In this week’s Monday Minutes, read up on how to use your customer data to improve your eCommerce sales, H&M’s inventory management woes, and tips on expanding your retail business into wholesale.
3 Ways To Use Customer Data For Your ECommerce Business`
- Use your customers’ approximate location data to gain a better understanding on where you should direct your marketing and sales efforts.
- Use customers’ demographic information to understand your target customers’ purchasing behavior better and craft a better sales strategy to meet their needs.
- Analyze purchase history to segment customers into high-value and low-value customers, then tailor your marketing to the high-value customers.
Poor Inventory Management leaves H&M with $4.3 Billion Of Unsold Clothes
One of the world’s largest clothing brands, H&M, is facing a serious problem: $4.3 billion worth of unsold clothes. With heavy competition from big players such as Asos and Amazon, coupled with fast-changing consumer demand in the global apparel industry, H&M is facing a tough task to turn their fortunes around.
Making The Leap To Sell Wholesale
Moving from a retail-only business to selling wholesale is scary. While wholesale is an excellent opportunity to grow your business, it presents a potentially vastly different set of challenges for your business. Here are 10 tips that will help your transition to wholesale.
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