Current and former retail workers also weighed in. “I work at Kohls and it amazes me how many customers truly think they’re getting good deals,” @livib27 said. “I worked at Macys, Dillards, and JC Penny in the early 00s. It was a tactic used back ...

'I feel like this is a growing trend.'

Retailers and lawmakers gathered in Washington on Thursday to discuss the future of the Combating Organized Retail Crime Act of 2023.

Ross Shoplifters Mug for the Camera as Cops Arrest 2 in $12,000 Jeans Theft at Kohl’s

Strip malls have flown under the radar in recent years, but changing consumer habits are giving them a boost.

Strip Malls Are the New King of Retail Real Estate

On October 13, Abu Dhabi Investment Authority (ADIA) pumped in Rs 4,966.80 crore in the global conglomerate’s retail arm Reliance Retail Ventures for a 0.59 percent stake. The investment values ...

ADIA acquires stake in Reliance Retail for Rs 4,966.80 crore; RIL shares slip

A multi-agency investigation resulted in the recovery of around $1 million in stolen retail items from several stores in Stockton, according to the California Highway Patrol Stockton station. On Thursday,

$1 million in stolen retail items recovered from Stockton home

Adtech firms like PubMatic, Criteo, and The Trade Desk are making a splash in retail media.

Meet 13 firms that are helping retailers cash in on the $130 billion retail media market

A 52-year-old man was arrested this week in Stockton in connection with retail theft worth approximately $1 million, the California Highway Patrol said. CHP deputies had executed a search warrant Thursday at a home in the 400 block of Berrendo

Man Arrested In Connection With Retail Theft Worth Approximately $1M

Besides Kohl’s and Macy’s, Claire’s products are sold in more than 40 retailers including CVS, Amazon, Albertsons, Asda, Tesco, DSW, Galeries Lafayette, Kroger, Matalan, Toy Center, Madeleine, and Toys “R” Us. The company also has more than 2,750 owned stores around the world.

Claire’s Rolls Out Inside Kohl’s

Claire’s is adding to its growing retail presence through a new partnership with Kohl’s that will see an assortment of the brand’s jewelry, accessories and cosmetics featured in Kohl’s stores nationwide in time for the holiday season. Join 5k ...

Claire’s Adds Kohl’s to Growing Roster of Retail Partnerships

Matthew Shay said inventory-to-sales ratios' return to pre-pandemic levels and his conversations with retail executives suggest the period of inflated stock levels are over.

