This week we discuss the effect a blocked canal has on retail and the rising demand for big data analysis in retail.
Today’s Rundown
The rising tension between retailers and landlords
A blocked canal’s effect on retailWhy more retailers are becoming data-driven
Foot Traffic Index
Trakwell Feature of the Week
This is where each week we highlight a feature within Doorcounts. This week’s feature is:
Sale Performance – No Sale Reason
Why do customers leave your store without buying?
Finding points of friction within the customer experience and improving upon them is one of the simplest ways to increase your sales conversion.
The No Sale Reason tab shows a pie chart breaking down all of the reasons for no-sales. The tab shows the top reason for no-sales for the company as a whole and each store by itself.
Supplier diversity
Having diversity within your supply chain has become increasingly important as inventory levels continue to lag in 2021.
On top of low inventory levels, we’ve seen how a single ship can completely halt the traffic of the Suez Canal, which is responsible for 12% of the world trade.
The fact that one ship stuck in a canal across the country could be the downfall of millions of businesses is a very scary thought for many retailers.
Shipping logistics have advanced to the point where many businesses have implemented just-in-time manufacturing to limit costs and increase profits.
Many retailers stopped storing products in storage facilities or warehouses because they believe they can simply have the product shipped to them at a moment’s notice.
Retail vs Landlord
As retailers struggled to pay rent with little to no traffic throughout the greater parts of 2020, some landlords began charging retailers a percentage of their monthly sales rather than a fixed amount.
What started as a way to help retailers be able to pay their rent has turned into a battle between retailers and landlords over what is considered a sale.
For example, should an online sale be considered a sale if the physical location of the store played no part in the sale?
The grey area of sales only gets more complicated when customers buy online and pick up in-store.
Both landlords and retailers can make equally compelling arguments, which is why it’s incredibly important to clear up the grey area before the bridge starts to burn.
Retail Snippets
Suez canal: The latest update on the boat stuck in the Suez Canal.
Social responsibility: Ashley Furniture Releases First-Ever Corporate Social Responsibility Report.
Level up: A look at the new way retailers use property data to stay ahead of the game.
Livestream marketing: As retailers begin to embrace live-streaming, the live-streaming market is expected to reach $11 billion in 2021.
Random Irrelevance
Silicon of the future: After 70 years of allowing tech to get smaller and smaller, silicon may have finally met its match.
For the love of nurses: Banksy sells artwork, “nurses as superheroes” for $23 million in support of nurses.
Petty business: 90,000 greasy pennies dumped on Georgia man’s drive as final payment after quitting his job.
NW light show: Debris from Space X’s latest launch resulted in a brilliant light showfor people in the Pacific North West.
