Eugene Kang

Key EMARKETER stat: US ecommerce resale volume will hit $80.60 billion this year, a growth of 3.4% YoY, per our December 2023 forecast. Beyond the chart: Ecommerce resale volume is returning to growth after a 6.9% dip YoY in 2022 and a 2.5% one in 2023, per eMarketer forecast. But it still hasn’t returned to its pandemic high of $85.87 billion in 2021. Growth in the number of online fashion buyers has slowed, leading platforms to search for strategies to boost order values by offering luxury goods and courting wealthy shoppers. #ecommerce #resale #retailsales

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#HotTake: Retail stores aren’t a shortcut to success. Retail offers bigger POs, visibility, and cash flow Yet, it doesn’t ensure brand sustainability Case in point: JLo Beauty Despite celeb status and prime placement at Sephora, She faced challenges resulting in a US exit Retail alone doesn’t secure loyalty or repeat sales Placement isn’t guaranteed forever For lasting success, think beyond the retail PO Some markers of a sustainable brand include: Authenticity, community, differentiated formulas, and true fans Building a lasting brand legacy requires more than a retail presence – 👋🏾 Hi, I’m Monique, a former retail buyer turned beauty industry advisor who helps emerging brands ready to scale at big retail. If you are ready to scale and invest, book a discovery call, and let’s see if we can work together.

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Our latest Ellis Summer 2024 release is here, available exclusively for Shopify brands and retailers. This update is packed with highly requested features: - Geographical Segmentation: Gain enhanced geolocation insights on customers, orders, sales, AOV, CLV, return rates, and profits. - Improved Shopify POS analytics: Optimize operations and track trends with detailed metrics on GM1, sales, discounts, and AOV. Compare categories & products and analyze sales staff performance. Enhanced Usability: Enjoy a smoother and more intuitive user experience. Ready to make your data work for you? Upgrade now and take your business to the next level! #woolman #shopify #data #innovation #businessgrowth #ellis #bi #ai #ecommerce #commerce

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Headlines like “Self-Checkout is a Failed Experiment” and “Why Retailers are Losing Faith in Self-Checkout” have been plentiful these past few months, along with story after story of big-name retailers like Target, Walmart, Dollar General and Costco “ditching” the tech. It’s been a veritable tsunami of bad press for self-checkout, and honestly, it’s not all that surprising — after all, consumers have long complained about the finicky machines, which often don’t work and, even when they do, make many customers feel like they’re doing the retailer’s job for them. #retailtech #customerexperience

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Sad reality, but checks out... A few years ago, a #retail founder wanted to move a store light fixture 9” to the right at a $35k cost, but solutions that would drive far more in efficiencies were not in the budget. Some retailers will invest thousands monthly in travel and accommodation for a #retailtraining team to go on the road with a PowerPoint, but vital, essential technology that can streamline that entire experience 24 x 7 isn’t in the budget. Some retailers will turn over store managers, district managers, and the C-Suite regularly, and will happily invest 20-30% of those salaries to recruiters, but fixing the root cause of the problem isn’t in the budget. It always comes down to priorities. Cheers to the retailers that we work with, and those who are focused on solving root cause challenges, and building capacity in their store and field teams as a daily practice. Great stuff out of the Scandit team. Retail Customer Experience https://lnkd.in/gXzzdvFf

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I don't have to tell you that slow sites impact your customers AND your business. Higher bounce rates, shorter sessions, and lower conversion rate, they all hurt the bottom line. Key stats (not mine, Google's): - Shopify stores are 1.8x faster than stores on other platforms - 93% of businesses on Shopify have a fast store, more than any other major commerce platform - Shopify server speed is up to 3.9x faster and on average 2.8x faster than major competitors Check out how well your site does here: https://lnkd.in/eTFFE9jX

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The idea of these brand attributes being seen as a 'status symbol' is genius. Here's the ones from Oliver's list that I can really relate to as a CX advocate - and would love my retail brand connections to think about: Password entry, Membership programs, Subscriptions, Resale market, Rental offering... Let your actual customers shop in new ways, let them create value and price accessibility and free up space in their wardrobe or house to buy from you at full price when they need to buy (rather than on discount when you need to sell) No 10% discount pop up... Please. Make this stop. Its not worth it. Flagship stores, Strategic retail partners... Retail grows Ecom - Ecom grows Retail - 1 + 1 = 3. Connect these 2 worlds and allow your customers to pickup where they left off. Remote first, Empty calendars, Well defined rituals, Email is not primary collaboration tool... Talk in open channels, collaborate and progress work efficiently and asynchronously. Separate Conversations (discovery) from Promises (tasks) so both can flourish. Don't confuse being at work (on prem, in a meeting) with doing work.

