The Guide to Annual Retail Company Budget Planning: 2021 Edition

retail company budget planning

One of the quickest ways to ensure your retail business’s success is to spend a lot of effort in your company budget planning. This process is easier than you might think, and it gives you an objective overview of your company. By tracking how much you make and spend, you’ll be able to pinpoint the strengths and weaknesses of your retail operation. In this article, you’ll learn everything you need to know about company budget planning – why you need it, how to do it, a useful template, and some helpful tips. But first, a definition. What is Business Budget Planning

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LEGO: The Marketing Strategy Behind the Toy Industry Titan

lego marketing strategy

LEGO’s claim to fame goes well beyond its famous interlocking plastic bricks. Since its founding in 1932, LEGO has diversified into movies, video games, television shows, popular social media channels, and even major amusement parks. And despite how devastating the COVID-19 pandemic has been for many in the toy industries, LEGO’s sales rose 14% in the first half of 2020 compared to the same period in 2019, with its operating profit rising 11% to $622 million. Much of this success is due to the LEGO marketing strategy, which embraces digitalization and emphasizes knowing its customer base. By staying true to the brand

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ContactPigeon partners with Athens University of Economics & Business to Bring Real-World Practices To Omnichannel Marketing

ContactPigeon Omnichannel Marketing Education

We are thrilled to announce that ContactPigeon Omnichannel Platform will be offered as part of the new digital marketing & communications curriculum at Athens University of Economics & Business. As digital marketing trends and technologies evolve rapidly, the traditional classroom teaching of marketing theories and concepts are no longer sufficient. In recent years, universities worldwide are renovating their marketing curriculum to include innovative new technologies and real-world projects to produce market-ready graduates. The department of Marketing and Communication at Athens University of Economics & Business recently overhauled its curriculum by introducing courses emphasizing Business Analytics and Digital Marketing. The new

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How to Make Visual Commerce Work in Retail

Visual commerce in retail

In the first quarter of 2020, the United States accounted for $160.3 billion in retail sales through e-commerce channels. In 2019 alone, eCommerce sales increased by 11.1% more than total retail sales. This stat indicates that sales online are beginning to outperform more traditional methods of purchase. The growing ratio of online retail sales isn’t a new trend, either. Digital Commerce 360’s analysis of data from the US Department of Commerce reveals that eCommerce sales have been on the rise for over a decade.  The COVID pandemic has only encouraged the popularity of eCommerce through the shutdown of brick and mortar stores.

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Retail Best Practices: Nailing your Holiday Marketing

Retail Best Practices for Holiday Marketing

At this point, it’s no secret to anyone that 2020 has been a trying year that has thrown all standard operating procedures out the window. As we head into the holiday season, there is still a lot of uncertainty ahead. Consumers are expected to spend about $50 less per person this holiday season, increasing competition among existing retailers to secure those holiday dollars. Marketing campaigns need to adapt, along with everything else this year, and follow retail best practices for COVID-19. This year’s best practices will be clearly different (vs last year), since brands are called to take much more complex decisions,

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How to Use QR Codes in Retail: Best Practices for Optimal Customer Experience

QR codes retail

To deliver exceptional next-generation in-store experiences, retailers must bridge the gap between the digital and physical worlds. QR codes in retail stores enhance the customer journey and facilitate an omnichannel shopping experience that seamlessly connects the dots between the physical and online spaces. Despite having been around for decades, the first wave of QR codes for retail didn’t see the success many marketers hoped it would, mostly due to technological shortcomings that required users to download various scanner apps. But since Apple’s iOS 11 update that allowed iPhone users to scan QR codes directly through the camera app, the implementation

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New Look: The Marketing Strategy Behind the UK Fast-Fashion Retailer

