Future of B&M
What is the upcoming practice of ordering items online and going to a physical brick and mortar location called? (The most expensive type of business model)
Click and Mortar
Companies must comply with rules and regulations with this type of stakeholder
The Government
Depending on location, this can be a significant cost for a retailer when creating a brick and mortar store
Rent for Retail Space
What is the term for production of personalized or custom-tailored goods or services to meet consumers' diverse and changing needs at near mass production prices?
Mass Customization
Amazon's new Amazon Go store opened in Seattle and has this new form of technology
Just Walk Out Technology
This percent of all retail sales still occur in physical marketplaces according to the U.S Census Bureau News
92%
Businesses position themselves to engage with a driven, conscientious consumers that would pay 25% more for goods by doing this
Investing in ethical supply chain
What is one of the most important impacts on retailers’ financial performance?
The location
This reduces prices for consumers and allows manufacturers to earn more profit for the product by eliminating the middleman.
Disintermediation
Amazon will open up to 3,000 brick and mortar stores by this year
2021
How much more is the online retail market projected to grow compared to brick-and-mortar retail in the United States?
8 times the current level
Companies uphold the responsibility of protecting the environment with this type of stakeholder
The Community
This is Netflix’s revenue model and involves charging a subscription for some or all of its content
Subscription-based revenue model
This is the largest consumer group in the US that prefers to shopping in a store over shopping online
Millenials
This aspect of Nike's model helps to save their brick and mortar locations
Customer Experience
Beacons are an example of this service provide a way to deliver offers and notifications to consumers' smartphones via a Bluetooth low energy (BLE) signal while they're in-store
Geoinformation Services
E-commerce allows companies the ability to sell the same product at different prices to different buyers to maximize profit
Price Discrimination
This company recently announced it’s closing between 2% and 3% of its global stores, because of online gaming specifically fortnite
Gamestop
The term for more and more retailers embracing this new store style first pioneered by Bonobos in 2012
Showroom Concept
Amazon Go uses these technologies to automate much of the purchase, checkout, and payment steps associated with a retail transaction
Deep Learning Algorithims
Companies that start out online implement this tactic in order to broaden their customer base, Warby Parker is an example of this
Open up a physical brick and mortar location
Companies must prescribe Value Added Tax rates on different products with this type of stakeholder (or must charge the printed price with this type of stakeholder
The Consumers
A retail footprint becomes a milestone if revenue growth stalls because of this
Fixed Costs
Walmart has already begun introducing this new technology to patrol the aisles at 50 locations
Self-Scanning Inventory Robots
What specific area of customer experience allows Nike to keep both e-retail and brick and mortar?
Personalization