Etsy X Macy's Shops: Bringing handmade to the storefront and social responsibility to the forefront Merchandising/ Marketing
Part I : Etsy X Macy's Shops End-Use Customer Etsy: Founded in 2005 in a basement in Brooklyn, this online community champions breaking borders between makers and sellers. Their mission is to promote handmade, vintage, and crafting methods by providing an online marketplace that stretches locally and globally. Etsy's vision remains to build a more transparent and humane eco-system and world through people-centric and sustainable commerce. (Etsy, 2016)
Strengths
Weaknesses
-Sustainable and eco-friendly edge
-No brick-and-mortar space
-Strong seller/buyer relationship
-Significant range in prices and product categories
-Global support team for online buying and selling protection
-Dependent on individual sellers that make up the marketplace
-Transparent business model
Etsy Opportunities -Expand retail marketplace -Growing market for e-commerce -Growing trend for sustainable and ecofriendly businesses -Growing trend for unique employment workplace environments
Threats -Rapidly developing e-commerce competitors Indirect- local artisans, vintage shops Direct- Amazon.com, eBay, Craigslist -Environmental or political events can interrupt global and local positioning
Target Market/ Customer: According to Etsy's company website, they have over 25 million active buyers (About Etsy, 2016). Their target market strongly coincides with their selling market- there are 8 main categories of products sold, which is then broken down into even more sub-categories. Also according to Etsy's website, there are a recorded 1.6 million active sellers and these personalized shops (1.4 million of them) have their own niche markets to which they target. Based on a demographic survey conducted by Etsy in 2015, 86% of sellers were predominately female and the average median age was 39 years old. 56% of the sellers were college graduates and had an average household income of $56,180 (Etsy, 2015,p.4). Although Etsy's sellers and buyers vary geographically, they share similar values in independent crafting
and making, entrepreneurial pursuits, and an appreciation for transparent and sustainable business practices. Macy's: Established in 1858, this omnichannel power-house retailer has over 870 stores located in the United States, District of Columbia, Guam, and Puerto Rico. Their flagship store is located in Herald Square, New York City, and is America's largest department store. It was given the title of a National Historic Landmark in 1978. Macy's mission is to provide their customers with a personalized merchandise offering and shopping experience. Their vision remains to promote social responsibility and continue producing the most talented individuals within the retail industry (Macy's Inc., 2016).
Strengths
Weaknesses
-National brand recognition/ American icon
-Unknown global recognition -Dependency on retaining and producing quality employees
-Competitive price, diverse suppliers, and large sales volume
-Declining net sales -compared to the previous three years
-Strong online and offline presence -Developed private brands -Sustainability initiative
Macy's Opportunities
Threats
-Global expansion (anticipated Abu Dhabi store in 2018); China Joint Venture
-Rapidly developing e-commerce competitors
-Growth of "Workshop At Macy's"
Indirect- Wal-Mart, Big Lots, Amazon
-Social responsibility (macysgreenliving.com)
Direct- Dillard's, J.C. Penny, Saks, Kohl's
-Macy's Green Living & Bluemercury partnerships
-Labor slowdown in the West Coast
-Volume pricing for shipping
- Seasonal problems (weather, tourist currency, consumer spending trends)
Figure 2- Opportunities section was taken from Macy's corporate site (Macy's Inc., 2016), and Macy's 2015 Annual Report was used for the Opportunities and Threats sections (Macy's Annual Report, 2015, p.6).
Target Market/ Customer: Because of Macy's largely diversified product, category, and price selection- the average every-day customer differs. Middle class customer age groups range from about 16-65 since Macy's offers contemporary clothes, shoes, and accessories for the younger
Millennial crowd- to also home, bed/bath, and a more professional and conservative selection for Baby Boom customers. According to Macy's corporate site, their goal for 2016 is to adapt and accommodate the newly evolved customer (Macy's Inc., 2016). Since customer wants and needs are being highly influenced from technology, economic, and societal trends- Macy's is working to adapt to this new age of customers. This customer wants their selection of products readily available- either in the store or online, wants something for a reasonable price, and expects to experience excellent customer service. This customer is fashion-forward and brand savvy. Etsy X Macy's Shops: Created in 2015, Etsy launched Etsy Manufacturing and formed a retail partnership with Macy's at their flagship Herald Square store in New York City. This collaboration aims to scale Etsy's fastest growing sellers, keep their loyalty to the company, and maximize success for all stakeholders involved. This particular collaboration will have a focus on social responsibility, benefit women and ethical business practices, and work towards adding a more genuine and local feel on a national scale.
