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D2 - Evaluate how psychological and technological techniques are used to increase business success. 

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D2 - Evaluate how psychological and technological techniques are used to increase business success. 

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The retail industry can be extremely competitive; this is even if a company’s products are somehow unique. They must somehow make themselves different from the competitors in their market in order to stay successful. Some businesses see visual merchandising as something that is not needed within their business and do not understand how to use things such as window displays to impact brand loyalty and sales.

Visual merchandising is an area in which companies should invest in because there are a lot of different options available to consumers and your company/store is always being compared with a competitors so using interesting window displays catches the consumers eye and instigates that your business is doing well and considers its customers.

The best visual merchandising will be eye catching and will create awareness of the products on sale and translate to increase sales. Successful visual merchandising displays take into account what will motivate the customer most to purchase, they must also get into the consumers emotion as consumers purchase generally depending on their state of mind. People may visit your shop to enjoy a mind changing experience. Visual merchandising benefits from the front of the store. Windows should be organised, clean and colourful. For example, Nike has a very spacious organised and sophisticated window display which matches the characteristics of their target consumers. Inside the store, then treat customers to calm, relaxing scents and music to go with it to enhance their visit. It will attract consumers more as they will enjoy the relaxation of shopping in your store after a hefty, busy day at work which means increasing your customer base and gaining your annual profit a and reputation. Customers like to see how products work and how they can be used to help them towards a decision of purchase as it makes it easier for them to see themselves using it.

Technology has advance massively over the recent years which are a big advantage to businesses when it comes to visually advertising. Companies now have electronic display screens which are set up to display information and messages to consumers these are very effective as they can change and show different images and messages meaning nothing is too boring and held on there for song long and neither is any information out of date. This is done without any staff having to do anything; it is all on a timed lapse. This way businesses save jobs, time and most importantly money, so companies avoid hiring new people in and going through recruitment processes which costs time and money. These displays are a good way to promote your business as consumers will view you as more ethical as you are not using up loads of paper on posters and signage, but instead you are helping the environment by keeping everything online and staying environmentally friendly, this will help to diversify your business as the people who are involved in maybe community projects like litter picking etc will be drawn to your company too. Another way of technologically advertising is by having interactive touch screens which allow customers to gain a lot more information than they originally would. These displays are good as it allows the customer to see the product they were looking for, however in a new advanced, larger way, this avoids hard copies which get damaged just by everyday usage of the shop. A final Technological way of visual merchandising is by quick response codes in digital media. These are put in place to also speed up the process of a company’s day to day work whether with employees, customers or internally working together.

Overall, companies using technological techniques to attract customers are performing better as this is a highly advanced, new way of merchandising that consumers have rarely seen before and using these moving motion images helps the product to stay in the consumer’s brain as this is such an innovative way to advertise they remember your advert for a good reason. Likewise, with the screens, the consumer may think they have done something to be fortunate of being able to gather their information in this way.

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D1 - Evaluate the extent to which different visual merchandising and display techniques contribute to the success of two contrasting businesses.

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D1 - Evaluate the extent to which different visual merchandising and display techniques contribute to the success of two contrasting businesses.

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Tresham Institute of Further & Higher Education

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M2 - Analyse how psychological and technological techniques are used to increase business success.

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M2 - Analyse how psychological and technological techniques are used to increase business success.

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Gaining sales results means mastering and understanding all the intricacies of relationships. When companies learn to apply psychological techniques like persuasion and influence, you become experts at communicating the compelling nature to what you offer to the world. Using effective business psychology strategies in your marketing and sales creates satisfied, happy, loyal consumers. It is vital you consider these feeling right from when you begin the new prospect relationship to the moment you know you've just gained another customer.

Competition is the first factor of how a business succeeds. If a businesses aim's are to thrive to beat their competitors then it is most likely with this vision they will succeed. This includes great customer service, price beating products and great visual merchandising displays. If a company is located where many of it's other competitors are situated, for example, a busy town centre; this can be a disadvantage. This is because consumers tend to go into one shop look at the price of a product and then go to a different shop and check the price of the same product. Therefor, companies are constantly being compared and slated for their prices if they're at a more expensive rate, creating a name for themselves. In an environment like this, there is less chance of making profit, especially for a small business. However being based where your competitors are can come at an advantage too. It allows organisations to research on the competitor's price ranges, what type of products they're selling, they can constantly check their displays and think how they could make theirs better i.e. using more bright colours than they have and also just making it completely different in order for the companies display to stand out among competitors, and they can also report on how many sales they're getting and how much their shop is making every year. These are tactics which will help the business see what opportunities they have available and think of ways they can approach these, this leads to the company becoming more competitive and a threat to new entrants and to their other competition. Doing this will aid customers to be willing to know why the business is doing so well and is so popular.

