【Native Speaker每日综合训练—46系列】【46-07】经管 Retail Market

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大家好，这一期的主题是retail market, 大家enjoy~

Part I: Speaker

Retailers' Customers Cautioned As Cyberattacks Continue

STEVE INSKEEP, HOST:
The latest big retailer to suffer a cyber attack is Home Depot. The big-box home repair store says some 56 million cardholders were possibly compromised in a cyberattack. It's the latest in a string of data breaches. And as NPR's Sonari Glinton reports, it is not likely to be the last.

SONARI GLINTON, BYLINE: Home Depot's data breach was first reported at the beginning of this month by Brian Krebs on his blog. He's the go-to guy for this kind of stuff, so he's going to help me explain how the Home Depot hack went down. It starts the moment you swipe your credit or debit card to complete a purchase.

BRIAN KREBS: There's this moment where the information gets transferred from the little terminal that you use to swipe your card - that is separate and apart from the cash register itself, which is essentially a Windows computer.

GLINTON: Krebs says the information, in this case, sits around for a leisurely fraction of a second or so. And then...

KREBS: And then it gets handed off to the cash register. And that's where the malware is designed to sit. That's where that malicious software lays and waits.

GLINTON: And before it gets encrypted and shipped to the bank and other destinations unknown, the hackers siphon off the valuable information. Home Depot said in a statement that there was no evidence that debit pin numbers were compromised or that the breach affected online shoppers. Krebs has some important advice for consumers. So pay attention, it'll go by quickly.

KREBS: Number one, it's important not to freak out about this.

GLINTON: Now, don't freak out, and...

KREBS: I always tell people, if you have a choice, don't shop with your debit card.

GLINTON: Krebs is alluding to special protections the law gives to those shopping with credit cards rather than debit cards. So how long are we going to keep hearing about big retail hacks like this?

KREBS: We're going to be dealing with this problem of small to medium-sized and large retailers experiencing this very same type of breach for at least the next year - probably more like two or three years.

GLINTON: That's all I got for an ending.

KREBS: I get to have the last word, do I?

GLINTON: Sonari Glinton, NPR News.

Source: NPR
http://www.npr.org/2014/09/19/349756510/retailers-customers-cautioned-as-string-of-cyber-attacks-continue

[Rephrase 1, 1:56]

wensd1111

Part II: Speed

What to Expect from China’s Retail Market
January 13. 2014 | By admin

timer2]
China’s retail landscape is evolving. While there remains plenty of growth from this market, market dynamics have changed and retailers need to find ways to adapt to a landscape rapidly changed by rising affluence and new technology.
What can we expect from China’s retail market? A study of the retail market from Fung Business Intelligence offers some guidance to marketers as China moves towards a consumer-driven economy.

Less stores, better stores

As we noted in our post on China Luxury Trends for 2014, many brands have shifted from a strategy of rapid store expansion to improved store productivity through significant R&D investments, the launch of long-term branding campaigns, and the creation of retail concepts. The greatest pitfall of opening many stores in quick succession was the overstock of unwanted inventory that often followed, particularly for domestic sportswear and fashion retailers.

Mobile, a highly significant sales channel

According to iResearch, in 2Q13 the transaction value of mobile shopping reached 37.52 billion yuan, up 181 percent year-on-year. Mobile payment services are fasting-growing and winning the confidence of consumers. Tencent’s new mobile payment program, which bundles bank accounts with WeChat accounts, has been particularly popular. China Unicom has also hopped on the trend: the mobile operator joined forces with Agricultural Bank of China to provide its mobile banking and payment services. Alipay also allows for offline payments at points of sale by using bar codes and QR codes to complete payment transactions. HTC (Beijing) has just cut a deal with China Merchants Bank to offer is “Mobile Wallet” feature to HTC users in China.
[261 words]

[Timer 3]
The rise of private labels

Some retailers have begun experimenting with creating private labels or proprietary brands as a way to offer something unique and stand out in a fiercely competitive environment. Private labels should be on the radar, but we believe the time for private label has not arrived yet as the majority of affluent Chinese consumers are still infatuated with branded products.
The Fung Group has found that – while private labels have the potential to increase profits and customer loyalty – penetration remains low. According to Rabobank, private labels only account for about 3 percent of sales in China. This number is expected to rise: private label sales will be between 25 percent and 30 percent by 2030 as more department stores develop private brands.