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Are retailers moving fast enough as they build out retail media? Are they setting themselves up to be self-sufficient? Get ready for part 2 of our #RetailMedia series on the Middlemen...we talk about how retailers have begun the process of in-housing their technology, and their slow slide toward becoming digital publishers. Why is it happening slowly? Because display ads on retailers never really worked. We also cover Costco's launch of its Off-site retail media offering, and how (this part is a rant) unsophisticated press coverage is stuck treating all retail media capabilities as one monolithic thing, and holding back an understanding of the business. Some shout outs to Mark Williamson of Costco Wholesale and Michael Halverson of Albertsons Media Collective in this episode as well as a lot of talk about the rise, fall and dispersion of talent from Quotient to the rest of the retailers and vendors who are building out retail media. Spotify https://lnkd.in/esFZiWqY Youtube https://lnkd.in/eW_uHuKZ

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Shares of Abercrombie & Fitch Co. are up more than 500% over the last year. How? And can they keep it? The secret(s) to success: A new product line, a more body-positive rebrand, and a new #footprint strategy. #Abercrombie #AbercrombieAndFitch #RetailTrends #FashionRetail #RetailNews #RetailInsights #RetailAnalysis #MarketWatch #RetailStat

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Decoding Fashion: The Emotional and Pragmatic Purchase Patterns Full episode: https://lnkd.in/eYfBXTic #ecommerce #ecommercetips #ecommercebusiness #ecommercemarketing

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Retail merchandisers are struggling to optimize their promotions strategy on the ecommerce site. It’s not for lack of effort. The real issue is they're placed in a situation where they're using a tool that only has one piece of the puzzle. Nearly all of them use Google Analytics because it’s the industry standard. But here’s where GA falls short (in some cases, it’s off by 10%): • No product hierarchy connection • Benchmarking difficulties • Inaccurate demand data There is a way to get cleaner data. Watch this video to see how Robling is bridging the gap for retailers. --- PS - My tool helps retailers make more money from data they already own; see how with this 5-minute micro demo: https://lnkd.in/gQUiB-9E

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Retail Today / Retail Renaissance: We are almost at the halfway point in 2024. What are the emerging trends? What retailers get it? #retailtrends Retailers that understand consumers are looking for “value”, not just price. BUT “low prices” still drive sales. It’s a “needs vs wants” environment, unless you can capture the aspirational shoppers attention. #lowprices RETAIL OVERVIEW: The retail industry is being driven by the “Big Three”, WALMART, AMAZON, COSTCO but watch TJX! #walmart #amazon #costco #tjx Home Improvement: HD and Lowes still off their Covid peak years. Ace Hardware with a flash of positive sales. #homedepot #lowes #acehardware Off-Price: This sector is on 🔥🔥🔥, getting stronger everyday. Ross, HomeGoods, Ollie’s, Burlington, Nordstrom Rack, etc… #ross #ollies #burlington #nordstromrack Mid-Tier Department Stores: Yes, Macy’s flashed some positive news but this sector is under tremendous pressure. Kohl’s, JCP and Macy’s are under attack from Fast-Fashion and they lost GenZ. #macys #jcpenny #kohls Speciality Retail: The good news, merchandise/product still matters! You can still make it a “wants” experience with the right product. Dick’s, Abercrombie, Hoka, Vuori, etc… There are hundreds of great brands driving sales through exciting products. #specialityretail Opportunity: Customers are focused on “value” but give them a compelling reason to buy, either through merchandise or experience, maybe both! #merchandise #product #retail #retailindustry #brandexperience #TopRetailExpert

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Nike ranks fourth on Depop and second on eBay with over 219,000 and 893,000 items, respectively. #Retail #TextileRetail #ApparelRetail #RetailNews #DailyNews #Nike #ApparelResources #ApparelIndustry #RetailIndustry #FashionBrand

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According to GlobalData, the U.S. secondhand apparel market grew 11%, or seven times faster than the broader retail apparel market, to $43 billion last year. The report estimates that resale sales online and at traditional thrift stores could reach $73 billion by 2028. #resale #retail #apparel #retailsales

