In: Retailing Tips|Last Updated:

Diversity is in-demand worldwide. This 2022 retail trend is welcome news for diverse suppliers looking for growth abroad. Right now, consumer packaged goods (CPG) companies are trying to manage the risk of tighter profit margins. Many diverse suppliers now seek new sales opportunities, especially as global e-commerce and digital advertising make it easier for them to sell anywhere. 

Let’s see what diversity looks like in international markets, including how market gaps give diverse suppliers new ways to satisfy underserved consumers and improve their top line.

What diversity looks like around the world

Globally, we’re seeing a rise in conscious consumerism, where consumers shop according to their values. For instance:

82% of shoppers want a brand’s values to align with their own;1 Silberstein, Nicole. Harris Poll: 82% of Consumers Want a Brand’s Values to Align with Their Own. Retail Touchpoints. April 27, 2022. 32% of global consumers will buy from brands that support social and political issues that align with their values; and2 Evans, Michelle. Three Ways The Future Retail Store Will Change. Forbes. December 1, 2021. 27% will boycott brands that do not.3 Evans, Michelle. Three Ways The Future Retail Store Will Change. Forbes. December 1, 2021. …
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How Ulta Beauty Takes Product Innovation to the Next Level

The beauty enthusiast is at the heart of everything Ulta Beauty does. As a one-stop beauty destination with full-service salons in every store, the retailer provides guests with everything across the spectrum of categories and services. 

Its best-in-class loyalty program with high engagement – more than 90 percent of transactions come through it – and its large omni-channel footprint means guests can purchase products where, when, and how they want. 

And shoppers are purchasing products in record numbers. Net sales for Ulta Beauty increased 21 percent to $ 2.3 billion in its fiscal first quarter of 2022, up from $ 1.9 billion in the first quarter of 2021. Comparable sales were up 18 percent driven by a 10 percent increase in transactions and a 7.3 percent increase in average ticket.

RangeMe’s SVP of Retail, Wayne Bennett, caught up with Josie Ostrowski, Senior Manager, New Brand Partnerships at Ulta Beauty to discuss beauty trends and to unpack what the retailer looks for in the new brands it brings into its assortment.

RangeMe: What key product trends are you seeing in today’s marketplace?

Josie Ostrowski, Senior Manager, New Brand Partnerships at Ulta Beauty

Ostrowski: We’re really excited about the reintroduction of discovery and self-expression across the makeup and color spaces. Makeup is …

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In: Dropshipping|Last Updated:
Profit Margin: What It Is, How to Calculate It, and Why It Matters

Running an ecommerce business is not without challenges, one of which is making enough money to keep your doors open. Did you know that only 20% of businesses survive in the ecommerce industry? This means 80 out of a 100 businesses are breaking even with their expenses or losing money. This is why it’s critical to track your profit margin so you can see where you stand and take steps to keep the business going.

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What is profit margin?

Profit margin is the percentage of sales revenue a business retains after all costs have been deducted. Simply put, it measures how much you keep of the money you generate from a sale. The higher your profit margin, the better financial health your company attains.

Profit margin exists in several forms, with the following being the most popular:

Gross profit margin (or gross margin) Operating profit margin (or operating margin) Net profit margin (or net margin)

Here’s a detailed breakdown of each type.

Gross profit margin

Gross profit margin shows the profit of a company after accounting for costs related to making and selling its product or service.  

Calculating gross profit …

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In: Retailing Tips|Last Updated:

Scaling is one of the most challenging things for businesses today. It takes time, money, strategy, and top-notch marketing to skyrocket from a successful small business to a more prominent, established brand.  

But many retailers, e-commerce, and CPG brands get stuck on marketing. It makes sense. Marketing can and does feel quite nebulous to those who don’t do it as their primary specialty. Especially in the ever shifting digital landscape today.

It’s why many e-commerce businesses choose to leverage outside companies in addition to or instead of internal teams. But what are the advantages and disadvantages of using an agency to boost your brand’s marketing and ultimately grow your business? This article breaks down the best and worst things about hiring an agency to execute your brand’s marketing strategy. 

Pros 

More Expertise, Skill Sets, and Creativity   

An agency like Hawke Media has a wide range of experts on hand on a wide variety of channels. That means you get more expertise on more channels, for less money than you would get hiring and training a team internally.  Agency experts work on their specialty daily with countless other brands, which makes them that much better at knowing what works best on …

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In: Dropshipping|Last Updated:
Buy Now, Pay Later (BNPL): Why Use It For Your Ecommerce Business

Credit cards seem to have taken consumerism by storm in the past decade. According to a Transunion report, credit cards experienced a 60% annual growth from 2020 to 2021, with millions more signing up for one.

But what about those who don’t have a credit card, or prefer not to use one? That’s where buy now, pay later (BNPL) comes in.

BNPL is a form of short-term financing where consumers can—you guessed it—buy an item now and pay for it later. There’s often no extra charge to the customer. Instead, the store that offered BNPL as a payment option typically pays a fee to the BNPL service provider.

BNPL is surging in popularity because of the ease and convenience it provides to shoppers. Let’s dig a bit deeper into what BNPL is, how it works, and the key players that make it happen for today’s customers.

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What is buy now, pay later (BNPL)?

A buy now, pay later plan offers an installment loan to customers at checkout so they can buy products on credit without a credit card. Popular BNPL options include Shop Pay Installments from Shopify, Afterpay, Affirm, …

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In: Retailing Tips|Last Updated:

In the U.S., Black Businesses Month is celebrated during the month of August, building on a successful initiative that has been running since 2004. It’s an opportunity to support the 10% of American businesses that are Black-owned, particularly in sectors such as health care, social work, repair and maintenance, beauty salons, and restaurants.

The idea originated in a project launched by the entrepreneur Frederick E Jordan. He saw firsthand, during a 50-year career running his own engineering business, how hard many minority owners found it to get the backing their businesses deserved. Today, statistics suggesting the Black community is under-represented amongst small business owners – as well as more likely to suffer unemployment and poverty – underline why Black Business Month remains as important as ever.

Support from big business

The good news is that large American businesses are waking up to the idea of minority support. Target Corporation, for example, has promised by 2025 to invest more than $ 2 billion with Black-owned businesses and to add products from more than 500 Black-owned brands to its shelves. Retailer Sephora is pursuing similar targets, as it seeks to become more inclusive in the merchandise it stocks.

It’s not simply an …

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