At the moment, private labels are considered low revenue generators; they are not yet popular among consumers. Implementing private labels also presents a host of new challenges, and requires a very different set of management skills. Many local department store operators have said they do not have the experience needed to buy appropriate products for a line. Private labels also demand a huge capital investment and represents serious risk.

The power of digital marketing and customer relationship management

PricewaterhouseCoopers found that 57 percent of Chinese shoppers follow brands or retailers on social media, compared to just 38 percent in the global sample. WeChat – with 400 million registered users – has become an important tool for retailers to communicate with their customers. Many retailers are trying to use the databases of websites like Sina Weibo (500 million registered users) to promote products and increase profits. Department stores are launching mobile apps, and QR codes make handy, web-friendly coupons possible for the digital savvy.
Retail membership programs have long been popular in China, but now branches are starting to combine their databases for ease of data analysis and customer management, allowing one rewards card to be used at multiple store locations or multiple sister shopping outlets.
The emergence of the omni-channel

The perfectly integrated “omni-channel” approach to customer experience remains elusive in China, but it’s the goal many retailers have in mind.  Whoever can harness brick-and-mortar stores, social media, and online.
[364 words]

Source: Chinafashiontrends
http://www.chinafashiontrends.com/2014/01/13/what-to-expect-from-chinas-retail-market/

'Adventure Shopping' Formats Are The Big Winners At Retail
CMO NETWORK 11/24/2014

[Timer 4]
American retailers that excel at “adventure shopping” have the highest sales per square foot, and customers that seem to happily wait on long lines. I define “adventure shopping” as stores where the merchandise is ever-changing and unpredictable, the prices are usually great, and the goods are high quality. In food, I’m talking Trader Joe’s; in Apparel and housewares, TJ Maxx; in varied merchandise, Costco; in the miscellaneous category, while more downscale but still fun, “dollar stores”; and at the high end (the exception to my great prices point) Eataly, the Italian food, cookware, cookbooks, and restaurant emporium. These formats tend to attract affluent shoppers who enjoy the in-store experience and finds, as well as cost-constrained consumers looking for great value. The appeal is multi-faceted. I’m convinced consumers shop the stores far more thoroughly:

a) With far fewer items, search is not overwhelming. In large format stores with far more SKU’s, consumers can’t possibly explore every aisle, so they don’t even try. Rather, they tend to head right for the items on their shopping list. With the smaller selection at the above mentioned retailers, it’s so much easier to shop the entire store to see what’s new.

b) The products tend to be interesting because the buyers at TJ Maxx and Trader Joe’s shop the world for unusual merchandise and they have their pulse on the types of items that will appeal to consumers.

c) Because the merchandise changes so often, consumers are motivated to come often and search for what’s new, and they’re more likely to buy than wait and think about it because they know the items will probably not be there the next time around. Purchases tend to be no-brainers: so good that the choice to buy is easier and quicker.

d) Employees at Trader Joe’s and Costco seem to feel good about their employers and are trained to be nice to customers. This might sound obvious, but most retailers don’t practices this and a preponderance of friendly employees is pleasantly refreshing, differentiating, and powerful: particularly on top of the great finds & prices.

e) It’s harder to showroom in these format stores because the merchandise is more unique and harder to price compare online, and since the prices are obviously good, there’s less need to look for better.

f) These formats have become a form of entertainment, conducive to social media sharing. Because consumers feel they got such good deals, they often like to tell others.

g) While customers wait along the checkout lines, they’re tempted to buy impulse purchase items on display.
[426 words]

[Timer 5]
Trader Joe’s and Costco encourage consumers to try new products. Both are always sampling new items. Trader Joe’s employees are instructed to encourage consumers to try items they’re unfamiliar with, espousing the chain’s easy return policy. A sign, prominently displayed by the cash register whimsically states: “Don’t worry dear, at Trader Joe’s if you try something & don’t like it, you can bring it back and they won’t bust your chops.” Costco also has a fairly liberal return policy that encourages consumer’s to purchase new items with less perceived risk.
Trader Joe’s is at the cutting edge of ethnic food trends. Their new product development is the best in the food industry, in my opinion, and the product quality overall, is pretty great.

