Are you wondering what “BOPIS” or “clicks to bricks” mean? Are you looking for a reliable list of the top 100 retail terms?🤔
Success in retail today involves an increasing number of technologies and concepts. But who has the time to keep up with new terms when you’re busy running retail stores?
Don’t worry, TAKU Retail has got you covered. Whether you’re a long-time retailer or a new merchant, we’re here to make things easier for you. Don’t waste time looking at questionable resources online.
As former retailers themselves, our founders have prepared a list of the most used retail terms in a searchable, sortable retail glossary. Click below for the only retail dictionary you’ll ever need.
TAKU Retail continues to be the best go-to tool for your retail needs. Besides our retail glossary, check out our free blog resources to find other ways to improve your business. All of our blog posts are written for retail owners.
Easter falls on April 17th this year. With many COVID-19 restrictions easing everywhere, shoppers are increasingly confident and energized about shopping now. Easter is the first big family holiday of the year. As a retailer, the holidays are a great marketing and sales opportunity. Here are 3 tips for Easter retail marketing this year.
1. Offer ready-to-go promotions and discounts to attract customers
Shoppers today expect convenience and curation when they buy. Make it easy for your customers to grab products without any extra effort. Even if you don’t specialize in chocolate or sell Easter-related products you can still offer a unique angle. Make promotions related to Spring-time activities such as: spring cleaning, spring weather, gardening, etc. Spring is the ideal season for launching new products and exclusives. The season is traditionally seen as a time of renewal and hope, making it the best time to launch new products!
You can also tempt more shoppers into buying from you by:
Discounting your best-selling items with an Easter or Spring theme
Getting rid of your winter products through deep discounts on the items
Preparing small giveaway goodies that customers can get once their purchase reaches a certain amount of money – or if they purchase a product that’s being promoted
You can also set up a landing page or a section on your website / e-commerce site which will advertise these promotions. This way shoppers can easily browse through sale and seasonal items. TAKU helps you create a free micro-website or landing page. In our builder, you can create a beautiful SEO-optimized web page with custom colors, images, and content. The content can be linked directly to your Instagram Shop, Facebook Shop, Google store listings and even Messenger chat. The process will only take you 5 minutes to set up. Afterwards it runs on autopilot. Learn more here.
“Especially during COVID right now, we know that the shopper has been looking for different ways to be inspired — whether that be through recipes or activities or ways just to make ordinary moments more special…”
Lauren Foltz, senior manager of holistic shopper insights at Hershey. (source)
Make YOUR consumer feel special by considering giveaways and / or social media contests. You can have customers sign up for these contests by agreeing to sign up for your mailing list or newsletter; two birds with one stone. This will then direct your followers from the online platform to your physical store. It can also increase your visibility on social media and make your store more recognizable. You could also create a short Easter game like a virtual egg hunt to make your promotions more fun. You can even encourage your customers to vote between products to learn their preferences so you can adjust your communications to match their needs. Then you can encourage the winners to share their prize or experience on social media for some good old word-of-mouth marketing. Remember, the goal with this year’s Easter retail marketing is to make your customers feel special.
Kanudle’s Easter giveaway promotion from 2020 (source)
You can use TAKU’s 360° real-time customer view to see your customers’ sales history in real-time so you can target a specific audience. If your customers are heavy social media users, use our built-in Facebook or Instagram feeds to sell directly to your followers. You can get a pretty clear overview of their total relationship with your business, across all channels, in store and online.
3. Launch remarketing campaigns for Easter retail marketing
Holiday retail marketing is a great opportunity to win back past visitors as well. You can use Facebook “retargeting” ads to attract old visitors back to your website. You will need to set up a Facebook pixel on your website to do this. The retargeting ads can showcase your Easter offers & promotions. You could also show different offers to people who have interacted with your website before. For the best results, retarget past website visitors who added items to their cart but never checked out. After all, nearly 70% of online shopping carts are abandoned without finishing the transaction (source: Baymard Institute). You can also target shoppers who have engaged with you on social media during the previous weeks. In a nutshell, you want to get customers to come back and finish the sales they started.
TAKU can simplify this entire process for you. Our built-in abandoned cart saver will help you recapture those pesky cart abandoners! The entire automated process will leave you worry-free.
Experiential retail continues to grow in importance
The competition in physical retail grows daily. Experiential retail is a way for you to make your business stand out. Create unique and memorable in-store experiences by focusing on community, events, and your potential & existing customers’ interests. This way, instead of only aiming to increase sales revenue, you’ll also deliver enjoyable experiences that build brand affinity.
