Retailers share information about customer preferences

Share to Twitter Share to Linkedin Whatever you sell, be it a product or service, your customers expect that it will do what it’s supposed to do. If you sell a car, the car should work. If you sell a service, the outcome should meet expectations. That’s table stakes. So, let’s assume that whatever your customers are buying from you will meet their expectations. However, that’s not always why the customer buys from you in the first place, let alone comes back to buy more. It’s the customer experience that drives that. In our 2022 Achieving Customer Amazement research , more than 1,000 American consumers were asked, “How likely would you be to switch companies or leave a brand after experiencing any of the following bad customer service experiences?” They were asked to rate several reasons using a scale that ranged from “not likely” to “very likely.” Here are the top five reasons customers would leave: 1. Rudeness or apathy from a company or brand … [Read more...] about The Top Five Reasons Customers Don’t Come Back

Share to Twitter Share to Linkedin The looming prospect of compliance with the reporting requirements in section 6050I has been a problem for the digital asset industry since the passage of the Infrastructure Investment and Jobs Act (P.L. 117-58) last November. The requirements pose procedural obstacles and privacy concerns for taxpayers, but the government has an interest in ensuring compliance with the tax laws. The revised version of section 6050I requires taxpayers engaged in a trade or business to file an information return when they receive $10,000 or more in digital assets in one transaction or two or more related transactions in the course of that trade or business. The information required is the name, address, and tax identification number of the person from whom the assets were received; the amount of the assets; and the date and nature of the transaction. The provision was originally designed for cash transactions. The brief push for … [Read more...] about Tax Information Reporting On Digital Assets Steps Into The Spotlight

Share to Twitter Share to Linkedin Topline A federal grand jury in New York issued subpoenas for members of the board of directors at Digital World Acquisition Corp. (DWAC), the special purpose acquisition company with plans to take former President Donald Trump’s social media site Truth Social public, months after the Securities and Exchange Commission began investigating the blank check company over its planned merger with Trump’s social media platform. Key Facts Shares of DWAC fell more than 9% in pre-market trading after the company disclosed in an SEC filing that a federal grand jury in the Southern District of New York issued the subpoenas. The news comes after the SEC launched a probe in December over claims the blank check company held conversations with Trump Media and Technology Group (TMTG) before going public last year. The subpoenas seek some of the same documents the SEC asked for in its investigation as well as requests … [Read more...] about Shares Of Trump’s Truth Social SPAC Tumble After Federal Grand Jury Issues Subpoenas

Share to Twitter Share to Linkedin Madison Reed, the prestige beauty brand that revolutionized the hair color industry, has raised $33 million in new financing led by Sandbridge Capital, with participation from Marcy Venture Partners. The company plans to further its omnichannel expansion of hair color bars and retail locations and continue its investments in product innovations. The company which was founded by its current CEO, Amy Errett in 2013, has grown its business portfolio from a direct-to-consumer brand to an expansive omnichannel powerhouse including continued direct-to-consumer sales, its own retail salon locations, and partnerships with retailers like Ulta Beauty ULTA . The Hair Color Bar locations have expanded to include over 60 nationwide. Madison Reed has interacted with more than 5 million customers since launching. Access to high-quality Smart 8-Free hair color In an interview with Errett, she discussed how Madison Reed’s goal is … [Read more...] about Madison Reed Secures $33 Million To Fund Its Omnichannel Expansion

Share to Twitter Share to Linkedin Retailers might have thought they’d seen enough disruption these past two years to last a lifetime. If only this was the case. The industry must once again confront a new set of economic headwinds. From high inflation to eroding confidence to ongoing supply chain issues, pressure on the global economy is growing — and the effects are weighing heavily on both consumers and businesses. Consider the recent decline in consumer spending and sentiment. Retail sales have contracted since 2021, and consumer sentiment is down significantly, nearing levels we last saw at the time of the 2008 financial crisis. Clearly, inflationary pressures are a factor here. High and persistent inflation is eating into incomes and consumer purchasing power. Discretionary spending is pulling back as a result. However, Accenture’s ACN analysis indicates other dynamics are also in play. Take the fact that consumer spending on durable … [Read more...] about From Supply Crunch To Supply Glut: How To Navigate Uncertainty?

