To the retail trivia experts out there, what is the difference between sales and clearance? Sales – Offering a discount or promotion for a specific event or brand. Clearance – Tactic used for the permanent removal of merchandise that did not sell. At its core, clearance is the solution to merchandise bets that didn’t pan…
Retail trends are changing fast, and if you don’t have access to real-time retail analytics solutions capturing data from your frontline teams, you’re going to struggle to keep up. Success in retail doesn’t happen by accident. Instead, it takes data – and lots of it – to make informed decisions that lead you down a…
Did you know that the average enterprise executive believes their company is using over 20 retail technology applications while employees believe they only use 13 on average? What’s even more concerning? The actual number of applications an enterprise organization uses is north of 200. Does that number surprise you? It doesn’t shock us. Our team…
How ReStore for Retail Bridges the Gap Between Strategy and Execution Today’s problems in maintaining a uniform strategy across the store network call for retail execution solutions that work. ReStore for Retail understands the challenges faced by managers and frontline staff. We’ve designed a platform that reduces costs and boosts efficiency – all while elevating the customer…
By Alex McKeown, Senior Vice President, Hilco Global Over the past 30 years, we have worked with over 500 retailers, from mom & pop to Fortune 50, and monetized or valued over $150B in inventory. That experience has unearthed some surprising findings. While management teams spend countless hours and dollars investing in systems and teams…
By Russell McMellon, Customer Success Manager, ReStore for Retail Retail operations management involves the planning, organizing, and executing of various activities within a retail environment to ensure smooth operations and optimal customer service. Effective task management is crucial for retailers to meet their goals, maintain efficiency, and enhance the overall shopping experience. When retailers fail…
Inflation – the big, bad wolf of the consumer retail world. As we kick off 2024, retailers are facing a web of challenges brought on by inflation. And why does it feel like inflation is affecting retailers now more than ever? Because inflation is showing up in retailers’ financial statements due to a confluence of…
Buy Now, Pay Later options (BNPL) broke records this year during the busiest shopping days (Black Friday through Cyber Monday), accounting for $940M out of the $12.4B spent. But why are consumers turning to this over other retail payment options, and how can retailers take advantage? A quick recap of how we got to this…
By Dominick Keefe, Vice President, Hilco Global When walking into any retail shopping area today, you may come across recently opened brick-and-mortar stores from brands that you’ve only ever encountered online. E-commerce, initially celebrated for its operational efficiency and lower retail customer acquisition costs (CAC) due to the absence of physical storefronts, has encountered challenges….
The recent Reuters report indicating a decline in U.S. retailer holiday hiring to levels reminiscent of the 2008 recession isn’t just a snapshot of the labor market; it’s a reflection of broader economic and operational challenges facing the retail industry today. It’s a wake-up call for stores to rethink strategies for retail employee retention. In an environment…