Quorum Federal Credit Union’s Post

"Consumer spending increased 2.5% in the first quarter compared to last year." While this growth may not be universal, it appears to be consistent among some off-price retailers, wholesale stores, and big box general merchandise stores. In my view, amidst the current economic landscape, more individuals are seeking cost-effective alternatives for their regular grocery and clothing purchases. Check out the full article here: https://lnkd.in/ep2en6tP

Trying to get your product placed at Walmart, the world largest retailer? Many thousands of businesses every year dream of getting their products into Walmart. However, only a handful of vendors will make the cut. Click the link below to learn several good tips on how to get your products placed with Walmart and other large retail chains. https://lnkd.in/eZEtXQ3 Robert Bruza #retail #ecommerce #walmart #newsupplier #newproductlaunch

Moving into the final weeks of the 2023 #holidayshopping season, many consumers are probably wondering about retailer return policies. As I discussed with U.S. News & World Report the best return policies tend to include things like cross-channel capabilities and multiple refund options. Costco Wholesale is well-regarded in big box retail as the king of #customercentric returns, so it's usually a safe place to buy if you're concerned about needing to make a return come January.

ARE WE READY FOR “TIERED RETAIL PRICING”?? As more and more retailers take a position on returns, I’m willing to bet that we will start to see the following pricing schemes in the near future 1) Premium / Conceirge pricing - no consumer risk, free shipping, and unlimited returns, and loyalty points 2) Hybrid Price - The retailer might offer free shipping, but return cost and restocking fees are charged back to the buyer, or only return for store credit 3) Basic Economy Price - Just like the airlines a-la-cart model, ground shipping, or add on features such as faster shipping, reward points, but absolutely no returns I want to hear what you think about this! Let’s discuss?!

This week’s retail recap: Consumer spending expected to reach $130bn during Thanksgiving weekend 2023, retailers shift towards in-store fulfillment, buybuy Baby returns to brick-and-mortar. ICSC: Consumer Spending Expected to Reach $130bn on Thanksgiving Weekend 2023 🦃 Consumer spending is expected to increase 4% YoY to $130bn during Thanksgiving weekend 2023, according to a recent survey conducted by ICSC https://lnkd.in/eThD8_YH Bisnow: Walgreens, Target Push to Handle More Deliveries in Stores, Not Warehouses 🏬 Retailers including Walgreens and Target are shifting towards fulfilling delivery orders in stores rather than in warehouses as the industrial market continues to moderate https://lnkd.in/ed8RMcmz Chain Storage Age: buybuy Baby Announces Plans to Open Over 100 Stores 🍼 buybuy BABY announced plans to open over 100 new stores across the U.S. over the next three plus years after the company formerly known as Dream On Me Industries acquired buybuy Baby’s Intellectual Property, and eleven of its leases at a bankruptcy auction in June 2023 https://lnkd.in/ecNXk2qA

#Brands and #retailers have struggled to mitigate retail’s growing returns rate since the pandemic, but thanks to a new report from the National Retail Federation, it appears that new retail strategies are beginning to work. Consumer #returns within the #retailindustry hit an all-time high in 2022: $816 billion worth of merchandise, or approximately 16.5% of all purchased goods were returned to retailers, according to the National Retail Federation and Appriss Retail annual report. #NRF #NRS2024 In this piece by Lexy Lebsack, we speak to Steve Rop of goTRG, Pat Murphy of Walmart, and Tony Sciarrotta of Reverse Logistics Association.

Offering selective promotions and higher quality products can help small retailers succeed.

It may be time to purchase that big screen TV you've been eyeing! "..inventory levels remain high especially for electronic and apparel wholesalers whose inventory-to-sales ratios are 23.9% and 53.6% higher than the five-year pre-COVID average." #RSM #Economy #Retail #Retailers #Consumergoods

Love this article from Business Insider showcasing #consumertrends and #consumeranalytics in action, detailing out the Costco Wholesale typical customer. Brands and companies everywhere depend on these types of #analytics to better reach and serve business and user needs. https://lnkd.in/gJKhnR4Q #merchandiser #merchandising #consumertrends #consumerinsights #businessanalytics #opentowork #hireme

How Do Retail Stores Make Money? Retail is a service industry, and retail stores make money by providing the service of making merchandise available for customers to buy conveniently. Retailers do not have to be manufacturing the goods themselves, although some retailers do design and sell their own private label merchandise. The Business Model: How Retail & Ecommerce Stores Make Money? To understand how retail stores make money, let’s have a look at the main business model for retail businesses and then discuss some variations to this model. Buy at wholesale price —> Add markup —-> Sell at retail price —-> Gross Profit Margin. This was the main business model. However; some retailers also work on consignment basis. In this case they provide area in their stores for merchants to display their products and only when these products are sold the retailer gets a commission that is usually around 40% The consignment business model will look like this: Display products —-> Sell to customers —-> get % commission of retail price (Gross Profit Margin) #learing #learninganddevelopment #retail #retailbusiness #relianceretail #postivemindset Malavika Sharma Dr. Nazia Abidi Dr. Alka Singh