Finish off this week with the news (and news you may have missed) that's going to impact your customers in the coming weeks and months.
In this week's customer engagement recap:
- Report: Retailers lose $1.75 trillion in revenue worldwide
- Whole Foods to debut new store concept in 2016 targeting millenials
- Eight Free Tools to Help You Build Customer Loyalty
- Sears store spinoffs, loyalty points way to revive profit - CEO
- What Millennials Want (In the Workplace): Better Relationships
Report: Retailers lose $1.75 trillion in revenue worldwide (Chain Store Age)
New research shows that most retailers are getting taken to the woodshed when it comes to preventable returns ($642.6 billion each year), out of stock items ($634.1 billion), and overstocks ($471.9 billion). Those losses don't address the fading consumer interest in big box retailing, but even slight fixes to those issues could means billions back in the coffers.
Whole Foods to debut new store concept in 2016 targeting millenials (Chain Store Age)
Everyone's wanting to get in on Millennials. Odd thing is, Whole Foods is already a solid brand in the demographic - but Trader Joe's is growing at a rapid rate. Hence, Whole Foods is creating their own version of TJs.
Eight Free Tools to Help You Build Customer Loyalty (Access Loyalty Blog)
Free stuff is awesome (it's in my Millennial DNA). There is no magic loyalty tool, but there are a lot of tools that can be used to build a better brand and better customer relationships. Start with these.
Sears store spinoffs, loyalty points way to revive profit - CEO (Reuters)
Speaking of big box retailing, Sears is banking on loyalty programs to pull them from the brink of extinction. As the article mentions, members of their Shop Your Way program already account for a majority of sales.
What Millennials Want (In the Workplace): Better Relationships (Access Loyalty Blog)
To some Millenials, that's an entire conversation. This is what is moving into the workplace, and it's important that businesses understand the nature of the relationships Millennials look for at home and at work. Cool story, bro.