New Look Marketing Strategy

New Look is one of the UK’s leading fast-fashion retailers with more than 400 physical retail stores in 66 countries across the world and a robust eCommerce presence. Yet the story behind this phenomenal retailer is far from a business fairytale. After a decade of shrinking revenue (from £1.4B in 2012 to £1.3B in 2019), the company has struggled to turn profitable in recent years. It is a fascinating, down-to-earth, retail case study with many lessons to take away for any industry professional. In this New Look case study, we’ll dive deep into the New Look’s marketing strategy, its channel mix, and

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Acquire New Customers with ContactPigeon’s Facebook Ads

Introducing Facebook Ads Integration

We have always been advocating that one of the main pillars of a successful business is getting the customers to return, thus maximizing the lifetime value of every single customer. With ContactPigeon demonstrating outstanding results on website conversion we have supported this approach since day one. Of course, at the same time, we have been urging our clients to explore ways to increase the traffic to their site. After all, it’s all a numbers game. The more people visit your e-shop the more first-time customers you are going to get. Actually, if I had a dollar for every time a

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How to Prepare for Black Friday 2020: A Retailer’s Guide

Black Friday 2020

Retailers across the nation felt optimistic in the immediate aftermath of previous Black Fridays. Always a huge source of profit, this beloved shopping day blew away predictions by producing an impressive $7.4 billion in sales. Expectations for Black Friday 2020 were high in light of these numbers —until COVID-19 hits. This year, fears of coronavirus transmission threaten to keep shoppers out of stores, as does a struggling economy that leaves many shoppers with little cash to spare. Still, while profits will probably not reach levels enjoyed in 2019, retailers need not lose hope. If anything, this year offers a valuable opportunity

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The 2021 Retailer Guide to Customer Engagement Best Practices

customer engagement best practices retail guide

In recent years, customer engagement has grown to be the new buzz word among customer experience advocates. The more engaged your customers are, the more emotionally invested they are in your business, and hence more likely to advocate your brand. Given that study has shown that a 5% growth in retention can lead to 25% growth in future profits, it’s no wonder organizations across all sectors have embarked on passionate pursue in growing customer engagements from the leadership and down. As an industry disproportionately affected by the recent pandemic, retail businesses have extra incentive to provide distinctive customer experience to

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eCommerce Growth in Time of Crisis: What Apparel Retailers Should Know

eCommerce Growth during Crisis

The COVID-19 pandemic has turned out to be a genuine black swan turning the global economic patterns upside down. The retail industry and apparel segment, in particular, are not an exception. The lockdown has not only forced fashion retailers to put more effort into online channel development but has also changed consumer shopping behavior in a fundamental manner. There are good reasons to say that the apparel industry will not be the same as we got used to it before the crisis. So, how can retailers stay effective while everyone around is now selling online? This entry is right about

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How B2B Companies Can Deliver the Amazon Experience

building amazon experience

Each month, more than 197 million people around the world visit Amazon.com. If it were a country, Amazon would be among the ten most populous world’s places. In 2019, the online retail giant accounted for 13.7% of the global market share. In the US, it accounts for over 50% of the local ecommerce market. So, what is the secret of Amazon’s success? The answer is simple – Amazon has built its brand culture on the foundation of innovation and user-centricity. In this article, you will learn how to achieve the “Amazon experience” when marketing to B2B customers. Amazon has Built its Brand

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Best Back to School Campaign Ideas: How 14 Big Retailers Nailed It

Back to school campaign ideas

The Back to School season is always an attractive opportunity for retailers to get a foothold ahead of the holiday season. In fact, the Back to School shopping season is second only to Black Friday as America’s largest retail event. This year may be more lucrative than ever. The National Retail Foundation predicts K-12 back to school spending in 2020 is set to hit $33.9 billion, breaking the previous record of $30.3, set way back in 2012. Taking college into account, Back to School 2020 could bring over $101 billion, up from $81 billion in 2019. If the forecast comes

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19 Mobile Checkout Best Practices For 2021