The store location. Location is key it terms of business success and is one of the most important things to consider when opening a new shop/leisure center; this is because it can affect the way the business works and strives in many different ways. Factors such as sales are affected and if the business locates in an appropriate place where there is little competition however populated very well will increase the annual sales and revenue. Profit is what makes a business want to expand and move to different countries and become international this all means business success. An example of a company failing to locate their store effectively was Tesco. Being such a huge business in the UK and maintaining 28.2% of the UK grocery market share and an amazing customer base they came to the decision of becoming international in America. However there was not enough market research done and they struggled to understand the type of food that the community was interested in which then resulted in them loosing alot of time and money which could've been spent elsewhere in countries similar to the UK. On the other hand a business like Nike did research into the market and the most popular products in that region and they knew exactly how to meet the needs of the customers there and what clothes and shoes they thought was trendy.
Finally, store windows are used as an indicator to business accomplishment. When a potential buyer passes by the shop the first thing that catches their eye is the window display. If it is appealing they look at the precision and the different products on display. Having a display with an attractive theme and appropriate colours that looks inviting will turn potential customers into regular customers to bring in profit ans sales for the business. If the customer enjoys the product and the customer service was great, they will come back regularly, which increases loyalty, respect and a stronger customer base for the business to rely on. Companies such as Louis Vuitton take their displays very seriously and ensure they do not drop in standards and live up to their sophisticated expectations. They have an easily accessible website for the customers who do not want to come into the store for any reason like social anxiety, and they allow them to do their shopping online, including diversity and making sure everyone has an opportunity to shop in the store whether physically or online. The online websites show's the different ways that Louis Vuitton display their products across their stores and makes this web access available for them across the world increasing as much popularity as possible.

Technology affects a firm's ability to communicate to customers. Shipment offers allow businesses to move to more geographical areas. When customers use technology to communicate with the business, the business benefits because of more efficient communication which creates a stronger public image. Technological infrastructure affects the culture, efficiency and relationships of a business.

Interactive videos. These are a type of advanced technology which is the fastest growing. For example, at some River Island stores now has a virtual try-on mirror that has caused waves in the industry as it allows a customer to test different outfits on them without having to go into the changing rooms and try them on. This allows for research, testing and even customization of products in store. Mac also offers a similar service.
Another technique is mobile integration with in-store, visual merchandising can increase revenue. This factor includes two types; either customer facing or merchandiser facing. Customer-facing mobile integration sends notifications to a mobile phone and has the potential to transform customer experience to a different level which not many customer will have experienced as of yet. Visual merchandising and mobile integration trends is sending coupons and discount codes via notifications. Mobile visual merchandising software provides notification, analyses data and software tracks in order to be advanced with these software's.
Endless Aisles. Endless aisles allow customers to purchase an item which is not in stock and order this directly from the supplier. This means by creating a website to sell your merchandise on allows customers, from home, to view the products that are the exact same in your shop, sometimes more and browse through and order some for delivery if they look the look of something.

Interactive touch kiosks. Much like Asda, Tesco and many other supermarkets to date now have the 'self serve' counters. This allows customers to serve themselves and put through a transaction of their products without going to see a customer assistant. It allows consumers to be independent, and to skip long ques when in a hurry between lunch breaks. Helping cut out the unhappy customers who are stressing out over having to wait in the long ques when they have a time limit to be back to work, or an appointment in which they cannot be late for. It is more convenient for its target audience.

Digital glass. These are a great alternative to video walls and projectors. Offering better value and a better solution, digital glass gets rid of any un-neat join lines and creases for up to 8x3m. These displays can also be combined with infrared multi touch capability, creating and impressively large touch screen wall which will be sure to leave customers wowed. It will also give them a 3D insight into the product you are focusing on, and hopefully encourage them to buy it by doing so. This technique is not being used vastly at the moment and is only being introduced into a few shops like chain hairdressers and salons.

Interactive point of sale (POS). POS is the point where a transaction is put through your store. Companies must understand it's cash flow needs and preserve precious resources such as physical space and time. Warehouse technologies allow business owners to manage the storage costs of holding a product. This involves your customer assistants who must deliver great customer service in order to make consumers feel comfortable in making their sale with you and putting their trust in you to charge them at the correct price.  It's important to provide good customer service to all customers including new, existing, and potential customers. Although, it may take extra resources, time and money, good customer service often leads to greater customer satisfaction.

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M1 - Analyse the different approaches to visual merchandising used by contrasting businesses, supported by independent research. 

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M1 - Analyse the different approaches to visual merchandising used by contrasting businesses, supported by independent research. 

