A retail client recently decided they'd like to delete some past wedding registries to "save money." This raises the question, "Does deleting old registries save money?" We assessed the question and found that deleting old registries likely doesn’t save a retailer money. The reason is that it costs more to replicate our automated marketing efforts with more costly manual efforts.
Your registry service has built in email campaigns for each gift registry list. These campaigns promote your store in an automated and affordable manner. The campaigns often cost under $.0.42 per recipient—about half of what other email marketing campaigns cost.
Details
Your software sends out an anniversary reminder email to a customer that gave a gift for that registry.
Cost Per Email Sent
Let’s assume that a registry received 100 purchases. ...
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We are now expanding our online registry services to include babies & pets!
Stop by to see us at 121 Main Street for more information, or set up a virtual shopping experience!
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How registrants can invite friends to open a registry at your store via text.
May 24, 2023
Your Shop Local Store has a new feature: Registrants can now invite friends to open a registry at your store. The new "Help a Friend" feature on registry lists allows registrants to send a text message to their friends with an invitation to open a registry.
In the example shown, we see a registry list at Luxury Gift Shop. In the "Help a Friend" box, the registrant can click the "See Details & Invite Friend" link to refer their friend to your registry service....
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What Crocs can teach us about gaining new customers and keeping them happy.
May 15, 2023
About 15 years ago, I bought a pair of Crocs sandals in Myrtle Beach, SC. Not only were they hot pink, but the insole was traffic cone orange. My buddies hated them, but oddly others loved them. The sandals were affordable (maybe $20), comfortable, and a conversation starter.
According to last week’s The New York Times' profile on Crocs, I’m one of tens of millions of happy Crocs owners. This happiness is profitable:
Before May 31, 2023, send an email to your retailers inviting them to join you on Shop Local's e-commerce platform. We’ve written for you a sample email template you can send to them. Please find that template below. You can copy this template and send it using your email program (Outlook, MailChimp, etc.).
When you send your email, please BCC [email protected] or forward it after you send it.
I'm giving you a $200 finder's fee when you refer a store.
When you refer a store, the store will receive $268. It will receive $100 towards a wholesale order with your brand and a $168 credit towards their registry service with us. (My company is paying the $100 wholesale order credit.)
This offer is good through May 1, 2023.
Summary: you give a store $268 and you get $200. (Bridge ...
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How setting goals for our new members can help them be more successful.
January 31, 2023
When growing our network, we consider what it takes to keep existing members and grow into other industries. Andrew Chen in The Cold Start Problem reports that Facebook famously wanted a user to get 10 friends in a week because then the person would likely use the service. Similarly, Slack said users with about 10 connections tend to become active users. My company currently doesn’t have such new user benchmarks and we need to develop them.
Adding New Retail Members to the Product...
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How having the right defaults makes decisions easier for clients and helps them be more successful.
January 27, 2023
When you look at your driver’s license, it lists if you’re an organ donor. Twenty years ago, only 20% of people were donors, but today 80% are—thereby saving millions of lives. Did people become more kind? No, the question on the application was changed from opt-in to opt-out. People signing up for or renewing a license are now by default enlisted in organ donation. Lesson: the right default answer in medical care can save millions of lives. Similarly, the right defaults ...
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Our retailers recently told us that customers are calling and asking about non-existent brides, and brides are asking about non-existent registry gift lists (e.g. wedding registry lists, baby lists).
We investigated the issues and below is what we found.
What is Happening:
We found that many of these purchases are coming from registrants that open a ‘universal registry’ on websites such as Zola or MyRegistry. These universal registry services allow the registrant to add ...
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Our retailers recently told us that they were confused by strange registry orders. The stores are receiving gift registry orders on their sites but the retailer does not have a registry for the gift recipient at its store. Customers are calling and asking about non-existent brides, and brides are asking about non-existent registry gift lists (e.g. wedding registry lists, baby lists).
We investigated the issues and below is what we found.
What is Happening:
We found that many of...
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I'm giving you a $200 finder's fee when you refer a store.
When you refer a store, the store will receive $268. It will receive $100 towards a wholesale order with your brand and a $168 credit towards their registry service with us. (My company is paying the $100 wholesale order credit.)
Summary: you give a store $268 and you get $200. (Bridge covers the $468.)
In the book The Cold Start Problem, Andrew Chen says that the 'network effect’ is really three effects:
The acquisition effect
The engagement effect
The monetization effect
In the beginning, a business seeking to build a network has to concentrate on acquiring users, even if they are non-paying. Companies often give away the service, especially software companies, and we can see that with Facebook, Slack, TikTok, and many others. Bridge didn’t do ...
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When I was a kid, my mom instilled in me a lesson to always get paid for my work. When I went to mow a lawn or do my newspaper route, she’d remind me, “Be sure you get paid.” As an adult, these flashbacks are vivid like a scene from Citizen Kane—just swap out the Rosebud sled with my newspaper delivery bike. Today, this lesson still resonates when running Bridge. When calling a store that hasn’t paid its Bridge bill, I’m confident in asking ...
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In this e-commerce age, a store being found on page 1 of Google is very important. Online advertising has become much more expensive recently, making being found even more important. Being found in Google saves the store on costly advertising.
Sometimes a potential client asks me if their store uses Bridge Store software, will their store rank higher in Google? The answer: Yes. In this example, we Googled "gift registry texas." We see that Bridge retailers claimed ...
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Bridge has added a new feature to your store's wedding registry service. We have added checklists to each registry.
These checklists will help your store:
Save time.
Sell more gifts.
Make customers happier.
Details
Bridge has given each of your wedding registries two checklists:
Your store receives an internal, private checklist for each registry. The registrant can’t access this.
The registrant receives their own checklist. You can also
About two weeks ago in Charleston, SC, in spin class where I sounded like I was getting a hair transplant, I enjoyed being at once together with my friends in the class and yet competing with them. When they peddled harder and stood up, I wanted to also. Our competing didn't mean that there was one winner and everyone else lost. It wasn’t a zero-sum game. In that spin class, we all won. After that class, we all felt great. Competition is an ...
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An article in today’s Times cites the high cost of acquiring customers, which ranges from $100 to $800. Excerpt:
“Estimates of an often-cited retail metric known as customer acquisition costs range from $100 to more than $800 per customer, said Daniel McCarthy, a professor at Emory University’s Goizueta School of Business, who has done extensive research in the field.”
Physical retail is one of the most expensive ways to acquire customers. An online ...
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I think that Zola, an online provider of gift registries, may be harming local stores. Zola allows brides to pick things from any site, such as an indie store’s gift registry. Zola may then encourage the registrant to bypass that local store and use those gift funds with Zola. This is an issue because Zola has handled more than 650,000 registries, and its revenue is estimated to be $130m. Millions of dollars may have been diverted away from indie, brick-and-mortar stores to Zola&rsquo...
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