Retail inventories are under control ahead of holidays: NRF CEO

Kohl's

kohl's

Why Amazon and Kohl’s Need Each Other

Google Has Monopoly Power In The U.S. Search Ads Market

Google Search Ads in the U.S.: Why They Compose a Relevant Market

How Does Google Make Money: Search Ads and Text Ads Explained

Retailers focus on sales. The more sales you make, the more you profit. But not every sale is successful. When a customer isn’t pleased or changes their mind, they return the merchandise, sometimes slightly used, according to the retailer’s return policy. In total, returns accounted for in lost sales for U.S. retailers in 2022. There is potential revenue hidden in those numbers, but many retailers struggle to maximize the opportunities inherent in customer returns. $816 billion Amazon, the in the United States with more than 2 billion combined web visits every year, has a return strategy that can serve as a guide to other businesses wondering how to harness some of the lost revenue that comes with customer returns. knows how to handle customer returns smoothly and with reasonable profitability. most visited e-commerce platform Amazon customer service Amazon Return Policy Of course, not every customer is satisfied with the Amazon review policy. Some consumers have shared online reviews regarding challenges with getting their returns, as seen with : this Amazon shopper “...if you return anything it goes into an amazon account. It is not refunded back to the card you used to pay with! … they refused to refund my money to me.” Another customer took to X, formerly Twitter, to claims he “returned the wrong product” despite it being checked by the delivery employee, and now he faces problems: complain that Amazon “What kind of fraud is going on in Amazon,..., they are saying, I returned the wrong the product so return couldn't be initiated, Who's responsible ?” While feedback on review websites and social media tells us that not every return is handled perfectly by the online retailer, the company handles a tremendous amount of returns every day. Presumably, the Amazon return options are effective for most customers. Otherwise, there would be even more disgruntled customers leaving negative online reviews. The states that, “Items shipped from Amazon.com, including Amazon Warehouse, can be returned within 30 days of delivery, with some exceptions.” The Amazon return policy then goes on to note a few exceptions to their policy, including unique return policies by some sellers on the platform, the possibility of a different policy for Amazon Global Store, and an extended return time for certain items. official Amazon return policy While the company has found several customer-friendly options for returning Amazon items, including scanning a barcode and dropping unwanted items off to be bulk packaged at UPS stores and retailers like Kohl's, what happens next makes the Amazon return strategy particularly distinctive. How Does an Amazon Return Work? Once the customer has returned an item, the Amazon return heads back to the company to be sorted. There are several options for what happens next to these  packages: Some items purchased through individual Amazon sellers are returned directly to the seller, often traveling for long distances, but will eventually be sorted and repackaged at Amazon warehouses. Amazon packages that contain items that can be used or sold again are often sold by the company to warehouses or liquidation retailers. If an Amazon return is damaged or there are legal or hygienic concerns, the item is either recycled or used for “energy recovery.” Energy recovery turns these non-recyclable items into usable energy sources through combustion or gas recovery. Some returns also wind up being donated. Reselling Amazon Returns In some cases, items returned through Amazon customer service make their way back to customers through the official website. Goods are sent back and then sorted by the company into categories like ‘Used-like new’ or ‘Used-acceptable.’ Once graded, they are resold through certain Amazon site segments as refurbished items, warehouse deals, or overstock. Amazon Returns and Liquidation Centers Amazon has found it most profitable to not bother putting items back on the shelf. When a customer decides to return on Amazon, the item is sent back to the company. If it is new or in like-new condition, the item may be sent to an Amazon warehouse, where it could be sold at a slight discount. However, most goods that are sent back accumulate in storerooms and then are bundled into a pallet of return items. These pallets are sold to a liquidation company for a bulk price. From there, the firm will unpack the pallet, sort the things present, and list them on their official website. In this way, the liquidation company will be effectively buying bulk items – sight unseen – at a discount, then doing the work of sorting the inventory, listing the items, and selling them to customers at a profit. The Effectiveness of Amazon Return Strategy With the bulk pallet strategy used for most of the company’s returns, Amazon winds up ahead by not paying for the time, storage space, and human resources needed to sort millions of returned items individually, restock them separately on shelves, and then adjust and maintain the correct inventory numbers. Amazon accounts for physical stock when the company sells items. After that, the inventory for most items is done digitally through the return codes and software. The company has considerable savings by pushing the human resources, additional physical count, and expenses to liquidation companies. To balance the transactions and make the trade-off of labor and costs appealing to the liquidators, Amazon sells the bulk pallets at a substantially discounted price, often through an auction. A quick glance at a reviews website will tell you that Amazon doesn’t allow returns for everything customers buy. Certain items like groceries, open software, gift cards, downloads, some jewelry, and health items can’t be returned once purchased. Amazon has a well-designed strategy for satisfying customers and handling returns, but the store does have limits. As you’re designing your own return policy, it’s essential to keep that balance in mind.