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Here are some interesting stories from the world of retail for Monday, May 6: 👟 Outdoor retailer REI is betting big on running. After pulling back on its own branded footwear, which the retailer will no longer make, REI is now expanding its footwear offerings with new partnerships with brands like On Running. 👗 Luxury ecommerce platform Mytheresa says it will be one of the few winners following the implosion of competitors including Farfetch and Matchesfashion. The company’s share price has gained c30% so far this year. 💰 After years of price increases, food companies say more consumers are pulling back and big brands are losing out. Fast food chains and snack makers plan new deals and flavors to compensate. 👕 Ralph Lauren has launched his Fall/Holiday 2024 collection in a minimal and intimate fashion show. The collection features designs in soothing neutral tones, Western accents, and occasional cowboy hats. 🏃🏽‍♂️ Dan Sheridan, the CEO of Brooks Running, the running shoe maker owned by Berkshire Hathaway, has said he views China and Europe as strong growth areas for the business. 🤖 AI will manage all Sam's Club exit checks by end of 2024 in an effort to slash bottlenecks at the door. The new tech has been rolled out at 20% of Sam's Club stores so far. 🥫 There’s a new retailer getting into the private-label food business, and it isn’t your local Walmart or Target. It’s Ace Hardware Corporation. The chain has debuted a line of own-brand barbecue sauces and seasonings. 🛍️ Retailers are feeling jittery. Consumers aren’t shopping like they used to. In a game of chicken between stores and shoppers, it’s the stores that appear to be yielding first, by dropping prices on thousands of products. 🎒Beach bag brand ALOHA Collection is riding the retail store wave. The company, which sells splash-proof travel bags and pouches, opened its fifth retail location in the US on Saturday. ☕️ Former Starbucks boss Howard Schultz said the coffee giant needs to renew its focus and own its shortcomings, especially in the US, after the chain delivered disappointing earnings results last week. 💪🏼 More than 80% of business leaders believe the U.S. economy is strong compared to just 40% of American consumers, according to a report from the Milken Institute and Harris Poll. 🚬 The Wall Street Journal suggests that many US cannabis companies could become profitable if the Biden administration follows through on its place to reclassify marijuana as a less dangerous drug. #retail #retailnews #economy #DailyRetailNews

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Come for the treasure hunt, stay for the shareholder returns. Last year, The TJX Companies, Inc., owner of MARSHALLS LLC, TJ Maxx & HomeGoods, and TK MAXX (Europe), generated over $50 Billion in revenue, more than Macy's and Nordstrom combined. This success was not generated from online sales but based on #BehavioralEconomics and applied human psychology, e.g., "bargains and the treasure hunt." The latest quarter was further proof of this resilience. Both TJX Cos. and Ross Stores, Inc. reported this week that comparable-store sales rose 3% in their quarters ended May 4 compared with a year earlier as inflation-pinched consumers sought out deals. This marks the seventh consecutive quarter of comparable sales growth for TJX and the sixth for Ross. Ross, whose consumers skew low-to-middle income, has been lowering prices to drive sales. TJX, with a higher-income clientele, has been able to raise prices selectively without much pushback. Bad times aren’t required for good times at these retailers—they were growing in 2021 when consumers were feeling flush. TJX, Ross and Burlington Stores, Inc. collective share of the #apparel and #footwear specialist market ballooned from 25% in 2019 to 31% last year. Off-price is likely stealing market share from home retailers, too. TJX’s HomeGoods business saw comparable-store sales rise 4% last quarter, while Ross Stores said the home category outpaced overall company growth. That contrasts with anemic home-related sales at retailers like Target and Beyond, the company that took on Bed Bath & Beyond’s website. Can off-price retailers keep growing? Weakness at other apparel brands suggests that they can. Recognizable brands such as Nike, lululemon, and Coach owner Tapestry have hit speed bumps on sales growth. Where there is unsold inventory, there are buying opportunities for off-price retailers. There could be a big wave of inventory from recent bankruptcies at EXPRESS and teen-focused rue21, as they close hundreds of stores. The wave of store closures also should help boost foot traffic at off-price retailers. Off-price historically has been the biggest beneficiary of apparel store closures. In addition to bankrupt retailers, Macy’s has announced plans to close 150 stores. UBS analysts estimate that more than 16,000 apparel stores could close over the next five years. This hasn’t gone unnoticed. TJX and Ross shares have appreciated 92% and 40%, respectively, over the past five years. They are now among the most expensive U.S.-listed apparel-industry stocks. They trade at forward-12-month earnings multiples that rival Nike’s and recently outpaced Lululemon’s. Off-price retail stocks aren’t cheap, but premium products never are. Well covered by Jinjoo Lee for the The Wall Street Journal