Share to Twitter Share to Linkedin Berns Communications Group recently created a panel of Gen Z consumers for brands to use for market research. The panel consists of young men and women who are juniors, seniors and some post-graduate students in universities across the U.S. I was given the opportunity to ask the panel any question I wanted so I asked about their lives as consumers and their views were surprising. I thought the brands and foods and popular people they like would coalesce around a small number of choices but what came back was something else. On most subjects the answers varied widely. To find the similarities between them, you had to dig deeper into their motivations. No two panel members had the same favorite fashion brand. But when asked what they liked about their favorite brands, aside from the fashion and style of the brand, they were in a similar value system: brands that understand their customers and focus on sustainability and … [Read more...] about What Gen Z Talks About When They Talk About Being Consumers

Share to Twitter Share to Linkedin There are retail giants – Macy’s, Dillard’s, Nordstrom JWN . Bloomingdale’s to mention just a few. Will they survive and what will they be like? Are they the dinosaurs of yesteryear? Recently there was a shopping center convention in Seattle, hosted by Nordstrom and under the aegis of IGDS (International Group of Department Stores}, that discussed the past, present and especially the future. Some observations are included below. 1. Changes will occur, and it is important to know that young people, millennials and GenZ want to have a say in what stores will be like. They will dictate content, rapid service and especially whether stores have taken action on sustainability. 2. Sustainability must include reduction of gases, conservation of energy, storage and usage of solar energy, 3. To compete and to survive in the current, challenging environment, brands require economies of scale that are often beyond their … [Read more...] about How Department Stores Will Survive

Share to Twitter Share to Linkedin Madison Reed is doubling down on future growth in its salon and at-home hair color businesses which combined have had over 5 million customer interactions. The company, founded by current CEO, Amy Errett, has recently announced new executives to its board of directors along with internal management moves to further its mission of expanding Madison Reed’s access to more customers across the U.S. market. In an exclusive interview with Errett, it was clear that the company is on a mission to provide access to prestige beauty hair care for more people online, in salons and through its retail partners like Ulta Beauty ULTA . New board members provide experience and diversity Michael Dubin and Stephanie Davis Michelman will be added as board members and both come with heavy experience in scaling beauty businesses. Dublin is the founder and former CEO of Dollar Shave Club, driving the company to a $1 billion dollar acquisition … [Read more...] about Madison Reed Adds New Board Members As Business Grows

Share to Twitter Share to Linkedin Glastonbury is in the air with both the record-breaking youngest ever headliner, Billie Eilish, and the oldest, Sir Paul McCartney, taking to the stage. Festival goers have splashed the cash on tickets, transport and tents; all of which might paint a picture of positivity when it comes to the UK’s finances. The reality is much more off-key. Consumer confidence is now at its lowest level for years as many face a cost-of-living crisis, with essentials such as food and fuel prices continuing to spiral. GfK data confirms this. The data company's monthly index which ‘checks the temperature’ of consumer confidence decreased by one point , to -41, in June and a record low. The survey which has been running for over forty years, asks consumers how they feel about personal finances and the UK economy. Despite covering past periods of recession and hardship, today’s consumers say they are feeling financial pain like … [Read more...] about Brits Enjoy Summer Of Festivals & Travel Before Increased Economic Worries

Share to Twitter Share to Linkedin By Nathan Resnick Sending out a press release is a great way to get significant attention for your company. While the majority of journalists use press releases as a source for news, standing out in today’s digital environment can be difficult. Some news outlets receive hundreds of press releases in a single day—so it shouldn’t be surprising that 70% of journalists spend less than a minute reading each one. You don’t have much time to make an impression and get that coveted press coverage for your brand. Putting in some extra work to make sure the press release will be a smashing success before you send it out can make all the difference. What makes a great press release? 1. Your content is truly newsworthy This is the first big test: Is the topic of your press release actually newsworthy? Is it something that journalists—and the wider audience they serve—will care about? In many ways, … [Read more...] about 4 Signs Your Latest Press Release Will Be A Success