The Workable Approach Behind Amazon Returns

Top Software Development Companies 2022 That Are Growing Fast

“ " - Marty Resnick, VP Analyst at Gartner [The]Metaverse will allow people to replicate or enhance their physical activities. This could happen by transporting or extending physical activities to a virtual world or by transforming the physical one. Ever since Facebook’s rebranding to Meta, forward-thinking entrepreneurs have been wondering whether they can use the metaverse for business. Not surprisingly, an array of tech vendors are now adding to their portfolio, looking to cement their place in the emerging technology market and help their clients ride the wave of the metaverse hype. metaverse development services But what is the metaverse exactly? How does the metaverse work? Most importantly, what are the metaverse business opportunities? Read on to find that out! Metaverse for Business: The Basics A metaverse is a device and vendor-agnostic collective virtual open space that merges the physical and digital worlds. In that space, users can interact with each other through 3D avatars. Additionally, they create and purchase digital assets — often in the form of nun-fungible tokens (NFTs). In case you’re wondering how to connect to the metaverse — it’s quite simple. You only need an extended reality (XR) device like a high-end virtual reality (VR) helmet, augmented reality (AR) glasses, or an inexpensive headset that turns your smartphone into an XR gadget. The level of immersion, however, will depend on your gear’s functionality — and the amount and quality of 3D content in the metaverse applications you’re accessing. Although the metaverse term began trending in the fall of 2021, the thirty years ago by Neal Town Stephenson, an American novelist. Some early metaverse examples include video games like Fortnite and Roblox, virtual exhibits, such as Gucci Garden, and virtual reality shopping solutions during the Singles Day back in 2016. concept was in fact introduced implemented by Macy’s and Alibaba The primary goal of Meta (formerly known as Facebook), Microsoft, NVIDIA, and other companies working on activities that take place in isolated virtual environments is to ultimately blend these realms into a single one — i.e., the Metaverse. Currently, the technology is still at an early stage, and the impact of metaverse on business remains unclear. By 2026, however, a quarter of the world’s population at least one hour a day in the global metaverse for shopping, education, work, and entertainment. could be spending Why metaverse could be the next frontier for business: Through 2020, digital content consumption . Streaming services continue to oust cable TV channels and drive people out of movie theaters, causing major film studios to their production efforts. By the end of this year, content creators more than $1 billion through new bonus programs. increased by up to 30% double Meta is expected to pay In other words, the media and entertainment industry is booming, but it’s also starting to show the first signs of fatigue. As the Internet’s massive expansion has reached its peak, users are beginning to wonder what could possibly come next. According to Ernst & Young, 41% of consumers about the impact of the Internet on their well-being and mental health. The user attention span for video content on social media . And independent content makers, tired of waiting for another viral hit on social media, are moving to platforms like Substack and OnlyFans to monetize their articles and videos directly. are now worried is estimated at only two seconds The creation of a global, interconnected virtual space enabling realistic interactions between users could breathe a second life into the Internet as we know it, fuel the creator economy, and enhance work from home, remote education, online commerce, and brand-customer interactions. And that’s where the metaverse business opportunities are hidden. What you should know before stepping into the metaverse for business purposes: The metaverse definition we gave earlier can be misleading — simply because “metaverse” is a multitude of things. First, it is a virtual realm that can be an exact replica of the real physical world or a brand-new immersive environment with its own landscape and forms of creative expression. Second, it is an independent digital consumer-to-consumer economy enabled by digital currencies and non-fungible tokens. Finally, it is a set of technologies that alter the very notion of place. When we visit a website or load an app on our mobile devices, we don’t get a feeling of actually going anywhere. Inside a metaverse, users will be transported into a virtual space with its own architectural and spatial logic. No matter how you define metaverse, one thing is certain: it is the next iteration of how people interact and do business on the Internet. How does metaverse work under the hood? Technology-wise, extended reality is the cornerstone of metaverse applications. Other technologies, such as artificial intelligence, cloud computing, and the Internet of Things also provide a foundation for virtual content creation, content mapping, and life-like interactions between users. However, as , some of these infrastructure components either do not exist yet or cannot be used to the fullest extent, which might prevent businesses from creating compelling and truly immersive virtual environments. This is especially true for quantum computing, stable cryptocurrencies, and mature blockchain platforms. IT experts argue And the biggest challenge is, these technologies could take years to blossom; after all, Red Dead Redemption 2, a Triple-A computer game that can be classified as a metaverse, spent eight years in