Retail industry terms that consignment shops should know
January 2, 2015
Let’s take a closer look at these retail industry terms
I always seem to be behind when it comes to industry buzzwords. This year is no exception. There are 4 retail industry terms that have been bantered about quite a bit lately and I think it’s time we understand them in terms of consignment and resale.
Important retail industry terms
1.) Webrooming
These first 2 words have been used extensively during the fourth quarter holiday shopping season. Frankly, I still get them confused. Webrooming is when shoppers research their possible purchases online and then head to the store to buy. In terms of consignment, resale or antiques, a shopper will scour your website, Facebook page, Instagram or Pinterest site to view your merchandise and then head to your shop with money in hand. Webrooming makes your online presence of utmost importance.
2.) Showrooming
Showrooming is the opposite. Shoppers visit your store, browse your merchandise and then head to their computers to find the best deal. Since most consignment, resale and antique shops have one-of-a-kind merchandise, you are not as affected by showrooming. However, shoppers are very savvy these days. They will spot an item in your shop, enter that item on their computer and with the help of online consignment shops, Amazon and Ebay, quickly compare price and quality. This is where doing your homework on pricing your merchandise is key.
3.) Omni-Channel
Primarily used in marketing, omni-channel is one of those industry terms that refers to the overall experience shoppers have with your store. Essentially, you put yourself in your customer’s shoes and see the steps they go through. Marketo defines omni-channel as, “Consumers can now engage with a company in a physical store, on an online website or mobile app, through a catalog or through social media….Each piece of the consumer’s experience should be consistent and complementary.”
4.) Beacons
We’re ahead of the game on this one! Beacons are fairly new and seemingly untested. Digiday describes beacons as, “devices that communicate with a shopper’s smart phone in the hopes of improving the in-store shopping experience.” The jury is definitely out on this one. It requires consumers to download a store’s app on their phone, turn it on when they enter the store and set their Bluetooth to receive signals. Stores can then target shoppers with specific coupons or information on particular products. A similar app would be Shopular, started in 2012 which sends store’s coupons to your cell phone. It’s amazing what we’ll do for a bargain!