Let’s say you sell sustainably made cookware. You could create a community-building opportunity in store by hosting a mix-and-mingle experience with other businesses that create products for a similar audience. For example, you could invite a chef, a tableware brand, a local farmer, and a brand that makes 100% natural sauces or seasoning to participate in the event.
All the brands involved can display their products. So as the shoppers are experiencing the awesome products, they can also make purchases.
Depending on the point of sale (POS) used at your store, you can review your customer profiles to get an overview of purchase history and interests that can help inform your strategy to create the in-store experiences your customers are looking for.
Marketing is built on human relationships. Social media marketing can help improve and grow these relationships. Businesses have been using social media marketing to grow these relationships for several years. This became even more important during the pandemic. Without access to in-person events and limited access to in-person shopping, it became more important than ever to connect with customers through social media marketing. This blog will help you decide why and when to post on social media as a retailer to get more clicks and make more sales.
Social media marketing uses social media platforms to connect with your customers. It can build your brand, drive website traffic, and increase your sales. There are many different channels in social media and each has its own part to play in a marketing strategy.
2. What are the main social media channels?
Facebook has the biggest reach of all social media channels. In 2021, it registered 1.8 billion daily users.
Ninety percent of Instagram users follow at least one business.
LinkedIn is the top-rated organic social media platform for B2B users, responsible for 80% of the B2B leads for social media.
TikTok’s growth over the last year has been huge. In January 2021, there were 689 million users. In September 2021, it surpassed the 1 billion user mark. That translates to a 45% increase in less than a year. It is now the 7th most popular social network in the world.
Most popular social media platforms globally (source)
3. Why is social media marketing important for retail businesses?
As more and more people connect with others and shop on social media, social media marketing is more important than ever for retail businesses. A HubSpot Marketing Trends survey showed that “social media is the most effective channel marketers leverage, as well as the channel they use most.” Social commerce is selling products directly from your social media platform and social media marketing helps to drive more sales. According to an Accenture report, social commerce will reach $1.2 trillion by 2025, up from $492 billion in 2021.
This is good news for small businesses. As the report also indicates, instead of favoring big retailers, there will be a power shift towards small businesses in the next few years. That means there will be millions of individuals and small businesses selling to one another in a large social commerce network. Big brands will continue to face increasing competition from these smaller businesses. Since 62% of consumers say that they trust small and local businesses more than major retailers, now is a great opportunity to use social media marketing to expand your customer base and increase sales.
62% of consumers say that they trust small and local businesses more than major retailers
3. Why social media marketing vs. traditional marketing?
When discussing this topic, many people fall into the trap of thinking that you can only do one of these. Social media marketing provides many benefits over traditional – it is still important to use both!
Social media marketing is one of the most powerful avenues for marketing in the information era. You and most of the people around you are most likely already using social media. In fact, 57.6% of the world’s population uses social media. If you have a target audience, chances are they are already using social media. So what are the benefits of social media?
Measuring and analytics
Tracking the performance of marketing campaigns has never been easier. With social media marketing, you can view how well your strategies are performing. Metrics like the following give you a good idea on the efficacy of your campaign:
Reach (the number of people who have seen your content)
The demographics and geographical location of people reached
Conversion rates (how many people are actually doing something from your ad, like claiming a promotional code from your post) and exit rate (number of people leaving after seeing your content)
Bounce rate (% of people who left after visiting one page of your website)
Number of likes/favorites/shares on your post
These are jus a few metrics you could look at. The rise of digital marketing has made marketing a much more understandable process.
Targeting
Each social media offers various methods for targeting audiences. Targeting features include location, age, interests/likes, age and more. This lets you find your specific audience and market directly to them. Targeting on traditional marketing (like newspaper ads) was always very general.
Cost effective
You can get more bang for your buck with social media marketing. Traditional marketing methods can be expensive. Social media can help you reach a bigger audience at a cheaper price!
Trusty marketing
Traditional methods like flyers have this bogus feeling to them. When consumers look at them they feel like they are being sold something. With social media you can make content which feels organic. This keeps your audience have more trust in your brand.
Old school advertisements were a one way conversation. It would be the brand communicating to a consumer, and not the other way around. With social media you can have many ways of communication. Brands can connect with customers, customers can engage back with them. On top of that, customer can even interact with other customers!
These are just some of the benefits social media provides over traditional marketing.
