Have you ever run across old photos while tidying and found that hours have passed while you were looking at them? This is a very common blunder, and clearly illustrates the point of tidying in the proper order, which is designed to help you hone your ability to distinguish what sparks joy. Clothes are ideal for practising this skill, while photos and other sentimental items are the epitome of what you should not touch until you have perfected it. Remember: you are not choosing what to discard but rather what to keep.
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Telegraph Lifestyle Women Life. Commit yourself to tidying up The KonMari method does require time and effort. To increase revenues, gain share, remain profitable, and manage capital investment effectively over the next 10 or 15 years, retailers must take aggressive action. Specifically, they should heed the following five imperatives.
Almost all retailers are investing in multichannel capabilities, as they should. Yet a more fundamental reinvention may be needed: Amazon, which most retailers view as a chief competitor, acts as a traditional retailer in only 35 percent of its customer transactions. Business-model evolution has been fairly common in other sectors—consider the well-documented shift of both GE and IBM from product- to services-based companies—but retailers have traditionally been slow to reinvent themselves.
As pressure mounts on traditional sell-through revenue, incumbent retailers too must find new profit pools. Best Buy is using its store space to partner with Samsung in more than 1, Samsung Experience Shops, a store-within-a-store format housed within Best Buy locations. To maximize the chance of sustaining long-term growth and profitability, retail executives should be thinking ahead: to win in the future, how much revenue should come from nonproduct sales? Beyond physical or digital shelf space, which assets could a retailer exploit? With the growth outlook now dimmed considerably, retailers must take a hard look at operating costs.
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We believe all retailers should address three cost levers: direct product costs, the indirect costs of goods not for resale, and labor costs. Managing direct costs through vendor negotiations remains important but is no longer sufficient. One retailer used a detailed cost teardown of its in-store technology hardware to reduce costs by more than 40 percent in several infrastructure-spending categories.
Retailers should continue to offshore portions of their support functions, such as finance, HR, and IT, but to remain cost competitive they may also need to offshore elements of core retail functions, such as merchandising and marketing analytics. The most successful retailers are also taking work out—not only shifting it to lower-cost models but also eliminating it altogether.
Are we managing the cost of core retail functions and back-office functions by considering a comprehensive set of efficiency levers? A negative response to either of these questions should spur action. As purchases migrate to digital channels, most retailers will need less physical selling space in stores. Although some formats such as groceries will be relatively unaffected, others such as consumer electronics and toys will be hit profoundly and could require square-footage reductions of half or more to deliver a compelling customer experience and economics.
Retailers are already seeing this phenomenon, and a real-estate rebalancing is under way as they reassess what should be sold through physical space; in alone, major chains shuttered approximately 4, stores in the United States, and newly opened stores are some 25 percent smaller than the average size of existing ones.
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We believe retailers should move quickly and take a hard look at future space needs and mobilize now to right-size their store networks. Those that rent space should negotiate to create flexibility through leases of shorter duration, in particular for properties with less certain futures. Real-estate implications also extend to space that will remain in the portfolio in the long term as it will play a different role than it has in the past. For many retailers, future store layouts will have to foster greater customer learning and experimentation.
Technology will need to be fully integrated into how stores and employees engage customers. And the lines between physical and digital must continue to blur—for example, as stores become fulfillment and return centers for online orders. To make informed network choices, we believe, retailers must take a long-term view of their real-estate footprint.
What will be required to enable new multichannel experiences? Beyond building stores, what asset-light expansion models are available when retailers look for growth? Forward-thinking retailers are leveraging the vast amounts of data they possess and building analytical muscle to enable targeted marketing, tailored assortments, and effective pricing and promotions. Gathering and analyzing data to understand the needs, preferences, and attitudes of growing consumer segments, such as Hispanics, baby boomers, and millennials, will be especially important, as will understanding individual consumers and customizing offers on a one-on-one basis.
Retailers should use advanced analytics to make offers and decisions that are targeted and localized, as well as delivered in real time.
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They should also be customized by location for instance, coupons that are targeted at regular coffee drinkers of a competing coffee shop a block away from where the consumer happens to be and shopping occasions say, an ad for a new bathing suit two weeks before a planned vacation.
Cutting-edge retailers are using them to tailor assortments at the store level, to anticipate changes in customer traffic patterns, and to determine optimal distribution routes, inventory levels, and allocations, simultaneously enhancing the customer experience and improving unit economics. A leading footwear retailer, for example, implemented a system that links inventory across channels. When a customer orders a pair of shoes online at full price, the system looks across the network for the store that has that pair in its inventory and is least likely to sell it at full price before the end of the season.
The system then balances the extra cost of shipping that order from the store against the expected markdown from continuing to hold the shoes in the store. This exercise determines whether the order ought to be fulfilled from a store or from a centralized warehouse.
In short, the system helps the retailer to make real-time fulfillment decisions that maximize expected profit. Retail executives should continually assess their investments in data and analytics to ensure that they are bringing new insights to the biggest business problems: what steps is the company taking to turn data into practical suggestions and actions to increase revenues, reduce costs, or free up capital? The retailer marketed several hundred different designs until the end of the program in , and many of these iconic kit homes still appear across the country today.
Call it revolutionary, but toasters only really started appearing in American kitchens in the s with General Electric's widely available model. Inventor Gideon Sundback received the patent for his "Separable Fastener" in The name "zipper" didn't take off until the '20s. Kellogg's iconic corn flakes started appearing on more grocery stores shelves in the s, and Nabisco officially introduced Oreos in MoonPies came about in thanks to a coal miner who asked a bakery salesman for a snack "as big as the moon.
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After the rise of impressionism in the lateth century, artists like Pablo Picasso and Salvador Dali pioneered brave new forms of expression that incorporated the abstract. Launched in , Good Housekeeping already recommended "Tested and Approved" products to about a half million subscribers in the s under the leadership of Dr.
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