USA Today recently reported Walmart is planning to offer major discounts online – if consumers come to the stores to pick up the merchandise. The plan allows Walmart’s consumers “the ease of online shopping while [Walmart takes] advantage of its thousands of stores, cutting costs while still offering convenience. Customers save on delivery costs and get their orders faster — and maybe they’ll even stick around and shop.”
Using Instagram to Drive (initial) Exclusivity at Retail
Bloomberg calls Instagram a retail killer, but Generation Z is utilizing the social media tool to drive exclusivity at retail. Sure, it doesn’t hurt when a celebrity is photographed wearing a particular piece of merchandise that’s only available in a particular store or two, and many in today’s new economy are eschewing the lure of having millions of hats in every store to sell to everyone. Some are content to move fewer units in favor of creating excitement around a brand. Bloomberg recently highlighted the story of Alexandre Daillance, who, at 18 years of age, designed a hat that reached singer-actress Rihanna. The evidence of Rihanna’s fondness for the hat was posted on Instagram and the internet took it from there. Millinsky told Bloomberg, “We make sure that our products are sold out quickly through retailers. We create rarity, and then—boom!—we have waves of clientele coming to our website directly, no middleman necessary.”
DMM Tech-Tip: Co-tenancy
Co-tenancy on your mind? Co-tenancy (co•ten•an•cy, koh-ten-uhn-see) is a noun, defined as “two or more tenants sharing property.” It’s like being back in college and having a roommate. The ShoppingCenters.com Group creation tool can lend a hand in locating co-tenancy partners that might work in your situation. It’s easy! Check it out.