4. How do I create a social media strategy?
It’s important to remember that content quality is more important than content quantity. In other words, what you post is more important than how much you post. Posting consistency is also more important than posting frequency.
If you haven’t built an audience yet, don’t worry. There are still some universal things to consider with your social media strategy. In general, there are 4 things involved when posting on social channels:
a) Having a clear objective in mind
When creating a social media strategy, it’s important to know what you’re trying to achieve. If you don’t have a goal, you won’t know if your marketing strategy is working. This means knowing if your intention is to drive more foot traffic to your store, increase online sales, improve customer service, promote new products to existing customers, etc.
b) Determine the best channel(s) for your business
There are a lot of social media channels and new ones are starting all the time. Most businesses don’t have a dedicated team or the resources to promote their business on every channel. The best way to get better engagement on social media is to start by focusing on the social media channels your customers are most likely to use or be active on.
c) Determine the best time to post on social media
You will need to manage your audience’s expectations. If you decide that your customers respond best to Facebook posts on Tuesdays and Thursdays, for example, you should post on those days. Your customers will know that they can visit your Facebook page on Tuesdays and Thursdays and find new content.
When developing your social media strategy, look at your past engagement to see which customers responded most at certain times. Use this information to test posting dates and times and then analyze the results. You will need to figure out the best times to post on social media so you can engage the right customers at the right time.
d) Consider using social media scheduling tools
Instead of rushing to post on each social media channel individually, it’s a lot easier to schedule social media posts in advance. This will give you time to focus on other aspects of your business. To make it easier, many of the social media scheduling tools will let you create templates of the types of posts that get the most engagement and sales conversions.
5. When are the best times for retailers to post to social media?
Summary of when to post to social mediaby platform
Besides your own understanding of your customers, you can also refer to the best practices of other retailers. In general, the best times for retailers to post on social media are 10:00 am on Tuesdays, Wednesdays, and Thursdays to get the most likes or engagement.
Facebook: The best time to post on Facebook is 8:00 AM to 12:00 PM on Tuesdays and Thursdays.
Instagram: The best time to post on Instagram is 11:00 am on Wednesdays
Twitter: The best time to post on Twitter is 8:00 AM on Mondays and Thursdays.
LinkedIn: The best time to post on LinkedIn is 9:00 AM on Tuesdays and Wednesdays.
TikTok: The best times to post on TikTok are 7:00 am PST on Tuesdays, 10:00 am PST on Thursdays, and 5:00 am PST on Fridays.
More and more shoppers are using live chat for product information and pricing. When you use our built-in Facebook Messenger feature you can respond to shoppers, right when they’re checking out your online store.
With TAKU, you can reach local shoppers, wherever they are. Attract more local shoppers, right when they are searching for what you sell. Run high-performing Google Shopping ads that can be activated and managed directly from TAKU for as little as $5/day.
After several years of restrictions, shoppers are increasingly looking for opportunities to celebrate their lives. While many retailers make a significant portion of their sales at the end of the year, there are a lot of other seasonal holidays that can help to spread out sales throughout the year.
If you’re looking for merchandising ideas and sales opportunities, consider adding some of the following celebrations this year to your retail holiday marketing calendar.
Note that this holiday follows a lunisolar calendar. Therefore the timing of the holiday changes every year and can start any time from the end of January to mid-February. It is usually a 3 week festive period with the first day being celebrated as the New Year day. For the New Year day in the Gregorian calendar until 2031, you can refer to this website.
Shoppers now expect the perk of Buy Online Pick Up In-Store to be a given. However, you need to consider the operations of your retail business before you can offer BOPIS. Without support from modern retail software, BOPIS runs the risk of decreasing customer satisfaction.
Being able to find exactly what they want at the price point they need will undoubtedly thrill shoppers. However, if the second half of the process falls short of expectations, it will drive customers to search elsewhere and put the business lower on their list of trusted retailers.
1. Accurate inventory information without extra staff
Retail expert Suzanne Sears notes that more and more consumers are feeling confident about returning to in-person shopping. She says “Pent-up savings among consumers, who have greater access to products than services, are making purchases. This has created a demand for work in warehousing, shipping, supply chain, buying, stores, e-commerce, and right on through the entire operation.” This has significantly impacted the search for qualified new hires. Staffing shortages have become a widespread problem. Businesses across North America are not only struggling to find employees but also struggling to keep them around.
