Retail stores experienced a topsy-turvy Holiday season to close out 2014, and with it learned a few valuable lessons to carry forward through 2015. And, for that new retail store reality, new metrics have been developed to measure retailers’ most pressing strategic initiatives.
Those were the two resounding themes discussed by Bridget Johns, RetailNext’s head of customer success, and Chitra Balasubramanian, head of business analytics, on the February installment of the RetailNext webinar series, “Holiday 2014 Results & New Metrics for 2015” (available on-demand here).
Holiday season started with the challenge of Halloween falling on a Friday, necessitating a quick turnaround for the first weekend of November – something most retailers failed to do effectively as sales on Saturday fell 10 percent year over year on traffic declines of 7.8 percent.
The first weekend of November foreshadowed what retail stores experienced over Thanksgiving, where stores saw double-digit decreases in sales and traffic. One of the big learnings over the Holiday concerned the continued evolution of the Thanksgiving weekend, moving from a week with singular days (e.g.; “Black Friday” and “Cyber Monday”) to more of a five-day shopping ‘event.’
Whereas November disappointed many stores, December saw better results, particularly for those retailers who took advantage of a big three-day shopping weekend immediately following Christmas day.
Despite a strong end of the Holiday, there’s no question retail is fundamentally changing, as new shopper generations, led by Millennials, are exercising their newfound power. The retailers who best adapt to the importance of technology and experience will be those best positioned to win.
With a new retail reality, RetailNext has developed three new metrics to help retailers accurately measure their most critical actions. Watch Chitra provide a quick overview on Sales per Shopper Minute, the Shopper Experience Score™ and Interaction Impact™, in the video, below:
The webinar closed with four “Do’s” and one “Don’t,” so give yourself a jump on the competition and watch February’s webinar now.
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