development. Metaverse business models and opportunities: The metaverse could fuel the creation of new business models, such as play-to-earn, create-to-earn, and learn-to-earn, turning fun and recreational activities into proper work. But the metaverse business opportunities stretch far beyond consumer-facing operations. Brands like Microsoft and NVIDIA, for example, leverage metaverse apps to make online meetings more engaging or simulate complex processes like industrial manufacturing. Some of the activities that users will be able to perform in metaverses include: Buying digital land, constructing virtual homes, and decorating them with digital art and collectibles. Purchasing outfits and accessories for 3D avatars. Interacting with digital humans for employee onboarding, customer service, sales, and other business operations. Participating in a virtual social experiences, such as online classes, work meetings, and entertainment events. The Metaverse Economy and NFTs explained Selling digital products is one of the key metaverse business opportunities. To facilitate this activity, content creators and buyers need to protect virtual assets. Here’s where in general (and non-fungible tokens in particular!) come into play. blockchain solutions A non-fungible token is an asset (think images, videos, audio clips, virtual real estate, or event tickets) that has been created using digital media. Such assets bear marks of uniqueness, which include the date of creation, the tools that have been applied in the process, and the artist’s name, among others. These properties can be recorded in an NFT card driven by blockchain technology. Through tokenization, creators protect metaverse NFTs from being tampered with and can easily track their unauthorized usage. Grimes, a popular Canadian musician, a whopping $5.18 million in mere minutes by selling ten digital images and videos from the WarNymph collection. The Nyan Cat creator into a one-of-a-kind piece of digital art and sold it for an equivalent of $590,000 in cryptocurrency. And Jack Dorsey, co-founder and former CEO of Twitter, , which dates back to 2006 and basically reads “just setting up my twttr”, for $2.9 billion! has recently earned turned the original meme video sold his first-ever tweet By using NFTs in the metaverse, creators can monetize their content, solve possible intellectual property disputes, combat digital piracy, and eliminate intermediaries in digital trade. Not surprisingly, the NFT economy is picking up pace, serving as the backbone of early metaverses. For example, in virtual spaces like Somnium Space and Decentraland, users purchase NFTs like clothing items and digital real estate using custom cryptocurrencies. Cryptocurrency, in turn, can be managed through special wallets, such as Mycelium and Exodus. Non-fungible tokens are typically distributed through dedicated marketplaces; the latter include Axie, OpenSea, and ThetaDrop, among others. According to Financial Times, the growing adoption of NFTs in the metaverse based on social contracts, independent ownership, and free markets. With 2.7 million unique wallets and a trading volume of $24.9 billion, an excellent year for NFT pioneers — and it’s only the beginning of a brighter digital future. could be the starting point for a new economy 2021 turned out to be Key Reasons to Use Metaverse for Business Contrary to popular belief, the metaverse concept does not revolve around ditching our reality in favor of a unicorn-populated world. Instead, it is an opportunity to escape the real world’s boundaries and enhance certain activities we perform online. Early adopters have already unlocked some of the metaverse business opportunities — even though they’re experimenting with immersive technologies on a shoestring budget, mostly resorting to augmented reality. The reported benefits of metaverse include: . Some early metaverse examples in retail include AR-powered interior design apps from IKEA and the Home Depot, virtual try-on metaverse applications from L'Oréal and Kohl’s, and industrial for order assembly and quality control. And Sotheby’s, a leading broker of fine art and collectibles, of their London gallery in Decentraland. By enhancing traditional shopping apps and websites with extended reality features, retailers could potentially remove the uncertainty involved in purchasing expensive products like home appliances online and reduce product returns, which are for US businesses. A more engaging and realistic online shopping experience augmented reality solutions created a digital replica a $550 billion problem . Just like the physical world, metaverses have dedicated spaces like billboards and LCD screens for promoting products and services — but the competition would be less fierce there. Brands can also open virtual brick-and-mortar locations in a metaverse, selling NFTs to tech-savvy users and offering product trials to casual browsers. And emerging technologies like motion tracking, facial recognition, and haptic feedback would allow marketers to personalize and measure the effectiveness of their advertising campaigns, not to mention the greater traceability of products and payment transactions. Additionally, possible impact of metaverse on business lies in the synchronization of MarTech systems. For example, your company won’t need to launch separate applications, websites, and online events for different locations and time zones, which simplifies marketing analytics and results in major cost savings. Futuristic digital marketing . By the end of 2022, 25% of all US jobs , and the trend will be going strong through 2023. Given that the pandemic is not going away and remote work has become the new normal, metaverse could offer great business