365 by Whole Foods Embodies Millennial Mindset
The new concept store, 365 by Whole Foods, seeks to provide a grocery store with the Whole Foods quality, at a lower price point, in a smaller package for the simpler, less involved shopper. Sound like someone you know? Maybe a millennial? You’ve got it. 365 by Whole Foods isn’t just cheaper, but there are other overarching components that prove that it embodies the millennial mindset on a larger scale.
CVS Health: By The Numbers
When CVS Health made the bold decision to remove tobacco from store shelves, everyone wondered how the decision would affect overall sales. Well in 2015, CVS Health racked up over $153 billion in total sales and is expected to surpass $181 billion this year. This represents double-digit growth, which is impressive for a company as large as CVS health.
America's Favorite Casual Dining: The Cheesecake Factory
The Cheesecake Factory was recently named America's Favorite Casual Dining Restaurant in the 2016 Consumer Picks Survey from Nation's Restaurant News. The restaurant also moved up 2 spots to number 6 for the top 25 restaurant chains
3 Steps for Measuring Customer Loyalty and Rewards
While getting a customer in your store for the first time is important, in order for your success in retail, the focus needs to be placed on repeat business. It is 6-7 times more expensive to acquire a new customer than it is to keep one. Customer loyalty programs work well, but most businesses may be getting it wrong. Here are 3 steps for measuring customer loyalty and rewards ideas.
Track Customer Purchasing Habits In order to measure the effectiveness of a loyalty program we need to record the number of new customer vs. the number of repeat customers. This is the very basic first step, tracking who is coming in and what they have purchased. The easiest way to obtain this information is through a connected POS system. A connected POS system automatically sets up customer profiles and tracks their purchases every time they return. This helps provide retailers with an insightful analysis of their customer base. Having linked loyalty cards/spending cards also helps in tracking customer purchases.
Calculate Important Metrics Simple metrics can help a retailer know whether or not their loyalty program is impacting their customers. Some important metrics to consider:
Using Points and Miles to Take Customer Engagement and Rewards Farther
Almost everyone accrues points and miles one way or another. Whether it’s a credit card, an airline program, specific retailers, or an app, customer engagement and rewards elevate the relationships customers form with their vendors of choice. Here are three ways points or miles can help take customer engagement and rewards farther:
