Buzzworthy Insights – Employee Appreciation
Employee Appreciation Day was March 4th this year, as employees have been feeling overwhelmed due to a variety of issues, only 37% of employees feel appreciated by their bosses on a daily basis, according to a recent poll by OnePoll. As for why they feel unappreciated, the majority (41%) note that favoritism from management makes them feel the most unappreciated, 39% note lack of communication and recognition from management / higher-ups. As for who’s praise matters most, 38% note direct supervisors, closely followed by coworkers and CEO at 35%. To improve employee appreciation, money is still king as a third would like salary to increase, and 30% would like wellness and professional development stipends. Most importantly, 68% of people would not work at a company that had no internal advancement opportunities, with 77% noting it is important to allow employees this advancement within a company. (View source)
Shifting Shopping Habits
As inflation starts to rise and a mired of supply chain issues continue to persist, companies and consumers are reevaluating how they spend. With many companies not wanting to shell out the extra hundreds of thousands to get their products via air, like we saw around the holiday season, there are now more ships entering ports, causing increased congestion. For consumers, 81% are waiting for a sale or coupon to make a purchase, and 79% would purchase the next best option as prices steadily increase, according to a recent survey by Shopkick. As for how they are shopping, 56% of consumers have changed due to safety practices, and 44% changed whom they shop with. 59% of those who have changed where they shop at are doing so to shop at big box retailers such as Walmart. (View source)
In the wake of investors calling for Kohl’s to spin off their e-commerce, similar to what Sak’s did, Kohl’s is pivoting from a department store to a “focused lifestyle concept”. Outlined during the recent company’s investor day, Kohl’s newest endeavor will be opening 100 smaller stores in the next 4 years, looking to gain over $500 million in sales from these. As companies continue to develop their store-in-store concept, the benefits have been largely seen, especially with Kohl’s as they look to expand the Sephora footprint within their stores from 200 to 850 within the next year, expecting $2 billion in sales from these. Once the new Sephora’s are introduced, the stores will be getting a remodel that focuses on expanding active / athleisure assortments, omnichannel services such as self-checkout and self-return, and revamp loyalty programs, among other improvements to all aspects of Kohl’s business. (View source)
Dick’s Sporting Goods Transformation
After five years, Dick’s is finishing its transformation, posting an increase in net sales of 28.3% compared to 2020, reaching $12.3 billion, in addition to posting their highest ever quarter in Q4. Apart from almost all other businesses, Dick’s strategy has been to continually invest in the in-store experience, including technology that they have introduced in their new store concepts, such as golf simulators and batting cages. Many retailers have been reducing the amount of Nike products they are receiving, Dick’s CEO Lauren Hobart is committed to long-term growth with Nike as the results from tying the two companies’ loyalty programs together have been “encouraging”, noting they have become an “incredibly strategic partnership”. Dick’s private labels will also be expanded as they accounted for $1.7 billion of sales in 2021, representing the largest brands in golf, team sports, and fitness. (View source)
Who’s Entering the BNPL Space? Really?
BNPL growth has exploded in the wake of the pandemic and increasing prices. The next company to join the fray may surprise you, Dollar General. Named “Spendwell”, in partnership with InComm Payments and MetaBank, Dollar General is offering bank accounts and Visa cards at any DG store or through their dedicated online platform. In addition, they are introducing a BNPL test platform via the Sezzle platform, and new card reward options. Consumers will be able to quickly sign up via the app for BNPL services, receiving spending limits and additional information immediately after signing up. (View source)
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