opportunities for companies looking to conduct employee training, hold effective meetings, organize conferences, and revamp business development activities. Microsoft, one of the metaverse driving forces, to Teams. Powered by the Mesh platform, the solution supports the creation of 3D avatars, allowing teams to mingle, collaborate, and train in virtual environments. The feature has already been tested by Accenture, who ordered 60,000 Oculus VR goggles for employee onboarding in the metaverse. Enhanced collaboration and user interactions will not require on-site presence has recently added a new feature . Whenever companies develop new products, implement new technology, or revamp manufacturing and supply chain processes, they’re assuming the risk that the novel solution will not take off —and, possibly, leave a glaring hole in their corporate budget. Robotic process automation projects, for instance, while hardware components of an IoT device in various design and development stages. Digital twins — i.e, replicas of real-world objects powered by sensor data, extended reality technologies, and artificial intelligence — are an essential component of metaverse applications. And they have the potential to solve most of the innovation-related problems companies are facing. For example, Cityzenith, a technology startup that offers visualization software for IoT and smart city projects, hosting a wealth of data on carbon emissions from individual buildings, urban areas, and entire cities. The solution could assist governments in determining where exactly carbon emissions could be reduced and limited without investing billions of dollars into complex IT infrastructure. And the good news is that most of the technologies required for digital twin development and implementation are already provided by the leading cloud vendors, including Amazon, Microsoft, and Google. Risk-free modeling of business processes and operations fail in 50% of the cases could spend anything between six months and two years is building a metaverse How to get into the Metaverse and reap its benefits faster? “The best thing you can do is keep one eye on it and hold a bucket of salt. I think anyone … saying 'it's going to be this' might be proven wrong. It is genuinely going to be decided by market factors.” - Tom Ffiscke, Immersive Wire XR newsletter editor Before metaverse systems dominate the business technology landscape, we’re likely to be going through a lengthy period of trial and error. ROI perspectives might be vague at this point. Even Meta, the company that kickstarted the metaverse movement, on their $10 billion investments in the next 10-15 years. does not expect a major return In part, this can be explained by a lack of technology standards and regulations governing the responsible usage of extended reality. To help companies unlock the metaverse business opportunities, governments and prominent tech vendors alike should address the following issues: Ensuring a single point of entry to the global metaverse created by different companies and individuals, so that it would become possible to use metaverse for business at scale. Enforcing a set of metaverse implementation and content creation standards to provide a seamless user experience. Regulating metaverses to avoid online toxicity, unauthorized personal data usage, and cybercrime. Minimizing the metaverse’s environmental impact (minting a single more than 200 kilograms of planet-warming carbon dioxide, which equals to driving a standard US gasoline-powered car for 500 miles). NFT reportedly produces On the bright side, businesses don’t need a massive IT budget to start experimenting with metaverse applications. Shopify store owners, for example, can integrate AR functionality into their websites using special plugins and out-of-the-box platform features. And virtual reality development tools like Unreal Engine and Unity have long been present on the tech scene. So, what does your company need to start using metaverse for business purposes? Closely watch your competition — particularly, if they’re already testing the metaverse waters. Analyze your product or service strategy — i.e., how it is presented and seen by your clients, how it’s purchased, and how it is eventually used. Consider how doing business in the metaverse could help you reach your short-term and long-term goals. Conduct expert and focus group surveys to determine what percentage of your customers are willing to enter metaverses — and how much time they’re likely to be spending there. Carefully plan your entrance strategy — i.e., how exactly your brand should show up in a virtual environment and when it is the right time to take action. Identify the technology, privacy, and security risks specific for this decentralized virtual environment. Start small (e.g., by incorporating XR into one single app or process), but devise a long-term metaverse implementation plan. Incorporate gamification into your metaverse apps. Collect user feedback and make the necessary changes to your IT systems along the way. Keep your finger on the pulse of the metaverse technology to learn where the market is heading. And remember: even if using metaverse for business seems too futuristic at the moment and is unlikely to drive immediate value for your company, you should not let the technology go off your radar. Who would have thought Netflix would one day oust Blockbuster from the video rental market and disrupt the entire entertainment industry? Should you have any questions about the business opportunities hidden in the seemingly elusive metaverse, feel free to ! We know how to get into the global metaverse, tap into its benefits, and ensure faster ROI. contact ITRex team Co-published here.

