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Pinterest's retail partnerships team at Pinterest has been sharing data with participating retailers “on a weekly basis," said its head of retail. The social media platform has been giving brands ideas on the kind of content customers are searching for on the platform.
Reservation platforms like OpenTable, Resy and Tock have modified expanded their toolsets, resulting in a new category of retail appointments. As restaurants are either closed or relying takeout only, these back-end services are scrambling to pivot their offerings to survive the year. “I think retailers are going to turn to appointment based visits indefinitely,” Tock CEO Nick Kokonas said.
Over the last three month, consumer behaviors have shifted -- and the strategies behind retail expansion have changed dramatically. At this week’s Modern Retail +Talk, Iris Nova’s founder and CEO Zak Normandin explained why the pandemic is a test for DTC brands that are hoping to maintain a brick and mortar presence.
From fitness and wellness, to snacks and lunches, employers are coming to terms with transitioning on-premise benefits to their teams virtually. To offset potential churn -- and even potentially add new clients -- some B-to-B players in charge of stocking startups’ kitchens and providing corporate gym memberships, are expanding what they offer to meet clients where they are. Here are some of the business changes brands have recently made.
California's soft store re-openings are being spearheaded by local businesses and smaller startups. The DTC brand Vuori, for example, is starting with curbside pickup but is already strategizing what re-opened stores will look like.
The mass adoption of contactless POS technology could finally take over. A growing fear of the virus spreading with credit cards and cash handling has pushed more merchants to implement touchless payment options.
Just because CAC is down, it doesn't mean aggressive marketing is right for everyone, said Mike Duda at this week's Modern Retail+ Talks. He explained what the new landscape means for DTC brands' future and how to think about longterm growth.
"Don’t grow fixed costs immediately and stay within the realm of keeping marketing costs flexible,” said CEO Keith Nowak, which comes in handy during inevitable global economic crisis.
For Bacardi, “For us this is part of our larger, long-term strategy," said Lorran Brown Cosby, vp of digital commerce at Bacardi North America.
Longevity in the coming year will require “re-imagining at home consumption,” said COO Brian Smith, with restaurants and hospitality down at the moment. Here are some takeaways about how the wine brand has strategized in this current economic climate.
Poshmark CEO Manish Chandra said Posh Stories, its version of the short video format, is expected to replicate the success that social shopping has achieved in markets like China.
Freshly for Business launched this week to provide employer-subsidized meal delivery for remote office workers. CEO Michael Wystrach thinks "many employees would rather get free meals instead of a desk," which can push the service to grow long past the pandemic.
Like other delivery-related trends, text-to-order may finally see mainstream adoption. "Every brand will have a website to feature products and phone numbers for customer service and transactions,” Iris Nova's Zak Normandin said.
Unlike most grocery retailers, the membership wall makes it harder for Thrive Market to tap into the current demand for Thrive Market. "Those coming in aren’t just looking for a short term delivery solution," said CEO Nick Green.
"Focus on storytelling right now," said Higgins. “DTC is predicated on having a one-to-one interaction," with the customer that can't be emulated if there is a middleman.
Apparel retailers faced numerous headwinds in the first quarter that dampened bottom lines including continued supply chain pressures and inflation. Moreover, apparel preferences are rapidly changing from stay-at-home basics to workwear and partywear.
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