Reduced staff means there are fewer employees available to manually track inventory across multiple systems. Understaffed stores cannot handle these challenges, resulting in inventory accuracy as low as 70%. This means that at any given time, nearly a third of inventory stock can be inaccurate. This is especially true with high-traffic or high-inventory stores, many of which are understaffed today. In order to offer BOPIS successfully, retailers will have to invest in a system with real-time inventory across all sales channels. This will let them provide the type of inventory availability accuracy that today’s shoppers expect.
2. Automatically attract more local customers
The best omnichannel systems today will not only help retailers effectively offer Buy Online Pick Up In-Store, they will help them automatically attract more nearby shoppers. Because real-time omnichannel solutions such as TAKU are able to provide reliable, accurate inventory information and real-time stock availability, they are able to connect to local marketing tools to automatically drive more foot traffic in store.
Omnichannel systems such as TAKU help retailers manage all of their inventory across all sales channels with a single, smart product feed . The feed can then be connected to Google Merchant Center and Google My Business. This integration is a built-in feature of TAKU that automatically helps retailers can be found more easily on Google. By plugging their store inventory into a free product showcase called ‘See What’s In Store’, retailers can easily show real-time stock availability in store. Where before large retailers would need to hire agencies or staff to upload products into Google manually, modern omnichannel systems are able to do this without any data entry and stock levels update instantly as you sell in-store or online.
TAKU Retail helps you automatically showcase your products onGoogle
The retail market is increasingly competitive, retailers need proper inventory management to compete. A system that automatically updates all stock quantity info right away (no matter where or when the sale takes place) is essential. That is why retailers will need to make investments in modern inventory systems. It will allow them to ensure they have properly implemented BOPIS.
See How TAKU Can Help With Seamless BOPIS
TAKU is a single retail platform that will put you in the driver’s seat. It enables you to manage all of your in-store and online operations in a single place. Whether you have 5,000 or 100,000 SKUs, TAKU lets you quickly import customer and inventory data from your current POS, feed file, or e-commerce platform. Unlike other retail cloud platforms, TAKU is customizable and crazy fast in-store and online. With an easy-to-use design and built-in training tools, set-up is faster than many other systems. Never manage products or stock levels in different systems again.
Learn more about how TAKU works by clicking below.
BOPIS, also known as “Buy Online Pick Up In-Store,” is an important feature that today’s shoppers expect when shopping with their favorite retailers. Sometimes referred to as “Click and Collect,” Buy Online Pick Up In-Store is exactly what the name describes. Your customers shop for and purchase your products online and then pick them up in person at one of your physical locations.
Curbside Pickup is a form of Buy Online Pick Up In-Store that increased in popularity in 2020 when the COVID-19 pandemic restricted many retail stores from offering in-person shopping. BOPIS and online shopping continues to grow as customers find it convenient to “pre-shop.”
Buy Online Pick Up In-Store should be an essential feature for any retail business, but especially for merchants running physical stores that target local shoppers. According to an Invesp survey, a whopping 50% of people surveyed said that they decided where to shop online based on whether or not they could pick up in-store.
Here are 6 reasons why more and more shoppers are choosing to use BOPIS and why retailers need to offer the option.
1. Increase profitability with BOPIS
When customers purchase items online and pick them up at one of your retail locations, it significantly decreases the cost of fulfillment. According to John Mulligan, Target’s COO, Buy Online Pick Up In-Store purchases are 90% cheaper to fulfill than orders shipped from a warehouse.
The benefits of BOPIS.
That’s not the only way that Buy Online Pick Up In-Store reduces costs and increases profitability. It also cuts down the cost of packing materials and requires a lot less labor because the order only needs to be picked instead of being picked and packed up for ship out. As a result, there is no need to offer free shipping or cover the cost of shipping fees with Buy Online Pick Up In-Store. This will not only save you money, but it will also save your customers money.
2. Avoid shipping costs & shipping delays
Shoppers increasingly expect free shipping. But a recent study conducted by Hanover Research and LaserShip, the largest regional e-commerce parcel carrier in the U.S., reveals that shipping rates are rising faster than they have in a decade. Not only have there been general rate increases but 64% of top online retailers are struggling with an off-schedule price increase. The study indicates “nearly half (49%) of these increases are price hikes between 10% and 19% and another quarter (27%) fall between 5% and 9% increases.”
At the same time, the pandemic has significantly increased the demand for shipping, overwhelming many shipping companies. An earlier study indicated that the U.S domestic package market was on track to reach 100 million packages per day by 2026. That number is now expected to be reached in 2022, with e-commerce responsible for 86% of that growth. This greater overall demand has driven up the cost for retailers to ship out online orders that often require free or subsidized shipping, and increased delivery delays.