The Corporate Metaverse: A Complete Guide For Business Leaders

With more consumers shopping online this year than ever before, the pandemic has redefined holiday commerce. In 2019, shoppers spent more online in the weeks leading up to Christmas, increasing over the prior year. This number is expected to surge this year as the pandemic drives most shoppers to stay home. In total, it’s estimated that holiday online this holiday season, an all-time high. eCommerce sales by nearly 20 percent shoppers will spend nearly $180B The checkout process is a critical, and sometimes painful, part of the customer experience and often the deciding factor as to whether a visitor makes a purchase or not. According to , nearly 90 percent of online shoppers will abandon their carts if checkout requirements are too onerous. Incredibly, more than half will leave that retailer forever, a stunning reality that underscores the importance of customer experience. RetailDive Collectively, it’s clear that online shopping is a critical battleground for consumer brands as they compete for customers and sales in a challenging environment. These quick wins can help ensure consumers have a smooth experience shopping on your site this holiday season: Site performance To ensure your site can cope with a large number of eager festive shoppers, complete a thorough analysis of performance issues experienced during peak trading. Issues such as outages should be resolved, and you should discover the tipping point, adding memory if necessary. Page load speed Slow page load compromises user experience and sends a negative signal to search engines. To combat these issues, use page speed monitoring tools such as GTmetrix and Monitis, and perform regular checks on your pages. Any sustained patterns of speed decreases should be investigated further until the problem is resolved. Improve UX Poor UX can be the downfall of many retailers. This isn’t something businesses can afford, especially around the holiday season. Review your site’s UX and make it as easy as possible for customers to complete address delivery and billing forms across devices. Mistakes and typos in mCommerce sites are common and fat fingers on small devices can make form filling tricky. can help improve user experience and ensure accurate delivery details are captured while quickly and effortlessly gliding users through the checkout process. Type-ahead address verification technology A Closing Thought With millions of consumers unable to celebrate in person this holiday season, gifts purchased online are a significant stand-in for the love, friendship, and merriment they celebrate each year. The customer experience begins when a consumer first touches your site so make the process merry by taking steps to ensure your site offers consumers a seamless, fast experience this holiday season. Click here to view the infographic, "The Holidays Unwrapped: 2020 Consumer Shopping Plans" to learn more about what is on the minds of eCommerce customers shopping online this holiday season. About the Author: Matthew Furneaux, Director, Location Intelligence, Loqate Matthew is a location technology veteran with over 20 years of experience in helping global businesses reach their customers globally. Matthew is a director at GBG and responsible for strategy and innovation for GBG's location intelligence solution, . Loqate Matthew’s also a retail and eCommerce expert, having worked with leading eCommerce brands at Loqate such as Nordstrom, Sephora, Kohl’s, Ralph Lauren & Michaels. Prior to joining GBG, Matthew co-founded Global Address (later acquired by Trillium Software) and helped to create a single platform model for a global location validation service. Also published at: https://www.loqate.com/resources/blog/quick-wins-for-improving-your-ecommerce-checkout-this-holiday-season/

The 2020 Holiday Shopping Experience: Quick Wins for Improving eCommerce Checkout

