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Guiding Customers To The Best Possible Products: That's What Retail Curation Is All About

Guiding Customers To The Best Possible Products: That's What Retail Curation Is All About | Retail | Scoop.it

"The Motley Fool - As choice becomes overwhelming, the winners of the future retail war will be the ones who can help guide customers to the perfect products."


Via Robin Good
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Robin Good's curator insight, August 11, 2013 8:54 AM



Motley's Fool contributor Andrew Marder   has written about the critical importance that curation will have for the retail universe by citing as relevant examples Netflix and Amazon.


Netflix for example officially states: "...instead of trying to have everything, we should strive to have the best in each category."


In short, curation looks to provide customers with the best possible products instead of the most products possible.


"Amazon has dabbled in curation through its lists system, which allows other users to make curated lists, and through its "customers who viewed this item also viewed..." capability.


...


The success of curation is going to come from the combination of massive selection and systematized suggestion.


The model that Amazon is skirting the edges of gives consumers the ability to both drive their own choices and discover new ways to spend their money. As the algorithms that choose these recommendations become more powerful, the businesses will find higher strike rates with the suggestions.


My comment: Undoubtedly, a growing trend emerging for online retailers is the need to focus on selecting and curating the most relevant products, rather than all of those available, for their specific tribe. This is why those retailers capable of finding and hiring quality curators (or leveraging their users passions) to organize and showcase their product line-ups will be enjoying greater conversions and sales than those simply using algo-based selections.  

Expert advice and trusted suggestions work a lot better than any algo.



Rightful. Insightful. 8/10


Full article: http://www.fool.com/investing/general/2013/05/23/the-future-of-retail-is-curation.aspx


(Image credit: Pair of shoes circle by Shutterstock)


Prof. Hankell's curator insight, August 11, 2013 7:27 PM
Robin Good's insight:

 

 

Motley's Fool contributor Andrew Marder   has written about the critical importance that curation will have for the retail universe by citing as relevant examples Netflix and Amazon.

 

Netflix for example officially states: "...instead of trying to have everything, we should strive to have the best in each category."

 

In short, curation looks to provide customers with the best possible products instead of the most products possible.

 

"Amazon has dabbled in curation through itslists system, which allows other users to make curated lists, and through its "customers who viewed this item also viewed..." capability.

 

...

 

The success of curation is going to come from the combination of massive selection and systematized suggestion.


The model that Amazon is skirting the edges of gives consumers the ability to both drive their own choices and discover new ways to spend their money. As the algorithms that choose these recommendations become more powerful, the businesses will find higher strike rates with the suggestions.

 

My comment: Undoubtedly, a growing trend emerging for online retailers is the need to focus on selecting and curating the most relevant products, rather than all of those available, for their specific tribe. This is why those retailers capable of finding and hiring quality curators (or leveraging their users passions) to organize and showcase their product line-ups will be enjoying greater conversions and sales than those simply using algo-based selections.   

Expert advice and trusted suggestions work a lot better than any algo.

 

 

Rightful. Insightful. 8/10

 

Full article:http://www.fool.com/investing/general/2013/05/23/the-future-of-retail-is-curation.aspx

Phyllis Shapiro's curator insight, July 13, 2014 8:02 PM

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The World's Top 10 Most Innovative Companies in Retail

The World's Top 10 Most Innovative Companies in Retail | Retail | Scoop.it

PNo industry has been more transfigured in the past year than retail. Stores now behave like websites, tracking customers as they browse. American malls have pretty much died (but maybe on their way back to life). And in some parts of the country you can have your milk and eggs home-delivered along with your new iPod on the same day. Those who lead the field strike the right balance between physical and digital, experience and affordability, convenience and quality....


Via Jeff Domansky
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Brooke Lindell's curator insight, May 19, 2014 9:12 PM

This article lists the 10 most innovative companies in retail and on the list are companies such as amazon.com for 'leaving it's competitors in the dust' with it's free 2 day shipping with prime which made the company grow by millions, it created same day grocery delivery business in certain cities and also! Delivery on sundays with its partnership with the US postal service. They also talk about J.Crew being basically the clothing brand of America, combining run way looks with middle class prices, in 2013 their revenue grew by 10% which many people credit to the partnership of CEO Mickey Drexler and Jenna Lyons, president and creative director.

Kaitlyn Gregg's curator insight, November 5, 2014 3:16 PM

The most innovative companies are identifying their customers needs and potential needs, such as Amazon pushing past 2 day shipping to Amazon Fresh.  Another cool example is the retailer identifying the cultural needs of their Spanish customers. 

Megan Kraft's curator insight, November 5, 2014 3:54 PM

Everyone knows Amazon excels in retail innovation, but there were a few companies on this list I had never heard of, and some I was surprised made the list.

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The 4 Things Successful Retailers Know About Today’s Consumer | PROFITguide.com

The 4 Things Successful Retailers Know About Today’s Consumer | PROFITguide.com | Retail | Scoop.it

Shoppers today aren’t just pleased to shop with retailers who offer several ways to buy stuff—they expect it. In fact, former nice-to-haves (like an easy-to-access storefront, a ecommerce-enabled website and a mobile shopping app) are now becoming table stakes for Canadian store operators.

 

This is one of the key takeaways of a new survey of retail expectations conducted by PwC.

 

The survey polled more than 15,000 consumers (located in Canada and around the world)  to get a sense of what, exactly, today’s shopper wants when opening his or her wallet. According to a report detailing the research, “the bar is now much higher for retailers with world-class aspirations.”

 

This is not exactly news to any retailer struggling to compete in 2014. Changing customer expectations have made it extremely difficult for store operators—especially independents—to thrive. So, what is the solution? In PwC’s view, “a new approach is needed, and retail customers are pointing the way.”

 

Here are the four key things PwC believes consumers want today—and some tips on how your business can adapt to them....


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Jeff Domansky's curator insight, March 2, 2014 1:45 AM

New report identifies the changing shopping behaviour of Canadians—and suggests how retailers can adapt.

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This Is How Bricks-And-Mortar Retailers Can Capitalize On The 'Reverse Showrooming' Trend

This Is How Bricks-And-Mortar Retailers Can Capitalize On The 'Reverse Showrooming' Trend | Retail | Scoop.it

Smartphone savings programs, in-store Wi-Fi, and better customer service are some of the ways offline retailers are leveraging their advantages.

 

E-commerce businesses have upended the retail industry and put bricks-and-mortar companies on the defensive.

 

But now, many offline retailers are moving to capitalize on their offline advantages. Retailers are actively harnessing a trend that's actually far more popular than online buying, and always has been — 'reverse showrooming' — when people research products online and then ultimately buy in-store....


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Jeff Domansky's curator insight, April 8, 2014 1:12 AM

Retailers have started to fight back and recover customers who prefer to purchase in the store after they've done their research online.

Megan Kraft's curator insight, November 5, 2014 4:13 PM

Cool ways technology is helping enhance consumer experience in brick and mortar stores.