Imaginative seasonal items are offered in abundance, like pumpkin mochi ice cream, cranberry pumpkin seed pita chips, and baby kale salad with pumpkin seeds, pumpkin cornbread croutons and pumpkin vinaigrette. These seasonal products evoke positive, emotions and also encourage holiday entertaining shopping, when people are willing to indulge a bit more. Trader Joe’s packaging is fun and funny, like their fruit bars that read: A Pumpkin Walked Into A Bar, or sweet potato bag labels that read: “Hi, I’m a bag of Trader Joe’s Sweet Potatoes. My best friends are brown sugar, butter and marshmallows. I dig family gatherings, pie and garlic aioli.”

The whimsical copy makes you smile at the shelf and again at home. Trader Joe’s lines are long but they move fast, so you feel like you’re making continual progress and it’s fun to see what’s in all the other shoppers’ baskets.

Eataly, the Italian gastronomic emporium, partially owned by Mario Batalli, while very pricey and extremely congested at times, is great fun to explore because of all the high quality ingredients, cookware, cookbooks, restaurants (including a Nutella café and roof-top brewery), and cooking classes.
Bottom line, adventure shopping done well, is an extremely fun, enjoyable experience for consumers, and great business for those retailers who have figured out how to excel at it! The format encourages visit frequency, loyalty, and consumers who happily market for them.
[355 words]

What Is a Retail Marketing Strategy?

[Timer 6]
A retail marketing strategy refers to how a store and its products sell goods to its target customers. Each type of retail business has to make decisions about all the details of its marketing mix. A marketing mix consists of the product, price, place, promotion and packaging. Internet marketing strategies and those for stores that people shop at in person must be developed to meet the needs of potential customers. A retail marketing strategy is first outlined in a business plan.

A business plan contains information about the intention and goals of the company. It's created before a business opens. Business plans include research about who the company's potential customers are as well as what their needs and wants are. A retail marketing strategy should be a part of the business plan. It should include decisions about the marketing mix approach, such as how customers will get the products.

For instance, a furniture company may choose a large warehouse, while a jewelry manufacturer may decide to sell only over the Internet. Other businesses may select a combination of a brick and mortar store for in person customer purchases plus a website for customer online shopping. All retail marketing decisions should consider the target customer as well as the company's profit. For example, having an etail website rather than a retail store may save on overhead costs, but it won't be a profitable choice if the target customer isn't likely to shop online.
Common retail marketing strategies involve how products and stores are positioned and differentiated. A differentiation strategy focuses on products that can stand out from the others competing for the attention and dollars of the target market. For example, a furniture store may offer hand-made products or other items very different from what competing stores are offering. Of course, the product shouldn't only be different, it has to be something that targeted customers want and need. Retail market differentiation must set stores and products apart in order to create strong branding.

Branding is the identity of a product or service. Retail products and services in the same industry can differ widely from each other. For example, low-cost hair cutting services are branded and differentiated from upscale salons by their "no frills" store design. Expensive hair salons, on the other hand, are usually very detailed and fashionable in their store's look. As part of it's retail marketing strategy, an upscale salon may be positioned to potential customers as trendy, while the low-cost basic hair cutting establishment's market positioning could be promoted as budget-friendly.
[423 words]

Source: Wisegeek
http://www.wisegeek.com/what-is-a-retail-marketing-strategy.htm

wensd1111

Part III: Obstacle

Citibank To Quit Japan's Retail Market: Another QE Casualty
FORBES ASIA | 8/19/2014
[Paraphrase 7]
Citibank has decided to sell its retail business in Japan. Another in a lengthening list of Abenomics casualties?

When I saw this NHK news scoop this morning, picked up a few hours later by the Nihon Keisai Shimbun, I was transported back to the day in spring 2002 that I walked through the doors of the Tokyo headquarters building of formerly insolvent Japanese bank, now newly “privatized” and foreign-owned.

I was entering the bank as a consultant, having been contacted by one of the foreign managers who had read my book, Japan’s Financial Revolution and How American Firms are Profiting (M.E. Sharp , 2000), and thought that I could help. The consulting project focused on determining which retail banking products and services offered the best prospects for growth and profitability in the Japanese market going forward.
By spring 2002, Japan had experienced a full year of the Bank of Japan’s then much applauded,  innovative new policy of ryōteki kin’yū kanwa, translated and forever enshrined in the world’s central banking lexicon as “Quantitative Easing.”