The entire landscape of trade has transformed in the last two decades. It had long ago shifted from the grudging offline experience to the easier and comfortable e-commerce experience — where everything could be bought or sold by a click of button. I am quite certain that most of us are pretty much aware of that. It is also safe to assume that almost every one of us might have either heard of or used some of the services of the companies mentioned in this list. The eCommerce landscape is dominated by the worlds’ elite — Billionaire businessmen like Jack Ma, Jeff Bezos, and others, are in a relentless race to dominate the eCommerce realm. After all, the eCommerce industry is without a doubt the most lucrative business of the 21st Century. Now, one might assume that he or she knows pretty much everything about the companies listed below, but I am pretty certain that you might not be aware of the secret sauce that made these companies so influential. Let’s shift our paradigms a little, and shed some light at these corporations from an entirely fresh and quirky perspective. The list is not all Western; and no, Alibaba is not the only Chinese success story: 1. Amazon Only if you are living under a rock or were in a Captain America sort of coma for a while, could be the case when you might not have heard about this giant-little bird. This Seattle based company (rather a country) is now the most valuable business in the universe. But this isn’t the only thing that makes headlines about Amazon. The now immortal CEO of Amazon is equally in the news, if not more. 2018 saw Mr. Bezos become the first centi-billionaire of the world. His net worth is estimated to be a whopping 137.1bn USD (meh!)as of 2019. So, what precisely goes inside the head of this gentleman? Read through this image of Amazons’ 1997 letter to shareholders, and you’ll get an impression of how this gentleman thinks. Amazon has been a constant with their purpose since its inception. In their annual letter to shareholders, they have always boasted the view of long term and valuing their customers more than anything. **The X-Factor:**Amazons’ 1997 letter to shareholders, gives us a pretty good insight into the way Jeff Bezos functions. The letter tells us about the unrelenting focus the famous founder has maintained through the years, along with some invaluable lessons for all who are pursuing organizational excellence. Here are a few highlights: Too many companies today are focused on maintaining slim profit margins, at the expense of keeping customers happy. Amazon, however, has always been laser-focused on providing value to their customers.“Since inception, our focus has been on offering our customers compelling value. We brought our customers’ much more selection than was ever possible in a physical store (our store would now occupy six football fields), and presenting it in a valuable, easy-to-browse, and easy-to-search format in a store which is open 365 days a year, 24 hours a day.”, explained Bezos.The fruits of this resolute mentality could be clearly seen 25 Years later. Focus on delivering value: **Customer First. ALWAYS. NO MATTER WHAT.**Amazon as a company has always strived to keep customers at the helm of their business. Amazon’s emphasis on the long-term, as shown by the image above, has made investment decisions in the light of long-term market leadership considerations rather than short-term profitability considerations or short-term Wall Street reactions. There are swarms of people that don’t agree with this approach. But then again, not everyone can build a business like Amazon. Another critical reason why Amazon has rose-up to the top is their willingness to learn from their mistakes. In an interview, Bezos acknowledged the road ahead, ** **Every entrepreneur and businessperson should try and inculcate this in their business. Never Ever Stop Learning “We now understand vastly more about online commerce then when Amazon.com was formed, but we still have so much to learn. Though we are optimistic, we must remain sharp and maintain a sense of urgency.” Rather than eyeing short-term profitability, Bezos has always tried to focus on long term gains. Their refusal to compromise has given the company purpose and direction — and has transformed Amazon from an online bookseller to a global retail empire. Visualize the bigger picture 2. Walmart Walmart is not just the world’s largest retailer (but Amazon is closing in), it is also the world’s leading private employer. Walmart products are manufactured in more than 70 countries. At any given time, Walmart is managing an average of $46.18 billion in inventory (Q: Oct 2018) throughout its 11,695 stores operating in 28 countries. To top that, they have made several (Flipkart being the most notable one) to compete with Amazon in emerging markets like India. significant acquisitions Walmart’s influence has been so immense that its impact on communities and society as a whole has been a consistent topic of academic interest in a variety of areas. While Walmart is celebrating success, other major retailers are struggling. The X-Factor: , the nation’s second-largest department store, had its share price plummet. For fiscal 2017, the retailer is projecting a 3.2 to 4.3% decline in sales. Macy’s saw a 15.3% decline following its weak earnings report. J.C. Penney And , revered for its customer service practices, saw an 11.3 % drop, while Kohl’s slumped nearly 8% after disappointing financials. Nordstrom SO, why is Walmart winning when most of the retail markets are tanking? Two reasons: ” Despite its humongous size, the organization has never lost sight of its purpose. Even today, helping its customers save money and that is central to everything Walmart does. Their unwavering and laser-sharp focus makes them stand-out. Stay true to your purpose: Sam Walton started Walmart in 1962 with one simple goal: to “ help people save money so they could live better. **Execute your purpose:**Every employee of Walmart adheres to the vision of their late founder, Sam Walton, who believed, “Each Walmart store must reflect the values of its consumers and support the vision they hold for their community.”Everyone at Walmart is coherent with this vision. Every action Walmart takes at each and every level of the organization is to support the