Tarlok Teji and Malcolm McCaig
The authors explain how risk management can increase the value of an organisation. They look at issues like globalisation, shareholder value, the effect of corporate governance…
Abstract
The authors explain how risk management can increase the value of an organisation. They look at issues like globalisation, shareholder value, the effect of corporate governance and the input of the finance director and show how all these issues, properly discussed and communicated through the organisation, should provide a sturdy risk management framework.
Details
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The purpose of this paper is to explain how sensory stimuli can influence environments, improve the shopper experience and change the nature of behaviour in ways beyond our…
Abstract
Purpose
The purpose of this paper is to explain how sensory stimuli can influence environments, improve the shopper experience and change the nature of behaviour in ways beyond our consciousness.
Design/methodology/approach
This paper reviews research gathered over several years and it considers how significant increases in sales can be achieved by attention to shopper “sightlines” and movement through each retail space; how neuro‐imaging is starting to make sense of our reactions to products; how Virtual Reality can save money and how a well‐designed study is a cost‐effective means of ensuring environments are right for shoppers. The latest sensory approaches are also assessed together with thoughts to ponder for the next decade including a word of caution for all to ensure success does not come at the detriment of our planet.
Findings
The current economic gloom need not spell financial disaster for the retail sector. Consumers will simply become more discerning as they spend their limited resources. The savvy retailer will invest in understanding shopper needs and motivations to create an enhanced shopping experience by moving beyond simple POP displays and signage, where “minor plus est”, through to shoppers' sense of sound, sight, smell and touch which will have a clear impact on decision‐making, store choice and spend.
Originality/value
This paper will be of interest to all operating in the retail sector.