Great news: Tableware Today, the bi-monthly print magazine dedicated to our industry, will be publishing our Leaderboard results on the last page of each coming issue.
This article below will appear in the October/November 2024 issue of Tableware Today and explains our inspiration for the Leaderboard.
The Wall Street Journal recently shared how the used car market has improved in the last 20 years because much of it is now conducted online. When car buyers use the web, they’re more likely to save money (about 2%) and dealers can, in theory, make more with dynamic pricing (about 2%) thereby giving each party a win. Unlike 20 years ago, when we didn’t have smartphones, today 95% of used car purchases start online. While 31% of used car purchases were completely in-person, ...
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Why only 30% of wedding gift givers will come into a store in 2030--and how we can help prepare for that
July 23, 2024
Tableware Today’s Editor Amy Stavis invited me to pen the Last Word column for the August / September issue. I start by comparing e-commerce trends for selling automobiles to selling dinner plates. Online sales in both industries have swelled in the last 25 years. (I entered the e-commerce business at the right time—in 2001.)
I predict that 70% of wedding registry gift givers will never set foot in a physical store by 2030. Currently, that number is at about 50%. If we do in fact ...
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I’m going to presume you know Taylor Swift, the pop superstar with widespread public appeal and a vast fan base, who has influenced not only the music industry, but popular culture, politics, and economics. Her recent $5 billion Eras tour had a fiscal impact greater than 50 countries. The Taylor Swift economy has reached every town in America, measured in national retail sales figures, global inflation, and municipal economic bumps where concerts were held. The Swift microeconomy reaches ...
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How AI, e-commerce, and shopping local come together with new tools.
May 28, 2024
This morning I greeted our team by saying, “Good morning, Scooby-Doos of website sleuthing.” I then wondered what the Scooby-Doo van would look like with the words “Shop Local” on it. In the past, one would spend time to make this mock-up in Photoshop. My colleague Mark was able to make the desired image in minutes using the AI tool Copilot and no Photoshop.
The ease with which one can use AI to make new images and envision ideas will impact retail. ...
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How social media influencers with the help of Amazon are bypassing brick-and-mortar retail shops
May 23, 2024
Kiara Springs, a 25-year old, is part of a new retail trend, shares The New York Times. She sells about $10k/month online but doesn’t own a brick-and-mortar retail store, pay a landlord rent, go to the wholesale markets, or have a POS system. Her “sidewalk” to get traffic is TikTok, and her “POS” is Amazon. Her “stockroom” is the brand’s warehouse. She has an Amazon affiliate account and goods are drop shipped.
How online trends in the used car market parallel those in the wedding registry market. Online gift giving predicted to increase at the expense of in-store giving by 40% by 2030.
How online trends in the used car market parallel those in the wedding registry market. Online gift giving predicted to increase at the expense of in-store giving by 40% by 2030.
May 7, 2024
Jinjoo Lee in The Wall St. Journal shares how the used car market has improved in the last 20 years because much of it is now conducted online. When car buyers use the web, they are more likely to save money (saving about 2%), and dealers can, in theory, make more with dynamic pricing (about 2%)—thereby giving each party a win. Unlike 20 years ago, when we didn't have smartphones, today 95% of used car purchases start online. While 31% of used car purchases were completely in-person,...
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How a drawing on a bar napkin led to a software platform that processes trillions of calculations
April 15, 2024
In 2007, while sitting at the pub Moran’s with a beer, I drew a sketch on a napkin that would change our business. I drew a software model that would allow an indie store to instantly show (and sell) thousands of products online—without any labor. (The secret sauce: The respective brand would do the product update work for the merchants.) The immediate goal was to help my two retailers more efficiently load products onto their websites (and save me the boredom of doing it).
We watch trends to share them with our members and help them capture orders. Forbes shares 35 helpful e-commerce statistics and we picked out a few highlights for you below:
Key Statistics:
20.1% of retail purchases are expected to take place online in 2024.
By 2027, 23% of retail purchases are expected to take place online.
E-commerce sales are expected to grow 8.8% in 2024.
52% of online shoppers report shopping internationally.
What your business can learn from the celebrated economist Daniel Kahneman
April 3, 2024
Daniel Kahneman, the celebrated economist, passed away last month. The Nobel Prize and Presidential Medal of Freedom winner gave us insights into the economics of the mind, such as people fearing loss more than gain, making short sighted decisions, and overly relying on feelings.
We can often use Mr. Kahneman's insights in our business's daily operations.
Many years ago, as a new assistant at Lord & Taylor, the buyer cautioned me to not get too attached to people or merchandise. His wisdom was not cold-hearted, but a cautionary tale to keep emotional attachments in check. I was there to deliver strong financial results and if something wasn’t selling, I shouldn’t harp on it, but mark it down and move on. And, as far as work relationships were concerned, I should be a good coworker but not get attached to colleagues.
Jim Shreve made Baccarat hip. Now, he and his longtime partner, Mark Brashear, along with Sally Burnside, the former Baccarat sales V.P., intend to do the same for DeVine Corp., the 32-year-old distributor of elite European brands. You're invited to the opening!
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Congrats to you all. This is very exciting. Tim, we’ve known each other since before you started DeVine Corp., 32 years ago. You’ve been looking for the right opportunity to retire. TIM ...
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Designer Don Estabrooks just may have the most compelling flatware portfolio ever. The longtime Towle Silversmiths designer joined the company in the mid-’60s and has created hundreds of flatware patterns in an almost six-decade (and counting) tenure.
Perhaps his greatest achievement is Wave, which debuted in 2004 to rousing fanfare and has been at the top of the charts ever since. Chris Wile, another longstanding staffer (33 years), is president of Lifetime Brands/Metals (which owns ...
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