Carman Wenkoff

We are still using cash and this article indicates that retailers are resigned to continue to accept cash for the long term. What are the industry-wide options to eliminate the need to continue to use cash for retail transactions? Why do we want to get rid of cash? · It’s legal tender and anyone that has it owns it, even if it’s not theirs. There is no protection against loss. · Retail stores are exposed to hold ups and internal theft. Cash is the first to disappear from cash drawers. · Cash purchases are used by criminal entities to ‘cleanse’ illegally obtained cash. Who needs cash, anyway? There are two groups; those who only have access to cash and those who would like to not need cash at all. · Those who have not established a checking or a credit card account, also referred to as ‘the underbanked.’ · Those ‘fully banked’ who would like to tip the doorman, parking lot attendant, or crew at the carwash. What optional payment types are available to deal with the question? There are several ‘instruments’ that obviate the use of cash, if not the occasional need for cash. · Credit cards · Debit cards · Gift cards · Electronic payment instruments backed by Debit/Credit cards such as Venmo, Zell, Google Pay, Apple Pay, etc. For the occasional cash tip, alternatives exist but are not widely embraced. In some segments (think carwash), customers could add a tip electronically. But the employees entitled to the tips, would rather count the cash at the end of a shift than rely upon their employer to add the electronic tips, divide them proportionately, and include that amount in the employee’s paycheck. In parking garages, the customer could leave an electronic tip for the group using a smartphone and, again, the garage management would divide the tips proportionately. What to do about the consumer demographic with no checking or credit card account? For many retail stores, this is not an issue. Its customers don’t use cash, or could be persuaded to not use cash without relying on credit e.g., use a debit card. For a significant many other establishments, whose customer is the underbanked demographic with little or no access to credit, the elimination of cash today would be a big problem. One solution could be a stored-value card, that this demographic would purchase at no cost, with cash, at a kiosk or at a bank, and use as then-accepted tender at all No-Cash retail stores.  The challenge, of course, is for the banking institutions issuing these cards to make money without charging for the card, or maybe charging a minimal, nominal fee. The banks are not there yet. The retailers forced to accept cash are not there yet, although they might want to be. The technology is available but not implemented. Conclusion As with many changes and evolution we have witnessed in relatively few decades, the financial and payment-systems businesses will figure out the solution to having a truly cashless society, aided by retail trade groups.

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So, what's up in retail this week? Fresh off the press from yesterday, Walmart have just released a report, their first First "Annual State of Adaptive Retail Report". They've surveyed over 2000 US respondents to capture the latest, it's packed full of insights highlighting 4 key trends 👇 🔎 "Next-Gen Conveniences Powered by Curated Choices": 52% of shoppers want a tool that recommends the best products for them based on their actual space or body. 📺 "Multi-taskers Drive Everywhere Shopping": 56% have made purchases while watching TV in the past 6 months. 🔄 "Moving Beyond the Blend": In store experiences are wanted in online experiences (vice versa). 57% of millenials favor trying on clothes virtually over trying on clothes in a traditional dressing room! 💰 "Channel Indifference Starts with Value": customer are becoming more channel agnostic, whilst the fundamentals of competitive price, quality and security remain fundamental. What's your take on these insights? Dive into the full report here: https://lnkd.in/d9-q3G2Q #retail #ecommerce #virtualtryon

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As inflation continues, Shoppers are trying to stretch their budgets and Grocery Retailers are trying to optimize investment and maximize profits. Private Label can meet both needs! Let Columbus Consulting International define your Category Strategies to ensure you have the right Private Label Assortment and Pricing for success!

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Retail Resilience : Navigating Modern Cybersecurity Challenges The title of my presentation today at the 2024 Cyber Protect Leaders Conference. Great questions and interactive session. Thank you for having me.

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What will shopping feel like in ten years? It’s a question I’ve been thinking a lot over my nine years at Walmart. Retail has evolved from basic transactions to personalized experiences where customers expect to be fully understood. They don’t just want products; they want retailers to be partners, anticipating their needs before they arise. Driven by purpose, led by people and powered by tech, we’re not just keeping up with this evolution—we’re leading a new era of #RetailThatAdaptsToYou. And how are we combining technology and human intelligence to shape the future of retail? Tune in below. #RetailTech #AdaptiveRetail #FutureofRetail

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Thanks Parvez Musani for sharing this. A must read playbook for everyone in Retail. I like what I see on Slide 10 ;)

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I recently discovered Walmart's Walmarche concept, and am eager to see how it performs. Recently, Diane Von Furstenberg launched an exclusive collection of 200 clothing, baby, and household items at Target, priced between $5 to $50. This collaboration is part of Target's exclusive partnerships with designers, providing consumers affordable access to otherwise high-end collections. Target's online and in-store presence has been a successful distribution channel for renowned designers like Alexander McQueen and Jason Wu. Walmart is now following a similar strategy with its Walmarche concept, aiming to attract high-income shoppers by offering upscale products at lower prices. This move, which includes a pilot merchandise mix and the introduction of high-end food options, seems vital as Walmart faces competition from Amazon and a decline in its share of retail spending. Amid shifting consumer spending patterns and the increasing popularity of affordable fashion and home furnishing options, Walmart is trying to appeal to a broader consumer base and regain lost ground against Amazon. The company's focus on attracting higher-income consumers and expanding into new product categories reflects its response to changing market dynamics and evolving consumer preferences.

