ON the topic of Smarter Commerce, I've seen two stories today... count 'em, TWO... about the intent for numerous retailers promising to match online retail prices at brick'n'mortar stores during the coming holiday season.
Found that Tickle Me Elmo for ten whole cents cheaper at Amazon? ...just step right on up to the Target cash register, because the Price is Right!
One of the stories was in The Wall Street Journal and claimed that over the past few days, Best Buy and Target both had said they would match the prices offered by the online sites of some rivals, including Wal-Mart and Amazon.
This in an effort to combat "showrooming" (bet you didn't even know there was such a word!), whereby shoppers checking products in stores then buy them on competitor's Websites, presumably for lower prices.
But, as the story goes on to observe, there soon could be trouble at the register, as these new policies require shoppers to both ask for and prove the existence of lowered prices.
"Mommy, Mommy, I just found the latest Furby on Amazon.com for a whole fifty cents less!"
Now, excuse Mommy while she fumbles around in her purse for her smartphone! Oh, never mind that line of people waiting around the store to pay full price for their Furbys!
You get the picture.
According to the Journal story, Best Buy's going to go them one better, and provide its sales reps some discretion -- if the SKU's price is too low, you don't get to go!...out the store with your Furby, that is.
All the more reason, I say, to stay in this holiday season, tablet or laptop in hand, with a nice warm cup of egg nog, and do all your holiday shopping from the comfort of your own home!
I remember reading last holiday season about retailers providing floor staff with devices so they could do real-time price comparisons with competitors and make adjustments accordingly. This is going to work for big retailers rather than, say, independent bookstores.
I've seen the recent ads from Walmart offering to match prices customers bring to the cash register.
I've not tried it and don't know if I'd be brave enough to even attempt the process. Just imagine holding up the line behind you to save a dollar. I bet the folks behind you aren't going to appreciate the delay.
And just how the process is supposed to work, I'm not sure. Bring out a printed ad, show the ad on your smart phone? Who knows.
Maybe that's what Walmart is counting on. Not many requesting a price reductions in real life, but just BELIEVING Walmart has the lowest prices to start with.
I think showrooming works best if only a very few customers(and those who have done proper price research on every item) will walk away with the best deal, this in turn will generate long queue at the cash counter (as if they are any shorter during holiday season anyways) sigh!! I guess I'll just pay 50 cents more and get home early.
Showrooming has been a big problem for small retailers. One of the relatively few remaining independent bookstores in New York, St Mark's Bookshop, is in dire straits. One owner told me he watches countless customers come in, browse the shelves as if in a library, check the price of items on their smartphones, and walk out again. He can't pay his lease and undercut Amazon.
Well, I can't say I blame the brick and mortar stores for trying. It has to be pretty frustrating to be 'showroomed' all the time. Having good traffic, a lot of people in-store, but poor sales at the end of the day.
Valiant effort, though, but as you've said, while it might inconvenience some people say at the checkout counter, it might actually help their business this season. Who knows?
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In advance of the IBM Smarter Commerce Global Summit in Nashville next week (see my last post for some background), IBM announced a major three-year agreement today with L'Oréal USA USA for expert procurement services using an advanced cloud analytics solution that will transform how L'Oréal USA buys from its network of North American suppliers.
I'm going to be returning to the historical center of country music-dom next week, and yes, I will finally have the opportunity to visit the Grand Ole Opry House.
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Edmunds separates customers into segments based on the info it collects on its site and from partners, and uses that to push out custom content, said Brian Baron, director of business analytics for Edmunds.com, at Predictive Analytics Innovation Summit.
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