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Visual merchandising is a key term in retail. It is vital to discover a great visual merchandising strategy. Visual merchandising is an approach to attracting, motivating an engaging customers towards making a purchase. It is not story architecture but its actual physical storytelling boasting a strong brand-identity in store.

One approach to visual merchandising that the two different businesses I am analysing consider is how the range of products/goods is to be used in their displays. Merchandisers must consider whether to display one or more products. Louis Vuitton have displayed very little of their own products and have not made these the main product. This is because they want to put across a statement as though they can afford to not have their products the main focus of their window display. It is almost like they're slating the everyday retailers like Topshop and River Island for 'cramming' their window displays full of their products because they are desperate to make their sales revenue.

Nike also takes the distraction away from their products to help hold their reputation of the 'sports, street' focus. When customers go into Nike they have a tendency to purchase multiple items, this is because the prices are very high end compared to competitors sports direct. This reflects on the display, they have many different types and variations of their products to resemble the amount of purchases that customers make.

The type of props that will enhance products. Stores can decide on including many or very little props depending on their target audience and the budget they have. Tesco’s  main focus is to sell their products to gain more revenue, this is why they tend to fill their displays only with product and use very little or no props to support this display. In Tesco’s the prices are very low compared to some of their competitors such as Marks and Spencer’s therefor, they would not want to spend money on props to add to their display. The enhancement of their products looks poor compared to Marks and Spencer’s as they do not have the time or money to waste on making their displays look more professional by adding props to this.

Thirdly, Themes, activities, events, seasons. Displays and layouts encourage customers to buy when there is such atmosphere relating to the time/celebration of the year such as Christmas, many shops often bring out the Christmas music to create a happy, upbeat, festive atmosphere in their shop. As seen in Tesco’s display, they have implemented the season into their display. To complement the Christmas decorations and food they are advertising, they have placed some decorations to make it feel more festive within their store. This helps to tie in the display and makes it look more professional without a big budget. Tesco tends to focus on the basic consumer needs, for example groceries, clothing and toiletries. Whereas Nike, promote and display bags, shoes and hats no matter what season is. They do this because they have a different target market to Tesco and they like to focus on their regular customers and their needs, this way they will perform the best financially.

Lastly, signage, colour, styling and composition must be valued. Nike and Tesco must make sure they take into consideration the little details, for example, colours should be bold and stand out, this is because the shop should not be dull as customers come in for pleasure and should not feel undervalued by the lack of effort put in to make the shop representable. Colour co-ordination will attract customers into your shop, especially for Nike’s and Tesco’s target market who are young adult’s ages 16 – 40 years old from the lower to the middle class for Tesco its target market is very broad targeting any age from the lower to the middle classes. It will make them feel relaxed and as though they fit just right in. It is easier for Louis Vuitton to spend money on things such as electronic displays and redecorating often as they have the income to hire professional artists to design their shop just how customers would like it.

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P4 - Explain how technological techniques are used by two contrasting retail outlets. 

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P4 - Explain how technological techniques are used by two contrasting retail outlets. 

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There are 4 technological techniques that businesses use to attract more customers to come to there store or buy specific products. these techniques are Electronic displays, demonstrations, interactive point of sale and touch screen displays.

Electronic displays - These electronic displays are used to broadcast in-store advertising messages and information on products. Such as if there was a new product or offer which had just launched you could have a screen at the entrance of the store advertising your new offer. Why would Tesco's use this it's convenient and a good way to make their customers aware of the deal which could result in more sales. How much is it? For a 55'  free standing Electronic display it is around £2,000. These Electronic displays create initial interest for everyone that was already a customer or in the Tesco's store, however a disadvantage of Electronic displays technique could be that it is expensive having screens that are being run on electricity everyday, and people can sometimes miss them as they are in a rush to get the items they need.

Demonstrations - When a new product or service comes out it gives a good impression if there is demonstrations whether this be little TV screens at the end of aisles above the product showing a short video of how to use the product or service. This helps the customer to make up their mind as to whether to product is suitable to them. Product demonstrations also stimulates interest and provides visual support to enhance the quality of the sales presentation. The ability to see, feel and sometimes smell your product is generally more appealing to prospects than simply listening to your sales pitch. This especially relates to the consumers who are more hands-on learners and like to visually see things being used.

Interactive point of sale - Point of sale (POS) is the physical location at which products are sold to customers. POS is generally more specific than the whole store where something is sold. Interactive point of sale is different from just the usual POS sign indicating below a stand of products you want to sell. Interactive POS offers a great range of opportunities to enhance customers in-store experience.

