Insights

Back in September 2013, I wrote a TechBytes column about how millennials aren’t that different from prior young generations in their interests and needs. I have since realized there are a few unique millennial social trends which reflect specific generational consumer attributes. Using leading-edge technology, retailers can effectively meet the generational needs of this increasingly important customer demographic.

Rock is Dead

As many of us grasp at the last moments of summer, those in the retail industry have one eye on the end of the year -- the time between November and December. It makes sense: holiday shoppers spent over $616 billion dollars just last year between Black Friday and Christmas. And while the ample time and resources spent on these two annual marketing priorities is certainly deserved, it is easy to put all of our eggs in this basket, accidentally neglecting the major retailing opportunity just around the corner -- the first quarter.

With the explosion of online retail giants like Amazon.com, the new digital economy has turned traditional consumer buying behavior upside down, making your everyday salesperson seemingly obsolete. In fact, according to Invesp, more than 62% of U.S. consumers with Internet access shop online at least once a month and 78% of those shoppers don’t check out a product in-store before buying online.

Whether it’s a blustery storm that rattles your windows, or an employee who forgot their keys behind the counter, everyone has experienced the initial panic that ensues after accidentally tripping a security system alarm.

Online shopping is driving more sales and foot traffic in brick-and-mortar stores than ever before. In fact, Deloitte expects digital interactions will influence 64 cents of every dollar spent in retail stores by the end of 2015 – that’s $2.2 trillion worth of in-store sales that are aided by e-commerce.

Much has been said lately about the proliferation of mobile and online shopping. But brick-and-mortar retail continues to thrive – a fact that tends to get glossed over.

Imagine this scenario: You’ve worked hard to build a profitable business and you’ve done it the right way. You’ve taken every step to control the things you can control about every aspect of your company. You’ve got handbook policies regarding equal employment opportunity and prohibiting discrimination or harassment on any basis, and you have a diverse workforce that evidences your commitment to equal opportunity.

Interior build-outs in the retail sector can be some of the most expensive construction projects, with cost per unit area far exceeding that of an exterior build. They are also often more logistically complex. For example, coordination of all the different trades and the delivery of materials, fixtures, and products is key to ensuring quality, containing costs, and avoiding delays.