retailer’s purpose. From the no-frills corporate offices to its requirement that all employees, even executives, empty their own bins, every employee makes it a point of keeping its costs down, so it can sell products for less. This sheer resilience and the ability to execute its purpose is what distinguishes Walmart even now. 3. Alibaba Alibaba is hailed as “ ” because of its dominance in the worlds’ most populous country. Much like Amazon, the founder CEO of Alibaba boasts a big fan base and is touted as a global entrepreneur and visionary. the Amazon of China Alibaba has been killing it since the dawn of the 21st Century and is on its way to dwarf American stalwarts such as Walmart, Amazon, and eBay. It has already outperformed Amazon, Google, and Microsoft in key areas such as public cloud revenue growth. With entities almost everywhere, (movie production, music and movie streaming, online learning, micro-blogging, online maps, travel booking, mobile apps, and so much more), the Alibaba Group has shown the world that China is a force to be reckoned with. So what factors are accountable for this incredible growth in such a short span of time? Let’s take a look, The X-Factor: Alibaba doesn’t charge a single penny for admission and only charge for their services in marketing and technical support. This contributes to a significant and robust market-share made up of loyal customers. Alibaba’s profits mainly come through keyword bidding and advertisements, which represent 55% of its total profits.The second most important source of profit (amounting to almost 25%) comes from the technical services based on big data of the consumer behaviour.By eradicating intermediate fees and allowing sellers to register for free, Alibaba has been able to cultivate an online transaction habit among its customers. A loyal customer base Jack Ma has taken carpediem way too seriously. Alibaba has always excelled at identifying and seizing unique business opportunities and thus cleverly positioning itself as a leader in developing customer loyalty.For instance, The ‘ ’ festival falls on Nov 11, between Christmas and the Chinese National Day. Most consumers initially avoided shopping during that period, but Taobao (a subsidiary of Alibaba) has successfully transformed that day into an actual shopping festival. Being in the right place, at the right time Double 11 4. JD.com If anyone in this world can lock horns with the likes of Alibaba is this eCommerce giant — has started giving Alibaba a run-for-money by introducing advanced technologies and drone delivery systems. They have also announced that they are planning to build more than 150 drone launch centers to improve delivery capabilities for consumers in rural areas. JD.com Additionally, JD is in a strategic partnership with Walmart that was extended this year to further the integration of their resources, platforms, and supply chains within China. Strengthened by initial failures, Richard Liu Qiangdong, took risks that paid off heavily, mounting his startup JD.com into the ranks of Chinese e-commerce giants. “Within five years I’m 100 percent sure we will be the largest B2C [business to consumer] platform in China — we will surpass any competitor,” said Liu in a statement to Financial Times. The X-Factor: “The key reason for [JD’s] success is focus,” Liu, (Founder, JD.com) said in a speech at the University of Pennsylvania in 2009. “For us, e-business is everything.” Focus: JD.com has established themselves at the helm of the newest technological innovations. Liu has even gone so far to predict his company won’t need any humans, and said, “I hope my company would be 100% automated someday…no human beings anymore, 100% operated by AI and robots.” Striving for innovation 5. Booking Holdings is the only travel fare aggregators that has made it to this list dominated by retail giants. But there is good enough reason to mention them here. Booking Holdings According to sources, Booking Holdings operates websites in about 40 languages and 200 countries. In 2017, consumers booked 673.1 million room nights of accommodation, 73 million rental car days, and 6.9 million airplane tickets using websites owned by Booking Holdings. Booking Holdings stocks touched an all-time high of $2,229 per share in the first quarter of 2018. Here’s Why We Believe Booking Holdings Is worth $2,229 per share, The X-Factor: Booking.com operates websites in about 40 languages and in 200 countries, which is quite a feat, considering the market they operate in. Booking.com had a total of roughly 29 million reported listings, of which 23 million were listings in hotels, motels, and resorts and almost 6 million were listings in homes, apartments, and other unique places to stay.Their plans to consistently grow its reported listings, expand its real estate on its online accommodation, booking website, and improve its technological capabilities help them lead the herd. Market Reach: Judging from my personal experience and from those of others, Booking Holdings reliable customer service and their competitive pricing with easy-to-use user interface draws repeat purchases. Their business model thrives on repeat purchases. They aim to provide a better holistic travel experience to their customer, which reaffirms its value in the market. Customer Service: Concluding View Source: acommerce.asia One of the several interesting ah-ha moments we had while preparing together this analysis, and which surprised us the most was the level of consolidation that is undergoing within retail. Major acquisition activities included purchases by private equities and retailers buying Internet companies and other eCommerce players. Like the recent acquisition of Flipkart by Walmart — Walmart outbid Amazon to buy a controlling stake in the Indian eCommerce giant. The acquisition is touted as the biggest eCommerce deals of recent times. This goes on to show that big-box retailers are eyeing emerging markets like India to strengthen their foothold across the globe and at the same time get an edge over their competitors. The sudden shift in focus from markets like the US, Canada, and the UK is due to the stagnancy that the developed markets are witnessing. (77% for $16bn)

Stories, News & Mentions about KOHL'S

Kohl's’s Stories on HackerNoon

Kohl's's News & Mentions