Chapter 4 notes Flashcards
(23 cards)
What are the key retail channels?
Store, catalog, Internet, mobile, social media
These channels represent various ways retailers can reach customers.
Define Multichannel Retailing.
Using more than one channel to sell; each operates independently
Multichannel retailing allows retailers to reach customers through various channels but does not integrate them.
What is Cross-channel Retailing?
Channels work together, e.g., coupon sent by email redeemed in-store
Cross-channel retailing emphasizes collaboration between different sales channels.
Define Omnichannel Retailing.
Seamless, integrated experience across all channels; the customer is at the center
Omnichannel retailing focuses on providing a unified customer experience.
What are the strengths of In-Store Retailing?
- Touch & feel (multi-sensory experience)
- Personalized service from associates
- Instant gratification (no delivery delay)
- Entertainment/social experience (e.g., kids’ events)
- Accepts cash payments
In-store retailing offers unique advantages that enhance the shopping experience.
What are the strengths of Internet Retailing?
- Broader selection
- More product information
- Personalization & targeted offers
- Market expansion beyond physical reach
- Collects consumer data for analytics
Internet retailing allows for a wider reach and more detailed customer engagement.
What are the key features of Mobile Retailing?
- Combines portability and accessibility
- Location-sensitive promotions
- Optimized websites and apps support fast actions
- Main limitation: smaller screens and interface differences
Mobile retailing leverages technology to enhance shopping convenience.
What is Social Retailing?
Shoppable media through platforms like Instagram, Pinterest, and Facebook
Social retailing integrates social media with shopping capabilities.
Fill in the blank: _______ allows browsing offline and then ordering online.
Catalog
Catalogs remain a viable retail channel despite the rise of digital options.
What is Direct Selling?
High personalization; face-to-face interaction, often at home or work
Direct selling involves personal connections and tailored experiences.
What is Automated Retailing?
Vending machines as a retail channel; evolved to high-tech, customizable experiences
Automated retailing represents an innovation in convenience and customer interaction.
What does the Listen–Analyze–Do Framework entail?
- Listen: Gather consumer feedback via social media, reviews, forums
- Analyze: Use sentiment tools, path analysis, bounce rate tracking, attribution modeling
- Do: Apply insights to improve digital campaigns, personalize offers, adjust content
This framework guides retailers in enhancing their strategies based on customer feedback.
Provide an example of Retail Media.
TikTok case: Influencer marketing to boost awareness and conversion
Retail media strategies utilize social platforms for marketing effectiveness.
What is an example of Retailing Technology?
Lululemon’s Mirror: At-home fitness mirror with live workouts, connected to e-commerce
Retailing technology enhances customer engagement and experience.
What are the customer benefits of Omnichannel Retailing?
- Seamless transitions
- Unified customer recognition
- Consistency
- Convenience
These benefits enhance customer satisfaction and loyalty.
What are the retailer advantages of Omnichannel strategies?
- Efficiency & Cost Reduction
- Cross-channel Promotion
- Improved Fulfillment
Retailers gain significant operational benefits through omnichannel integration.
Identify a challenge facing multichannel and omnichannel retailers.
Supply Chain & Information Systems
Unifying logistics across channels is complex and costly.
What is a challenge related to Brand Consistency?
Retailers must maintain a cohesive brand image across all platforms
Consistent branding is crucial for customer trust and recognition.
Fill in the blank: Broader assortments online vs. limited space in _______.
Physical stores
Assortment trade-offs can impact product availability and customer choice.
What is a pricing challenge in multichannel retailing?
Price matching across channels is hard due to local competition
Retailers often face backlash when pricing discrepancies arise.
What is channel migration?
Customer starts in one channel but purchases in another
Understanding channel migration helps retailers optimize their sales strategies.
What is showrooming?
Customer checks product in-store, then buys online at lower cost
Showrooming presents a challenge for traditional retailers.
How do brands like Warby Parker disrupt showrooming?
- Offering home trials
- Detailed product pages
- Customization tools
- Eliminating traditional retail markup
DTC innovations help brands retain customers who might otherwise showroom.
