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Key to success
Transcript of Key to success
Focus on differentiation
Offer unique and compelling merchandise guest can only find at Target.
THE KEY TO
Strategies to Increase Profitability
WHAT IS THE KEY TO PROFITABILITY?
Both female and male
Did you know?
Majority of Target locations around the US
within 20 minutes of campuses.
Huge Strength for Target
According to recent studies, 2/3 of mobile-shoppers use their smartphones or tablets to research product and compare prices.
◦ All of this can be done without entering an actual store
So what can be done to bring customers inside the actual store?
>Retailers need to go beyond having an app and mobile website
Consumers expect instant interaction and real-time engagement
Mobile users can scan products and instantly see a 3D like animation pop into their screens that give them:
more product information
show actual models wearing the product
propose additional products for a complete look
give the ability to share the product
get instant feedback from family and friends
This technology also gives retailers data on the customer that uses it such as past purchases, preferences etc.
Create an exclusive fashion blog centered around Labworks
This would showcase the present trends and styles for sale/ show the latest technologies
>>> AWARENESS, AWARENESS, AWARENESS
Engage current and potential customers
Effective crowdsourcing (open idea solicitation from customers)
Encourage brand loyalty and lead to an increase in apparel sales
AR could also be used here by offering fashion show streaming
The blog is also optimized for mobile viewing
Promotions & Product Placement
Smell Illumination & Color Music Displays
With the Mobile Eye XG there are many ways a retail company can implement the technology.
Observe/analyze complete path of the shopper by viewing gaze behavior
More accurate understanding
Only minutes to set up
Eye tracking can ultimately measure how consumers interact with:
Using one powerful software package and a single piece of equipment helps a retailer save time and money, not only in equipment, but also in software, and manpower.
Creating Better Product Placement
85% of the reason a consumer buys one product over another
What colors held the shoppers attention the most
Better manipulate buyers into purchasing using shoppers gaze behavior to understand what signage is effective to increase sales.
increase brand recognition of the private label
increase brand recognition
increase in online sales and profitability within stores.
updating the logo
include logo online when shopping for the brand
test the brand in physical stores
create good signage
M. Beca Branch
Product holds high value
Placed in prime location
Profitability Through Creativity
(Design constructed from the current logo)
•Creator: Applied Science Laboratories (ASL)
•Eye Tracking Equipment
•Lightweight Glasses with two high resolution cameras
•Real time data with heat map technology
Mobile Eye- XG
Live Stream Fashion Shows
In the UK alone, mobile commerce constitutes 24% of all retail sales and is projected to reach 35% by 2017.
: This new technology is still in its development stage, which is a great opportunity for Target to be one of the first retailers to use and integrate it in their stores!
AR is a new technology that is set to revolutionize the way we shop and interact with physical stores and retail items.
give customers an unique experience
What does it mean?
improve customer experience
bring in more traffic to stores > lead to more purchases/brand loyalty/higher shopping satisfaction/ unique shopping experience
Organize a Labworks fashion show in a high visible event like MFW, LAFW or NYFW or create Target's own
- Promote that the exclusive fashion show can be
experienced exclusively in their stores in a 3D like manner.
Place special codes like Zappar codes in several places of the Apparel section
Instruct consumers through banners on what app to open and where to scan to promote the exclusive show.