Show notes
“We've already established what you are, now we're just haggling over price."- A less than PC old jokeIt's hardly news that the retail industry is responsible for too many self-inflicted wounds. At the top of this list, perhaps, is many retailers' long-term reliance on aggressive discounting to drive top-line sales. This has taught many consumers that the regular price is "the sucker price" in turn addicting them to various former of discounts. Retailers are addicted too, unable to wean themselves off various forms of price promotions. With Kohl's announcing plans to increase its Rewards program earn rate to 7.5% we take on the potential risks of this type of strategy and unpack the differences between loyalty and bribery. We delve into what Steve calls "promiscuous shoppers" and why working too hard to seduce them can backfire. Lastly, if customers just aren't that into you and promiscuous shoppers make up too large a portion of your customer base, what should retailers actually do?But first we open up with the retail news that caught our attention this week, including the continuing slow down in online shopping and disappointing results from Shopify, Etsy and eBay, among others. We go deep on Wayfair's (or is it Waywork? Or Wefair?) disastrous earnings report and wonder whether the emperor has any clothes and/or could become an acquisition target. We also touch on whether the biggest mall to open in North America in a long time is turning into an American nightmare and what to make of the divergence between increases in shipping rates and the increase in online ordering.Don't forget that Steve's book has been selected as a Kindle Monthly Deal, which means that for a limited time the ebook version of Remarkable Retail: How to Win & Keep Customers in the Age of Disruption is just $1.99 in both the United States and Canada.Photo by Artem Beliaikin on Unsplash***************************************Steve Recent Forbes Relevant Articles Retailer's Pointless Pursuit of the Promiscuous ShopperWayfair's Earnings Disaster Portends More Trouble For 'Disruptor' BrandsWayfair, Stich Fix and Pure-Play E-commerce's Scaling ProblemThe Myth of the Great E-Commerce AccelerationPast Podcast Episodes We ReferenceUnderstanding Customer-Based Valuation with Dan McCarthyThe Store As Brand Hub with Target's Nancy King About UsSteve Dennis is an advisor, keynote speaker and author on strategic growth and business innovation. You can learn more about Steve on his website. The expanded and revised edition of his bestselling book Remarkable Retail: How To Win & Keep Customers in the Age of Disruption is now available at Amazon or just about anywhere else books are sold. Steve regularly shares his insights in his role as a Forbes senior contributor and on Twitter and LinkedIn. You can also check out his speaker "sizzle" reel here.Michael LeBlanc is the Founder & President of M.E. LeBlanc & Company Inc and a Senior Advisor to Retail Council of Canada as part of his advisory and consulting practice. He brings 25+ years of brand/retail/marketing & eCommerce leadership experience, and has been on the front lines of retail industry change for his entire career. Michael is the producer and host of a network of leading podcasts including Canada’s top retail industry podcast, The Voice of Retail, plus Global E-Commerce Tech Talks , The Food Professor with Dr. Sylvain Charlebois and now in its second season, Conversations with CommerceNext! You can learn more about Michael here or on LinkedIn. Be sure and check out Michael's latest venture for fun and influencer riches - Last Request Barbecue, his YouTube BBQ cooking channel!
About UsSteve Dennis is a strategic advisor and keynote speaker focused on growth and innovation, who has also been named one of the world's top retail influencers. He is the bestselling authro of two books: Leaders Leap: Transforming Your Company at the Speed of Disruption and Remarkable Retail: How To Win & Keep Customers in the Age of Disruption. Steve regularly shares his insights in his role as a Forbes senior retail contributor and on social media.Michael LeBlanc is the president and founder of M.E. LeBlanc & Company Inc, a senior retail advisor, keynote speaker and now, media entrepreneur. He has been on the front lines of retail industry change for his entire career. Michael has delivered keynotes, hosted fire-side discussions and participated worldwide in thought leadership panels, most recently on the main stage in Toronto at Retail Council of Canada’s Retail Marketing conference with leaders from Walmart & Google. He brings 25+ years of brand/retail/marketing & eCommerce leadership experience with Levi's, Black & Decker, Hudson's Bay, CanWest Media, Pandora Jewellery, The Shopping Channel and Retail Council of Canada to his advisory, speaking and media practice.Michael produces and hosts a network of leading retail trade podcasts, including the award-winning No.1 independent retail industry podcast in America, Remarkable Retail with his partner, Dallas-based best-selling author Steve Dennis; Canada's top retail industry podcast The Voice of Retail and Canada's top food industry and one of the top Canadian-produced management independent podcasts in the country, The Food Professor with Dr. Sylvain Charlebois from Dalhousie University in Halifax.Rethink Retail has recognized Michael as one of the top global retail experts for the fourth year in a row, Thinkers 360 has named him on of the Top 50 global thought leaders in retail, RTIH has named him a top 100 global though leader in retail technology and Coresight Research has named Michael a Retail AI Influencer. If you are a BBQ fan, you can tune into Michael’s cooking show, Last Request BBQ, on YouTube, Instagram, X and yes, TikTok.Michael is available for keynote presentations helping retailers, brands and retail industry insiders explaining the current state and future of the retail industry in North America and around the world.