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Target driving sales with new private-label beverage brands -  Target's food strategy? To celebrate it, not just sell it - Target generates 23% of its total sales from food and beverage and is leaning into the segment with its new value-focused dealworthy store brand while planning to introduce 2,000 new food and beverage items this year. The moves are leading a company shift "from not just selling food to actually celebrating food," said Rick Gomez, chief food, essentials and beauty officer, said of the retailer's grocery strategy. Full Story: The Associated Press (5/28) - https://lnkd.in/eQZ9u-jG #target #privatelabel #beverages

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High credit card fees, $172B last year, add inflationary pressure and slows merchant growth according to retailers - Retailers urge Congress to address credit card fees - US retailers are facing increasing economic pressure due to high credit card swipe fees, which totaled $172 billion in 2023. NRF urged Congress during a Senate Judiciary Committee hearing this week to pass the Credit Card Competition Act, which would provide for more competition and help alleviate the costs for retailers and consumers. "Arbitrarily high swipe fees are adding inflationary pressure to the US economy and prevent retailers and other merchants from growing their businesses," said NRF's David French. Full Story: Retail Insight Network (11/22) - https://lnkd.in/eZWEYXr3 - #creditcardfees #creditcompetition #highswipefees

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The battle for units is on and price has never been more important. Walmart, the value leader, focus on Roll Backs is all the proof and validation any Retailer should need. To make sure Retailers, you're getting your fair share of CPG support (note: almost all Rollbacks are funded) you must make sure you have updated: 1) Pricing Strategy 2) Category Strategy and Roles 3) Optimization/AI-driven decisions 4) Merchandise Plans and Calendars 5) Financial KPIs Let Columbus Consulting International help with the above and maximize your price investments!

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Brand leaders, don’t wait to develop and implement your Walmart eControl strategy—even if you aren’t intentionally selling there. Walmart.com has become a formidable force in the eCommerce space and activities on the platform quickly impact other channels. Learn more about the key stages of channel control on Walmart and how Vorys eControl can help your brand today. https://lnkd.in/e9rPcBSP #econtrol #vorys #walmart #ecommerce

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⚖️ 🛒 The ongoing legal battle surrounding Kroger’s proposed $25 billion acquisition of Albertsons is drawing significant attention due to its potential impact on the grocery sector in the United States. This merger, if allowed, would constitute the largest supermarket merger in U.S. history. The Federal Trade Commission (FTC) has strongly opposed the merger, arguing that it would stifle competition, lead to higher prices for consumers, and diminish the bargaining power of grocery workers. On the other hand, Kroger contends that the merger would enhance their ability to compete with retail giants like Walmart, Costco Wholesale, and Amazon while promising lower prices and better deals for consumers. 💡🔎 Read the complete article from Complex Discovery OÜ's antitrust beat at https://buff.ly/3MqWXhQ. #Antitrust #FTC #GroceryWar

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Frictionless grocery shopping is evolving fast, with one solution boasting a 60% reduction in shrink from theft and error. https://lnkd.in/gSnc6TYg #RetailTech #FrictionlessShopping #Innovation #ShrinkReduction #SmartRetail

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A new survey provides insight into retailer supply chain concerns for the upcoming holiday season https://lnkd.in/efcnK5C2 More than one-third of the retailers surveyed will be implementing the latest automation technologies to manage last-minute order surges (42%) and hedge against rising costs (35%) #retail Chain Store Age

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Kirsten Chang provides a nice summary of today’s retail/consumer sentiment - spending, saving, and more… Get the “Retail Detail” here: https://lnkd.in/g-uRQY9C It’s a fast read with great #data and ways to play with #ETFs. All 👀 on earnings! TMX Group VettaFi

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The National Retail Federation (NRF) announced on Tuesday that it anticipates retail sales for the upcoming holiday season (Nov. 1 to Dec. 31) to rise by 2.5% to 3.5% compared to last year’s figures, reaching approximately $980 billion to $990 billion. Last year’s holiday sales saw a 3.9% increase from the previous year, according to NRF. Jack Kleinhenz, NRF’s chief economist, explained via email that the expected slight slowdown in growth could be attributed to lower prices for consumer goods, which, while beneficial for shoppers, might reduce retailers’ revenue. Additionally, last year’s stronger spending and wage growth also play a role in this forecast. https://cogniz.at/3NF1MVr

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This article provides 3 valuable tips for hiring a quality retail staff. Retailers facing challenges in this area will find the insights shared in this article extremely beneficial. One tip that Walmart has incorporated is a custom #assessment into hiring for retail associates. It gives potential employees an idea of what they can expect in the role, I call it a "day in the life of" and, if that is what the potential candidate is looking for in a job. If not, it weeds out those people who might not fit the role you are hiring for or those who might not have understood what their job would As a result of implementing this, Walmart has seen: 400,000 new hires in four months. 100% of candidates would recommend applying. 95% completion rate. Thank you Judy Mottl for sharing this timely and informative piece. Check it out below. #Retail #Staffing #HiringTips #retailer #training #associate #retailstore #popup

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I came across an interesting article in Progressive Grocer about the future of Retail Media. The article may be short, but it is well-informed and makes excellent points. If you're curious about what the future holds for retail media, I highly recommend giving it a read. Let me know your thoughts on it! https://lnkd.in/en2tThXa?

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