Presentation on theme: "Since 1902 NCRMA has provided legislative advocacy and educational support to retailers across the state. NCRMA is the only association in North Carolina."— Presentation transcript:
Since 1902 NCRMA has provided legislative advocacy and educational support to retailers across the state. NCRMA is the only association in North Carolina dedicated solely to promoting the best business climate for retail and to providing retail learning and networking opportunities. Only 5 Presidents in our 112 year history Assistance or leadership on over 100 pieces of Legislation Donated over $400,000 to NC Food Bank Direct on-going ‘This is Retail NC’ PR campaign
Importance of Retail to North Carolina Economy and Jobs Review of Retail in 2014 Forecast for Retail in 2015 Most Important Trends in Retail Staying Relevant via Omni-channel adoption
1 in 4 jobs in NC is in Retail (stores, distribution centers, and headquarter locations) Retail is the largest private employer in NC Retail offers millions the opportunity to work while pursuing a degree, or raising a family 80% of college students work while in college, the majority of them work in retail
Retail 2014 Total retail sales for the fourth quarter of 2014 were estimated at $1,187.2 billion, an increase of 0.1 percent (±0.2%)* from the third quarter of 2014 Total retail sales in 2014 increased 3.8 percent (±0.5%) from 2013 Retail Review and Forecast by the Numbers Retail 2015 Forecast Looking ahead, we expect retail industry sales, excluding automobiles, gas stations and restaurants, to grow approximately 4.1 Wild cards for growth-Interest rates, continued low price of gas, international issues.
Important Trends in Retail Retail in 2015 will continue to be driven by the needs and preferences of two prominent generations: baby boomers and millennials. "By the next decade, the Millennial generation, roughly ages 18 to 34, is expected to displace the baby boomers as the nation’s biggest consumer buying group, generating a projected $1.4 trillion in spending by 2020, according to Accenture research. BARBARA THAU,BUSINESS REPORTER, FORBES The opportunity cost of not being omnichannel today, according to recent research in the RIS/EKN Customer Engagement Tech Trends Study, is 10% in lost revenue. For every retailer it is a lot of money, and for this reason omnichannel tech projects will be a top priority in 2015. Consumers don’t distinguish between channels. They are channel blind, therefore they expect the same service, products, offers, and pricing online as they do in-store and on mobile. This is why merchants need to make sure that their retail propositions are consistent across all channels.
Omnichannel is about giving customers an experience across all mediums that is consistent to the brand and to the experience. How do you do this? Develop a culture and a brand Communicate that through-out your store Give customers reasons to be loyal-use their emotional connection
ABILITY TO ENGAGE BEYOND THE IN-STORE EXPERIENCE In-store promotions E-newsletters Interactive website, social media Create partnerships
Marketplace Fairness Taxes level the playing field between companies who operate here, and companies that just ship in and skip out on taxes. North Carolina loses $300-$400 million dollars per year in sales tax Without Marketplace Fairness, each NC brick and mortar starts off with a 7% disadvantage on each sale… Join the Fight-Call your Senator and Representative
Retail Refresh May 8, 2015 Winston-Salem Marriott Promoting and Protecting Your Business Online Reputation Management (Yelp reviews, etc) Legality of online advertising Social Media-Who needs it most and what platforms Visit www.ncrma.org to registerwww.ncrma.org
Jeanne Eury Director of Membership, Member Services North Carolina Retail Merchants Association (919) 832-0811 Jeannee@ncrma.org www.ncrma.org @NCRMA On Facebook: NCRMA (North Carolina Retail Merchants Association)