Mobile checkout Best Practices

The digital landscape of 2021 looks little like the eCommerce environment that dominated just a few short years ago. One of the most significant changes? A clear shift to mobile. An Episerver benchmark study involving 1.3 billion website views reveals that, on many days, over 80 percent of viewing sessions originate from mobile devices. As such, organizations that utilize conversion rate optimization (CRO) and other mobile checkout best practices hold the potential to achieve huge improvements in marketing ROI.  What Is Mobile Checkout? The term “mobile checkout” references the process of completing a digital transaction from a device such as

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Why Retailers Should Diversify Away From Amazon – And How to Do It?

retailers-diversity-away-from-amazon

Reading that title may have shocked you a little – move away from Amazon? Responsible for over 30% of all ecommerce transactions, Amazon is the place to sell if you want to get traffic and earn a profit from it. So why on earth would you want to move away from it? If you’re selling on just Amazon, you’re putting all your eggs in one basket. You’re selling under someone else name and entirely at the mercy of the Amazon overlords when it comes to your selling privileges. Amazon isn’t exactly the most ethical company around, either. They’ve been known

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Secrets to Writing Customer Service Emails That Work

Customer Service Emails

Working in customer service, you deal with tons of emails every day. No wonder, 96% of consumers consider it essential for brand loyalty. So you try to manage your customer service appropriately to influence your overall conversion rates, don’t you? The problem is that there’s a big gap between what businesses and customers consider excellent service. While 80% of companies believe they deliver super experiences, only 8% of customers agree with that. Customers want to feel that brands are on the same wave with people and that their problems matter. As a brand representative, you understand it. However, when dealing with hundreds of customer

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COVID-19: How 34 Businesses Adapted Their Marketing Strategy During Crisis

adaption of marketing strategy during crisis

The pandemic has brought a paramount uncertainty for businesses across the world amidst forced closures, disrupted supply chains, and lowered consumer spending.  According to McKinsey, nearly 24% of the British workforce (7.6 million jobs) is currently at risk because of COVID-19. While in the United States, more than 33 million Americans have reported unemployment during the two months. Retail is among the industries severely impacted by recent events. Most operators struggle to find a way to deal with the new normal, searching through industry reports and whitepapers for ideas and guidance on ensuring business continuity. We decided to talk with 34 B2C, eCommerce, and

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Introducing Predictive Insights with Real-Time Customer Predictions

Predictive-Insights-Introduction

It’s no secret that better insights to customers lend an edge to your marketing success. After all, who wouldn’t want to know each customer’s lifetime value (CLV) or when the next order will be? Every day, your online business generates a massive volume of data from a wide range of sources – online and offline – at a faster pace than you can interpret with traditional methods. The dataset is a treasure trove that’s waiting to be mined, and the only way to tackle it is through advanced data science.  That’s why we are excited to announce the launch of

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How to Remain Operationally Sustainable as an Ecommerce Retailer During Crisis

Operationally Sustainable eCommerce Retailers

The corona pandemic has led to a significant change in buyer behavior which caused a shift towards more eCommerce sales. While offline retailers had to suffer from severe losses during the lockdown period, many online shops recorded a strong increase in sales. In fact, in the US online retailers registered YoY (year-over-year) revenue growth of 68% in April and conversion rates that are comparable to Black Friday and Cyber Monday sales. However, the increase in online sales also correlated with reduced logistics capacities due to the consequences of the spread of the coronavirus (namely lockdown, social distancing, etc.) resulted in

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[Report] How has COVID-19 Impacted Ecommerce Trends?

covid-19-eCommerce-trends

At the onset of the COVID-19 outbreak, many governments enforced Stay-at-Home measures that require social distancing for millions and closures of non-essential stores. Unsurprisingly, home confinement forced consumers towards online shopping, as weekly eCommerce sales shot up 61% within the first weeks of the closures. That growth in online sales seems to be the main hope for retailers to retain part of their market share and survive through this crisis. This report examines the weekly eCommerce sales patterns as a result of stay-at-home measures, which products consumers are purchasing online, and which categories consumers have cut back on, in an

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