Qualitative Analysis: Literature Review
“Macy's new CEO has 3 major problems to solve” by Mallory Schlossberg
This article published on Business Wire ultimately provided direction for pursuing our chosen research topic. In the article, the discussion is centered around major issues that department chain Macy’s is currently facing in the retail landscape; thus, highlighting our research question one (1). Three major marketing problems are addressed within the article, namely shrinking in-store customer traffic, a loss of premiere positioning and excessive discounting. According to CFO Karen Hoguet, “The number of transactions declined 7% in the quarter, which is far worse than what was experienced last year" (Schlossberg, 2016) by cause of …show more content…
Even though online shopping has become more prevalent, according to the article, it accounts for less than 10% of stores revenues. Thus, making bricks-and-mortar stores prevail as the dominant revenue-generating medium for the future. Additionally, this article describes how bricks-and-mortar stores are adapting to the evolving technologies and digitization of the world. By combining in-store shopping with technologies, stores can enhance the customer experience, better track their customers and create a differentiating value proposition. Moreover, it is evident that such updates would allow Macy’s to better suit the evolving needs of consumers and enhance their overall experience. Technologies include, interactive hangers that exemplify potential outfits that are displayed on a screen for the consumer. Additionally, tablet technology can be utilized to tailor the shopping experience to everyone and provide suggestions to the consumer and lead them efficiently to items that suit their needs. These technologies allowed us to gain a better understanding of how Macy’s can resolve the issue of shoppers’ being overwhelmed in the large department …show more content…
More specifically, the rapid development of information technology has brought forth the Internet of Things (IoT), a paradigm where typical objects are incorporated into technology. Key examples of IoT in the retail setting are object identifiers, such as Radio-frequency Identification (RFID) and interactive displays. Moreover, value co-creation is highlighted and occurs when customers utilize IoT technology during retail shopping, which then creates motivation for continued and consistent use. The study also referred to the antecedents of perceived value co-creation, which can be useful when determining a recommended solution for Macy’s. The antecedents for perceived value co-creation include, superior functionality, aesthetic appeal, ease of use and presence. Lastly, some implications with IoT are described as, technology anxiety and personal interaction. Therefore, it is assumed, for retail stores, such as Macy’s, to successfully implement IoT technology, personal assistance must remain available for people who prefer human
“Macy's new CEO has 3 major problems to solve” by Mallory Schlossberg
This article published on Business Wire ultimately provided direction for pursuing our chosen research topic. In the article, the discussion is centered around major issues that department chain Macy’s is currently facing in the retail landscape; thus, highlighting our research question one (1). Three major marketing problems are addressed within the article, namely shrinking in-store customer traffic, a loss of premiere positioning and excessive discounting. According to CFO Karen Hoguet, “The number of transactions declined 7% in the quarter, which is far worse than what was experienced last year" (Schlossberg, 2016) by cause of …show more content…
Even though online shopping has become more prevalent, according to the article, it accounts for less than 10% of stores revenues. Thus, making bricks-and-mortar stores prevail as the dominant revenue-generating medium for the future. Additionally, this article describes how bricks-and-mortar stores are adapting to the evolving technologies and digitization of the world. By combining in-store shopping with technologies, stores can enhance the customer experience, better track their customers and create a differentiating value proposition. Moreover, it is evident that such updates would allow Macy’s to better suit the evolving needs of consumers and enhance their overall experience. Technologies include, interactive hangers that exemplify potential outfits that are displayed on a screen for the consumer. Additionally, tablet technology can be utilized to tailor the shopping experience to everyone and provide suggestions to the consumer and lead them efficiently to items that suit their needs. These technologies allowed us to gain a better understanding of how Macy’s can resolve the issue of shoppers’ being overwhelmed in the large department …show more content…
More specifically, the rapid development of information technology has brought forth the Internet of Things (IoT), a paradigm where typical objects are incorporated into technology. Key examples of IoT in the retail setting are object identifiers, such as Radio-frequency Identification (RFID) and interactive displays. Moreover, value co-creation is highlighted and occurs when customers utilize IoT technology during retail shopping, which then creates motivation for continued and consistent use. The study also referred to the antecedents of perceived value co-creation, which can be useful when determining a recommended solution for Macy’s. The antecedents for perceived value co-creation include, superior functionality, aesthetic appeal, ease of use and presence. Lastly, some implications with IoT are described as, technology anxiety and personal interaction. Therefore, it is assumed, for retail stores, such as Macy’s, to successfully implement IoT technology, personal assistance must remain available for people who prefer human