The future of Cash register at retail counters

http://www.bnet.com/videos/the-future-of-cash-registers/462054

Multi Channel Conundrum

It's become the norm that customers interact with companies through multiple channels. The more channels they use to connect with a given company, the higher their potential loyalty and spend.But in reality, the customers become more frustrated when their experience are inconsistent across channels when interacting with the brand.


Several factor contribute to this frustation including, rapid growth in customer acquisition, poor back end support, silos of customer information that exists between various verticals of the business, inconsistent compensation model.Unfortunately, few companies have equipped themselves to monitor, manage, or optimize their customers' multichannel experiences, thus increasing the chances of dissatisfaction, churn, and decreased customer value by failing to meet customer expectations. 

Crafting great multichannel experiences for customers requires three primary elements,people who are properly incented and motivated to meet customer needs across channels; processes that are suitably designed and integrated across channels; and technology that supports customer interactions across all touchpoints and helps to gather customer insights from each channel 

What's there in a symbol

A study by Sybil S. Yang, Sheryl E. Kimes Ph.D., and Mauro M. Sessarego of Cornell University, $ or Dollars: Effects of Menu-price Formats on Restaurant Checks, looked at several common restaurant price display techniques:

• Numerical with Dollar Sign: $12.00
• Numerical without Dollar Sign or Decimals: 12.
• Written: twelve dollars

The researchers expected that the written/scripted prices would perform best, but they found that the guests with the simple numeral prices spent significantly more than the other two groups.

So result is simple no more currency signs just a number you need to grow you profits...............

We are like this only

The diverse nature of India is a subject of fascination for most foreigners.This is the land of opportunities amidst the political world filled with scams. We in India are used to it simply because its all around us – depressing slums right next to posh residential areas, stories of opulence grabbing headlines along with those of extreme poverty.


Rightly said the Urban Indians are more pseudo Americans than Indians coz we are more bothered about MC Donald's burger price than the cereal prices sky rocketing, we are more bothered about Obama's reaction to middle east problem than PM's response to 2G scam, we are more interested in getting the Barbie and Disney's of the world for out kids than reading out stories from Chandamama or Ramayana.On the contrary the Rural India, the so called Bharat behaves differently.


As consumers too, the diversity is apparent – glucose biscuits could very well be the only breakfast some can afford while there is a market for luxury brands too. India’s consumer buying power – 101 BMWs booked in one day in Aurangabad or the celebration of opulence through TV programmes like ‘Shaadi 3 crore ki‘ have made the news rounds.

Retail Transformation

I was reading this interesting article by Ashish bhasin about evolution of the Indian retail landscape. Author was trying to relate the transformation to the Maslow’s need hierarchy theory and explaining the evolution of the retail landscape. I too agree that need is the mother of invention and this has affected the changes in the Indian retail landscape. The article tries to explain how we have moved away from the dingy Kirana store to the swanky hyper markets which now started fulfilling the basic need of choosing (shopping). The 1^st level of need hierarchy theory i.e.: Physiological needs.

Modern retail started offering a safe and secure environment not only in terms of ambience but also in terms of the price, quality, choice and overall shopping experience. With this the retail slowly graduated to the 2^nd level of Maslow’s hierarchy i.e.: Safety.

Now comes the third need “Love and belonging” and the customer was ready to move into this stage. In order to keep the customer happy and glued to the brand, almost every retailer launched their version of customer loyalty program. Not only the brand s but also the entrepreneurs saw an opportunity here (like I mint). Though these programs seldom gave any substantial gains except for the high end ones but marketing/advertising in this phase highlighted the sense of belongingness to the special class of customers.

From this level, some of the customers quickly graduated to the next level of” Self Esteem” and the platinum card syndrome was born. Specialized high end luxury malls were created especially for these esteemed customers and this phase saw plethora of international luxury brands invading India. Customers were bucketed into Platinum, Gold and silver class and were lured with plethora of offers and incentives to buy more.

The final phase of self-actualization saw the emergence of environment friendly retailers/customers. This phase saw the evolution of jute bags. The journey has come a complete cycle and we are back into the world of jute bags, Organic foods and go green gadgets.

Entrepreneurship

Its a fancy word nowadays with everyone jumping into the fray.I being one of them.When you are spectator you don't realise the seriousness involved with game but when you step into it you get to know the real pressure and fun.I recall subroto bagchi's quote from the book The high performance entrepreneur when he was asked by a reporter on why he wanted to quit the high flying job at wipro and start on his own.He reverted back asking the reporter as do you know why every women wants to be a mother in spite of all the troubles that she undergoes in that nine months of pregnancy.No body knows the answer still everybody knows truth.The new enterprise is like a new born baby who has just entered this world and the baby will grow the way you want it to grow.It will try to emulate you by looking at you and after sometime it will be your replica.Every enterprise carries the DNA of the founders and the people who nurture it.People who help it to grow and gives the strength to stand tall amidst all the adversities.Every company has a unique identity and values of its own.The value which defines not only its future but also the way it treats its employees, compititon,society and nation as a whole.Though the end objective may be a healthy bottomline but the most important factor is the way to the healthy bottomline.The way is determined by the value the company carries within itself.This is the same value which it has inherited from its founders and the promoters.

Retail Redesigned

Once upon a time the business of world was war. The focus has sincebeen shifted. Man has decided to enjoy the fruits of previousgenerations' labour. Now economies compete for consumers. Old order isgiving way to a new order- 'Serve Consumer for Profit'. Of many thingsthat go into making this a reality, Organized Retail surely occupies avery high rank.Miracle of Organized Retail is attributable to the `Pull' ithas on customers. In its more than a century old history, OrganizedRetail has proved that it is the `Ultimate Clearing House' of 'Demand-n-Supply', Mother of the concept- `Marketing' and muchmore. Take a look at the following snap shots and judge for yourself:

* Ron Jon Surf Shop is known worldwide for its extensive selection ofactive lifestyles apparel, board sports equipment, and dive apparatus.Their 52000 square-feet Coco Beach - Florida store is open 24 hours aday - 365 days a year - just like the beach itself.

* Recreation Equipment Incorporated is one of the largest outdoor specialty retailer operating more than 50 stores. Its flag ship store inSeattle is an exciting shopping experience. It has huge 65-feet high,free standing climbing rock; mountain bike trails; and 'rain rooms' forcustomers to test their equipment at the time of purchase.

* Japanese '7 Eleven' stores scan each customer's basket and data getstransmitted to corporate HQ which in turn makes it available to all the8200 stores and countless vendors. Orders for fast-food and fresh-foodsupplies are placed three times each day. Magazines are ordered once aday. Processed food is ordered once in two days while each store receives deliveries ten times a day.

* Tiffany & Company, which has been around for over 160 years, is amongthe best known of all the great American brands. Tiffany is more than aretailer; it is an American icon that has worked its way into moviesand songs. The company's flagship location on Fifth Avenue in New YorkCity has become a tourist attraction.

* In 1997, Maxine Clark opened doors of 'Build-A-Bear Workshop'. Nowchildren could walk in and make a Teddy of their choice themselves.There are Master Bear Builders present to make it an enjoyable andmemorable experience. With in five years the idea grew into a 100 storechain with annual sales of US$200 million.