RETAMA TASK NUMBER 3

1. It is important for a retailer to understand that as boomers age, they change their
shopping behavior. Can you provide one example from current events where a
retailer successfully adapted to this changing behavior? Can you provide an
example where a retailer hasn’t done a good job of adapting to these changes?
- Retailers did a very good job adapting in the current situation right now, teens are
more likely to stream movies and music online and the retailers came up with the
idea of Netflix and Spotify, it is now much easier to stream and safer because we
teenagers don't need to go out. For example, Improving the payment experience
through self-checkout kiosks and advanced digital payment technologies is
essential to keeping the millennial shopper. They use multiple devices to make
purchases and have started turning their mobile device into a handheld wallet.
The relentless focus on perfecting technology has set a new standard across the
industry that millennials now accept as the norm. Retailers must be able to
provide streamlined, user-friendly systems and processes in order to retain the
millennial. Another example, retailers such as Starbucks are winning over
millennial consumers with their mobile wallets – apps developed by stores which
make it easier for customers to pay while delivering additional perks such as
discounts or free drinks.

2. Which recent trend-parents returning to live with their children or children

returning to live with their parents-is going to have the most significant impact on
retailers? What can retailers do to take advantage of these trends?
- The impact of this trend to the children is that they are more likely to save more
money and just buy whatever product or services they want and this is an
advantage to the retailers because more children and parents can buy more
products.

3. How are retailers affected by the fact that today’s college students are graduating
with the highest amount of student debt ever? Can you give an example where
this will help a retailer? Will this hurt any retailers? Explain.
- When a student takes out a loan, they are asking to borrow a certain amount.
This can be acquired through a school or a private bank. However, depending on
 the type of loan that you take out, there can be steep interest rates attached to
that amount of money that they borrowed. After the students graduate, they have
to pay back what they borrowed, plus the increasing interest that is attached to
that original amount of money. It is because of this that most graduate students
get caught up in student loan debt. If recently graduated students are spending
all of their money on paying off their student debt, they are less likely to go and
spend money elsewhere.

4. Why should a retailer care about a customer after a sale has been made?
Explain.
- Retailers should care about the customer after they make a sale because it will
be very beneficial to them because they will achieve customer satisfaction and
customer retention. It generates loyal customers and increases brand value. Also
if a customer starts believing in the brand and gets associated with the
organization for a longer duration. They will also speak good about the
organization and its products and services.