What QE meant in practical terms, and for the banking business, was “zero interest rates.”  The BOJ was holding domestic yen currency interbank funding rates and money market rates at effectively zero. This meant that banks could raise unlimited yen in the money market for effectively no cost.  Also, therefore, that bank had little incentive–other than competition for customers–to pay much over zero for retail customer deposits.  The era (still with us) of a few basis points of interest paid per annum on deposits had arrived.

During the project, rather to my surprise, and probably more to the client, analysis showed was that Japan’s BOJ-engineered ultra-low interest rate environment essentially made ordinary retail yen deposit-taking operations– which is to say, the branch network–unprofitable.

Traditionally, the basic profit model of branch banking had been accumulating consumer deposits in the form of savings deposits and time deposits at a cost lower than the prevailing rate for funds in the interbank money market. Such low cost funds were “purchased” at a profit for the branches by a bank’s internal Treasury department and provided to the bank’s corporate lending department to be lent to customers with another mark-up to compensate for risk and the need for profit.

Suddenly, in 2002, the BOJ’s celebrated innovation of QE had blown up this model.  Retail branches, rather than profit centers, became a loss-leading albatross. What to do?

Looking around the market to identify “success factors,” a few revealed themselves and became the crux of what I presented to the client.  It this analysis Citibank Japan’s retail business was one of my main positive examples.

In a zero rate environment for domestic currency “spread” business, the strategy was basically either to sell fee-based products (thanks to Japan’s 1998 financial “big bang” deregulation, products like mutual funds could now be sold over bank counters) or to focus on foreign currency business.

Citibank had been the earliest and most aggressive bank to promote retail foreign currency deposits. It was by 2002 by far the market leader, and had clearly differentiated its “brand” as the bank offering the highest rates on USD, EURO, AUD, SGD, HKD and other foreign currency deposits. But especially USD, the currency most desired by Japanese consumers.

What made this such a great business for Citibank is that they were able to offer interest rates significantly higher than Japanese banks for USD deposits because Citibank was able to deploy these deposits much more profitably than Japanese banks. How? While Japanese banks generally could only lend USD to their corporate customers at an international market-determined spread of perhaps one percent, Citibank was shipping Japanese consumer deposits back to New York to fund Citi’s credit card loan portfolio where the spread over cost of funds was 8-9 percentage points or higher.

What seems clear now that Citibank has decided to withdraw from Japan’s retail market is that even the USD deposit business has stopped being profitable enough to carry the rest of the retail operations’ costs.  This is surely because competitors have found ways to emulate Citi’s model.

Very likely, too, the Fed’s QE has been undermining Citibank’s USD business, while the monetary incontinence being implemented by BOJ governor Kuroda as Abenomics’ “First Arrow” ensures that there will be no improvement in domestic currency economics for the foreseeable future.

According to press reports, Citibank Japan has already begun approaching potential buyers, including Japan’s three megabanks, for its 33 branch domestic network. Acquirer bids could be solicited as soon as next month. Since Citi’s customers tend to be high net worth, globally engaged individuals and families, they will be attractive acquisitions for any globally engaged retail player. Total deposits at end June were JPY 3.6 trillion (USD 35 billion), about the level of a medium sized Japan regional bank.

Citi’s departure will leave a huge gap–cultural as well as financial–in the banking market in Japan.  For this loss we should thank QE.
[841wards]

Source: Forbes
http://www.forbes.com/sites/stephenharner/2014/08/19/another-qe-casualty-citibank-to-quit-japans-retail-market/

KaterinaTse

Speaker
A person who is in big retailer explain the circumstances about cards for buying.There are 2 advices:1Don't freek out 2The protection of credit card is better than debit card,so use credit card as possible.

Time 2
2'00'12 China's stores should be less and better.And mobile as a significant sales channel shoul be kept on deveploping.

Time 3
2'34'14 Private labels are developing even though they still not famous enough as branded labels.And they are unmatured so that they will come across many difficulties.Many retailers in China like to decrease the cost for the use of Wechat or Weibo.

