As the nation’s economy remains on shaky ground, there is no doubt in anyone’s mind that these are trying times. Everyone is being hit hard, especially retailers. With employers cutting 2.6 million jobs just last year – and two million more layoffs expected this year – employers everywhere are trying to cut costs, while improving business. Retailers across the globe are looking at how to weather the storm, and the ones who will come out on top are those who are willing to invest. Many retailers believe the obvious solution is to “hunker down†and try to ride out the economic crisis by halting all spending. However, retailers who resist this temptation and try to gain market share will have the best chance to grow customer loyalty in the long run. Once the market inevitably takes a turn for the better, they will be the winners in the retail industry.
Retailers are already looking for ways to put themselves ahead of the curve, get closer to their customers and extend brand loyalty. With fewer and fewer customers walking through the door each day, retailers are using technology as a strategic weapon to differentiate themselves and connect customers to their brands. Companies are looking beyond 2009 for ways to “do more with less†and maximize their existing technology investments to provide greater agility and flexibility. Cabela’s, a leading specialty retailer of hunting, fishing, camping and other outdoor goods, is working with Cisco and SCOPIX (a company that specializes in store operations analytics) to greatly improve the customer experience by using digital video surveillance technology to help managers monitor store traffic. SCOPIX’s web-based platform provides real-time insight into how customers are being served throughout the store and can send in-store alerts to be directly to a store managers’ mobile device so they can reallocate employees to the areas where customers are located. By being able to react promptly to issues on the store floor, Cabela’s believes they will be able to convert more sales opportunities and increase same-store sales. (more…)
The wait for the next PCI standard revision is almost over. Like so many companies, we really want a sneak peek at the newer version. And like so many companies, we’re waiting until the PCI Standard Community meeting in September to see it. Is it going to encompass major changes that are going to cause retailers to choke? I don’t think so.