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Foot Locker's newly redesigned store doesn’t solve all of its problems, but it is a very good start at remedying some of the ills that have plagued the brand.   Most of the estate looks tired and shops are not conducive to driving sales as they are too functional and don’t always allow Foot Locker to showcase product effectively. This deters customers, especially younger ones who like modern and exciting environments. However, it is also a turn-off for brands like Nike which are conscious about how their products are displayed.    The refresh also brings Foot Locker into line with other retailers. The bar for store design has been set far higher thanks to companies like Lululemon or Vuori, and even Dick’s is investing more in its stores – especially the new House of Sport locations. Its commitment to updating 900 shops shows that Foot Locker does not want to be left behind.    In my view, the plans will also help CEO Mary Dillon, as they are solid evidence to investors that things are changing. Foot Locker has had a string of very bad numbers so Wall Street is now keen to see signs of material change.   However, new stores also need to be accompanied by better sales numbers. This might be more difficult to deliver quickly in a sneaker market that is still very soft and where several brands are still trying to push direct to consumer sales. Thanks to Insider Retail for including more of my thoughts in this piece... https://lnkd.in/eYNiB5vM #retail #retailnews #sneakers #stores #design #sportinggoods

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Reading from "The Retail Leaders Roadmap" - Chapter 8: The Role of Ego in Influence! Join me as I delve into Chapter 8 of my best-selling book, "The Retail Leaders Roadmap." Discover how Ego can be a powerful tool rather than a hindrance, if managed correctly. Discover why Ego should drive you forward instead of keeping you stagnant or holding you back, and how to strike a balance between self-confidence and the ability to influence others effectively. Pick up your copy today https://a.co/d/2qjoAZe for a direct, no-nonsense discussion that will reshape your perspective on leadership and influence. #Leadership #Influence #EgoManagement #RetailLeadersRoadmap #LeadershipTips #BusinessSuccess #PersonalGrowth #ProfessionalDevelopment #InfluentialLeadership #SelfConfidence #EgoInLeadership #BestSellingBooks #RetailLeadership #LeadershipSkills #EntrepreneurMindset YOOBIC RETHINK Retail #TRE Mellissa Librach

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80% penetration of extended warranty is impossible! In any industry!! And especially in jewelry!!! Or so I thought… Signet Jewelers reported Q1 earnings last week. While Wall Street slammed the stock price nearly 20% (down 9.2% in Same Store Sales in North America is pretty dismal), I thought there were some intersting tidbits and learnings beyond the basic EPS. Most notably, CEO Gina Drosos mentioned how successful their push into “Lifetime Service Plans” has been, even citing an 80% penetration in engagement rings (https://lnkd.in/gyN7Nv_S.) I was certain she misspoke. How can you possibly achieve 80%? But later that day, on Mad Money (https://lnkd.in/gV9Jns6b), she doubled down on the statistic so I’m both impressed beyond words and dumbfounded. If you aren’t familiar with lifetime service plans, they are basically extended warranties (think of AppleCare on your iPhone). For a fixed upfront cost (Signet charges between 10-25% of the sales price), they promise to service the item for life (resizing, rhodium plating, retipping prongs, etc - https://lnkd.in/gS6P4D5a). Notably, Signet’s plan excludes diamonds or gemstones that are lost from the mounting.(Shameless Plug: Daniel’s includes lost stones in our lifetime warranty program!) Anyways, extended warranties are generally highly profitable and also a great way to get customers back in the store (free cleanings, free inspections) so most jewelry retailers focus on selling these and have for many decades. But 80% penetration??? I verified that I don’t have a single SKU at 80% penetration, much less my entire bridal department! What Signet is reporting is darn near incredible! They should be applauded. Back of the envelope, the numbers check out. They reported about $717M in Lifetime Service Plans in fiscal 2023 which is about 10% of their total revenue, and Engagement is about 50% of their sales, so $3.6B in engagement times 80% penetration times 15% of revenue equals $430M or about 60% of their total Lifetime Service Plan revenue. But to achieve that, they somehow have convinced 8 out of 10 in-store engagement customers to buy an extended warranty. Think about that for a second: 8 out of 10?!? I can’t even get 8 out of 10 people to agree the sky is blue! I want to know what their secret sauce is, especially since they must also be selling high percentages to their non-bridal customers to make up the rest of their service plan revenue. Whatever hypnotic power of persuasion is in the water coolers at their stores I want. Anyone have any insights???

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