Time 4
3'06'81 The advantages of "adventure shopping"formats. 7 points about the advantages of their strategies in many kinds of aspects,such as convenience,psychology and interests.

Time 5
2'23'34 The trader encourage consumers to try new products.The benefits of adventure shopping for consumers.

Time 6
2'43'01 A retial marketing strategy is very complex and important.It includes many aspects,intention, warehouse, position, differentiated,branding of product or service,and so on.

Obstacle
6'03'96 The change of citibank how to quit Japan's retail market.

awillleadaway

P2
T2
The retail market in China has changed into customer-orient market. A few examples have been demonstrated the potential of mobile sales potential..
T3
Private label in China, accounting for 3 percent, has a long way to reach its prosperity. Combined with digital technology, the future for the private label will attract enormous customers.
T4
The author recommends the “adventure shop” mode, and list some reason how come they develop quite well in U.S.
T5
The article illustrates how the excellent food adventure shop has done well in perfecting shopping experiences in all respects and become attractive to customers.
T6
The marketing mix must be fully studied and planned before the business even started. Examples demonstrated in the article exemplify the importance of a marketing mix.

P3
The Citibank sold its retail business in Japan. The author analyze the historic reasons as well as the reason in policy. Since the QE has been implemented, the profitable programs left over for bank retail business are two. Although the Citibank has some advantage in foreign currency, the conditions seem to be so deteriorated that the Citibank had to waive this part of business from Japan.

wensd1111

1 A 01:25
2 A 02:00
3 A 02:32
4 A 01:58
5 A 02:16
6 A 04:45

泡泡跑跑

T2  01:33.0
T3  02:10.7
What can we expect from China’s retail market?
1.        Opening less stores and have qualified stores   
2.        Using new channel----mobile stage(Wechat and Alipay)
3.        Making private labels to different customers which cut costs and increase profit and loyalty.
4.        Digital marketing and use the online stage to communicate with customers
T4  02:43.0  Adventure Shopping' Formats Are The Big Winners At Retail. Explaining what is adventure shopping and how to facilitate the shopping. (7 points)
T5  01:35.1  Trader Joe’s and Costco take measures to encourage customers to use new product and mass sale imaginative seasonal items which increases the sales.
T6  02:10.5  Companies make a retail marketing strategy should consider a business plan, target customers and profit. For instance, it may consist of the way of marketing, the nature of products such as price, place, packaging and so on.
Obstacle  04:47.6

Alpha4Dream

Time 2                 00:01:49.16       
Time 3                00:03:08.87       
Time 4                 00:03:44.65       
Time 5                 00:03:51.32       
Time 6                00:04:10.59       
Paraphrase 7        00:07:07.80
感觉到自己为什么阅读一直提不上来了..因为自己实在太detail，一边看懂一边读阅读，如果看清结构，看清大致意思再来读应该更好吧..
另一个...对于一个BS学生来说...卡在最后一个阅读上真是无颜面对父老乡亲啊...不能马上在脑子里马上反应出来是什么啊虽然单词全认识...补知识去了

cyndichiang

Obstacle 6'11''
BOJ was holding interbank funding rate and market money rate at effectively zero.
QE in bank business meant zero interest
Traditionally, interbank funding rate is higher than sacing deposit rate,but the innovation of QE provided the lending department for the need of profits.
EG;Citibank: At first,it promoted retail foriegn currency deposit.
It offered a significantly higher interest rate for for USD deposits, but now the USD deposit is no longer profitable engought to compensate the cost since the model can be mimiced by other banks.
Now, there is stagment of domestic economy under Abe's policy, while citibank has already approached its potential customers.

HaiqingYU

Thanks for sharing!
[Time 2]02:10
New trends in future Chinese retail markets: more emphasis on quality;mobile payment.
[Time 3]02;16
The penetration into private mark is relative low;
Retail store uses the social media to manage the new client relationship.
[Time 4]02:25
The success of adventure shipping: items in the stores with high quality change often; Their prices are attracting too.
[Time 5]01:40
It's easy to return the unwanted purchases; The items are filled with creativity.
[Time 6]03:19
How to make a business plan for retail business: the right location; differences; brand.
[Obstacle]04:37
Citi stood out in finance field in Japan mainly thanks to its competitive foreign currency rate.
Now it'll quite the market of Japan because of QE.