Besides shipping costs themselves, BOPIS is also more environmentally friendly for small to medium physical retailers that target mainly local shoppers or carry products that are costly to ship (e.g. bulky or fragile products). If you don’t have the ability to ship from a warehouse or a dark store, using a lot of single-use packaging material or shipping out products that were already shipped once to the store or already merchandised on shelves is wasteful and causes unnecessary emissions. BOPIS encourages shoppers to buy from local, nearby stores instead of having something shipped from much further away or packaged with a lot of disposable packaging materials.
3. BOPIS leads to lower rates of return
In addition, items picked up in-store result in significantly lower rates of return. This is because merchants are more likely to check purchases when they are picking up items so returns are avoided before products leave the store. And returning in store is something that the majority of shoppers want. An Inmar Intelligence survey from July 2020 found 58% would prefer to return purchases in a store.
And lowering return rates is key to ecommerce margins as it is becoming increasingly costly for retailers to handle the return process. Although some retailers do offer to cover return shipping costs, this is becoming less possible as the overall cost of shipping increases. Bloomberg reports that return costs for retailers rose 59% in 2021 and added that it now costs $33 dollars for a retailer to process the return of a $50 item. Forcing customers to mail returns adds to their frustration, making it less likely that they will want to repeat the experience. By allowing them to return items in-store, they don’t have to deal with the inconvenience and expense of mailing orders back.
Again, the shipping cost of returns is only part of the story. Oftentimes retailers will need to spend extra money to cover the cost of offering return-friendly boxes otherwise they risk the chance of receiving returned goods that are unsellable due to damage during the return trip. With e-commerce return rates almost 3x higher than with in-store shopping, this means a 3x higher chance that returned goods are unsellable at their original price. The waste of damaged goods along with 2x the amount of disposable packaging materials just adds to the true environmental cost of shipping out online orders vs. BOPIS for local retailers.
4. Reduces merchant processing costs
With so many retailers starting to sell online since the pandemic started, many merchants now know that e-commerce sales generally require higher merchant processing fees to accept payments online versus payments taken in person in store. But once you take into account that return rates can be 3x higher with online orders, this means that retailers pay significantly higher merchant processing fees in general with online orders because any fees that are paid during any sale is lost during a return. Returned sales do not refund transaction fees. Some processors even charge additional return fees. This is why it’s important to consider features such as BOPIS to reduce returns and/or even take more payments in store.
5. Increase shopper basket size
Increase your consumers’ basket sizes.
One of the biggest reasons why Buy Online Pick Up In-Store is often more profitable for retailers is that it increases the opportunity for bigger orders and for impulse buys. Research indicates that 75% of shoppers who’ve used BOPIS will make an additional purchase and 49% of shoppers go on to make additional purchases while picking up their items in store. Not only does this result in a more satisfied customer, but it also means more profit or higher margin sales for retailers with minimal effort.
Creating a separate section for BOPIS pickups means that shoppers don’t have to wait in long lines. And placing items strategically in the BOPIS section will also benefit retailers since having a positive experience makes customers more likely to purchase other items while they’re in-store. In-store retail management systems such as TAKU are great for upselling during the BOPIS pickup process as they have the ability to handle all orders and take payment for add-ons, all under a single login. So the same staff member helping a customer pull his pickup order can also accept payment from him for those extra high-margin impulse buys he wants to add.
6. Increases customer satisfaction and loyalty
Buy Online Pick Up In-Store gives businesses that have both an online and brick-and-mortar presence a competitive advantage over those retailers that only offer online shopping. Customers can choose between shopping online, in–person, or a mixture of both. BOPIS allows customers to shop from anywhere at any time. They are no longer restricted to retail business hours which means they benefit from the convenience, flexibility, and faster service that BOPIS provides, especially to local shoppers.
BOPIS also gives customers visibility into which stores have a given product in stock, helping them avoid wasted trips and thus improving their overall shopping experience. Customers can get an accurate view of which items are in stock at a particular retail location, so they don’t have to waste time getting to a physical store only to find out that the item they want isn’t available.
Michael Ketzenberg, a professor of the Mays Business School at Texas A&M University, feels retailers should embrace and aggressively market BOPIS, stating in Harvard Business Review that “It’s more profitable than other omnichannel services and it gives retailers the opportunity to offer a small discount or other incentives to encourage customers to opt for the BOPIS option, creating a win-win for both the customer and the business.”
Want to learn how to easily integrate BOPIS into your business?
