Harvard Business Review

SEPTEMBER 17, 2018

That’s when consumers feel so invested in a product that it becomes an extension of themselves. Companies that encourage psychological ownership can entice customers to buy more products, at higher prices, and even to willingly promote those products among their friends. It’s called psychological ownership.

Productivity 10

Productivity Products Reis Film 10

Harvard Business Review

DECEMBER 7, 2017

One retailer I know saw a 35% bump in sales when it gave customers the option of picking up merchandise in its stores that they had bought online.). Another approach is to focus on the story of each product, as happens in L’Occitane en Provence when customers encounter associates. Recreational Equipment Inc.

Merchandising 11

Merchandising Retail Reis Discount 11

Harvard Business Review

JUNE 22, 2016

PwC has observed that niche products, experiences, and services uniquely suited to individual tastes, interests, and aspirations have become “the new consumer indulgence.” Ikea uses its warehouses to stage fully furnished rooms where people can experience its products in situ and get decorating ideas.

Retail 9

Retail Discount Reis Supply Chain 9

Harvard Business Review

FEBRUARY 28, 2011

A smarter approach is to reward fans by, for instance, providing Facebook-only discounts and sneak peeks at upcoming products. Last year REI drove traffic to its stores by offering $1 donations to charity for every check-in, with a ceiling of $100,000. American Eagle has offered 20% discounts to customers who check into its stores.

Retail 15

Retail Discount Reis Merchandising 15

Harvard Business Review

MAY 22, 2013

The quintessential example is the quirky local book store, which sells antiques, unusual knick-knacks, offers free Wi-Fi, and hosts a café — an eclectic mix of experiences enriched by products, services, and community that trump online retailing. But this approach has many limitations, chief among them is that it''s hard to scale.

Retail 8

Retail Reis Merchandising Download 8

Harvard Business Review

FEBRUARY 3, 2015

And the merchandising vice president had difficulty understanding why “product” was one of the categories we were discussing. REI’s brand platform is the excitement and adventure of the outdoors; Chick-fil-A’s is exceeding customers’ expectations with a servant’s spirit.

Brand 8

Brand Reis Objective Merchandising 8

Harvard Business Review

JUNE 23, 2014

A better look at the merchandise, and the benefits of touch and feel – but even more, for expertise that could guide their choice. Backcountry.com and Zappos, for example, are excellent online retailers, but they haven’t displaced REI or the local shoe store, because people value that hands-on expertise. Design for empathic expertise.

Retail 8

Retail Reis Price Banking 8