Touch screen displays - Touch-screen web kiosks or tablets (with security wiring) allow customers to look at your online website to find out more information about products and even order them online whilst in store (for example if you’re out of stock or you only stock a limited selection of the product range). Providing software that allows customers to compare products side-by-side is a valuable use of these systems. In River Island they have one of these which customers can easily access and check if a piece of clothing they have tried on but are unable to get in their size in-store is available for them to order online on the website.

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P2 - explain how visual merchandising is affected by legal and safety regulations. 

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P2 - explain how visual merchandising is affected by legal and safety regulations. 

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P3 - Explain how psychological techniques are used by two contrasting retail outlets. 

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P3 - Explain how psychological techniques are used by two contrasting retail outlets. 

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There are four psychological techniques that business' can use in an attempt to gain market share, they way that psychological techniques work is by affecting the consumer emotionally, that your interests are aligned with theirs and igniting their imagination that your company is a lot better than any other competitors. These techniques are used to try and persuade the consumer to buy specific products or to shop at a specific store.  The 4 techniques used are Target Market, Emotion, Interest and Imagination.

Target market - The psychology of visual merchandising focuses on the target market. Before any business can start on their merchandising display, they need to know as to who they are targeting at and ask relevant questions like; are they older? are their lifestyles lower or middle class?. The more accurately you evaluate your consumers, the more success you will achieve in getting them to buy your product. An example would be like Nike, shoppers are generally ranged from children to middle aged lower to middle class range due to the prices and types of products. They apply psychology to your visual marketing by enforcing organisation and cleanliness so it is more appealing to the customer.

Emotion - Successful visual merchandising affects humans emotions. Beyond making their necessary purchases, customers may make other purchases for the sake of it depending on their state of mind. For example, someone may visit Tesco's for a good shopping experience, they will become happy when shopping around your store. Visual merchandising can aid this need beginning with the front of the store and how the shop window has been displayed. Tesco's treat your consumers to pleasing scents and music to enhance their visit creating a pleasant atmosphere. This would cover your intangible technique.

Interest - In order to visually merchandise your products effectively you must take into account of what interests people in this day and age. With all new high-tech computers and TV's which you can now voice command to, 90% of people will not be interested into there store if there are out of date clothing in your window display.  Create interest that makes your products stand out from the products that their competitors are selling. For example, use backgrounds that catch the customers eye and create interest in your products. Impress your customers interest by cohesive merchandising by, for example, in Nike they have used clear boxes on the top of a display to promote their new trainers that they have brought out. If your main display product is expensive, place some more budgeted relative items nearby for example Nike would have cleaning products promoted next to their trainers. You must capture your customers attention and interest whilst persuading them to buy.

Imagination - Customers are more attracted to the product if they can see themselves in or using it. An example of this would be Nike promoting their products through celebrity endorsement. This way the customers gets to visualise themselves in the new football boots and will create interest from consumers. Even a photo of posted by someone such as Cristiano Ronaldo will create interest from more people than just putting the product on display. displays like these encourages the customers to insert themselves into the picture.

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P1 - Investigate the visual merchandising and display techniques that can be used in retail outlets.

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P1 - Investigate the visual merchandising and display techniques that can be used in retail outlets.

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Product placement - This merchandising technique is used to promote a product subtly. business' perform this technique by taking a certain product and placing this in a location in the store that has a high footfall, an example of this would be placing the item at the till or the entrance of the store. an alternative to this out of the store would be when a business pays for their product to be used in a popular TV show, for example Pepsi pays for people to drink their product instead of the competitor Coca Cola's.

Product segmentation - This is a technique used by business' to meet their customers needs by giving them the range of similar products, such as cereals however there is something there for every shopper at their own convenience.

Free-standing displays - This visual merchandising is a very cost-effective way to promote any product as they are usually made of cheap materials such as cardboard or plastic. Free standing displays are usually used for products such as sweets and chocolate, therefor this is creates a impulse decision on the customer resulting in more products likely to be sold.

Fixtures - Fixtures are the shelves, fridges, tills and any other fixtures you may have fitted in the store. This technique is used to make sure that these fixtures you do have suit the target market of the products sold within, for example you would not have tall or very low shelves if the target market was people of your age however you would have shelves that make it as easy as possible for them so that they can enjoy their shopping experience within your store.

Techniques -
1 - Create displays for targeted customers.
2 - Less can be more! a visual assault on the senses overwhelms the consumer, and when a consumer is overwhelmed they are likely to walk away. Try and avoid clutter and a mess on displays.
3 - Tell a story.
4 - Be specific with signage.
5 - Sales team knowledge.
6 - Analyse weekly sales and change displays accordingly with results.
7 - Window display to attract consumers.