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Loading ...Four of the most over-used words/phrases by presenters at the National Retail Federation’s BIG show in New York this past week:
1) Silos. Apparently every department is now referred to as a “silo” that needs to be broken down because they are all so isolated. No wonder so many big retailers are in trouble.
2) Customer Centric. This term has been around awhile. It is a buzz word for capturing and analyzing all the data you can from your customers; demographics, where they are in the life cycle, shopping basket, et al. From that they can more accurately predict buying behaviors- though these assumptions have not been reevaluated since September.
3) Yes, I drank the Kool-aid. It made several presenters sound a bit delusional. I mean, didn’t the ones who “drank the Kool-aid” at Jonestown all die?
4) Fundamental shift. Tracy Mullin NRF’s CEO mentioned it twice, so did Wal-Mart’s Lee Scott along with a couple others. That a “fundamental shift” in consumer behavior during the holidays meant it was all about price as a lifestyle choice. Please people – it’s been three months, not three years. Retail sales excluding autos and gas dropped a bit over 1%. Let’s not jump to conclusions.