Strengths
Weaknesses
-Online and in-store presence
-Balancing a new independent business model with a corporate one
-Local and national positioning
-Artisan-made products to be made in high volume under strict deadlines
-Strong seller-buyer relationship -Sustainable and eco-friendly edge
-Macy's continued decrease in total net sales
-Diverse shopping experience
-Micro-managing on a national level
-Adds an element of exclusivity and personalization
Etsy X Macy's Opportunities -Expansion of retail marketplace -Social responsibility -Popular trend in sustainable and ecofriendly companies -Localization and personalization on a national scale -Growth in support for women
Threats -Rapidly developing e-commerce competitors Indirect- pop-up shops, vintage shops Direct- Amazon.com, J.C. Penny, eBay -Influxes in market demand
-Economic growth in missing assortments in each company
-Seasonal problems (weather, tourist currency, changes in consumer spending)
-S-commerce
-Political and legislative effects
Etsy X Macy's Shops End-Use Customer Overview: An independent city woman who cares about the environment, business ethicality, and doesn't want to break the bank to have one-of-a-kind pieces.
Demographic & Geographic -Belongs to the Millennial generation
18-35 year old woman
-Urban centered
-All races
-Upper to upper-middle class -Has graduated or is still in college -Employed in either fashion, photography, interior design, or environmental studies -Not married or just newly engaged
Behavioral: Never shopping on immediate impulse, this woman will research what is available in whichever market she is shopping in. She looks to get a quality item that is both aesthetically pleasing and of good quality. Particular benefits she wants to get out of the product are longevity, durability, usability, craftsmanship, and uniqueness. She will use the product a medium amount- she wants to show it off whenever she gets the chance but knows when to incorporate other looks or items into her wardrobe. This customer believes in brand loyalty and will be a recurring customer to a brand if it keeps up with its image and reputation. She typically buys products at vintage stores, online websites, and boutiques. She appreciates the uniqueness of those products- but will also shop at department stores with recognizable and affordable designers. She spends majority of her money on eco-friendly products, quirky pieces of jewelry that can easily amp up her outfits, and attending cultural events throughout the city. Psychographic Nature Lover: Hiking, exploring, and protecting the environment are just a few of her favorite things. Culture Enthusiast: Partakes in cultural activities like going to museums, bookstores, music festivals, and cafes in her spare time.
Technology Guru: Enjoys discussing technological advances and how it will improve sustainability methods and overall quality of life.
Social and environmental activist that cares about the global picture.
Selected Etsy Seller: Julianne Blumlo About: Located in Northport, New York, Julianne has been an Etsy seller since 2010 and has a recorded 6,472 transactions. She boasts a 5 star rating and has over 13,000 customer reviews. Her craft of jewelry making started as a hobby but then transformed into a full-time profession which she manages out of her home. She is proud to be a part of the Etsy family because her craft is a fulfilling way to help support her family. Julianne is a one woman show and does everything from designing, creating, packaging, photographing, and shipping every item (Etsy Julianne Blumlo profile, 2016). Product (Jewelry): Julianne offers over 250 items- ranging from necklaces, earrings, bracelets, and rings. All of her products feature natural gemstones like druzy, agate, amethyst, and many more. She hand-selects each raw stone, designs the product, and then carefully creates it with her own two hands. Julianne believes in high quality products so she only uses 14K gold filled, sterling silver, or vermeil parts from the chain to even the tiniest detail. Her designs reflect her own personal style which is clean, classic, and minimalistic. She enjoys letting the beautiful natural stones shine through in her work. Her products' prices range from $28-$248 (Etsy Julianne's Blumlo profile, 2016). Why she is perfect for Etsy X Macy's Shops: After reading Macy's 2016 Fact Book, there was a major indication of re-structure and growth in their jewelry department. They stated that they were "rolling out this robust approach to jewelry to over 300 Macy's stores across the country in fall 2016, with the balance of all stores planned for 2017"(Macy's Fact Book, 2016, p.12). Julianne would be a profitable addition to fill in that jewelry void in Macy's current assortment. Based on their recorded total sales in merchandise categories in 2015- women's accessories, intimate apparel, shoes, and cosmetics resulted in the highest percentage at 38%. Women's apparel was 23%, men & children 23%, and home/miscellaneous 16% (Macy's 2015 Annual Report, 2015, p.2). This has been the case since at least 2013 and shows that jewelry is a major player in Macy's sales and has even more opportunity for growth. Another reason why Julianne and Macy's are a perfect combination is their mutual appreciation of social responsibility. 75% of Etsy sellers agree that being sustainable is important to them, and even 71% of them agree that growing their business sustainably and responsibly is important to them (Etsy, 2015, p.8). Macy's initiatives in LED lighting, solar power, packaging reduction, digital receipts, electric vehicle charging stations, and many more sustainable actions pave the way towards a more transparent and ethical business structure (Macy's 2016 Report on Social Responsibility, 2016, pgs.7-9). Macy's also donated over $27 million in 2015 towards their four core focus areas of funding: arts and culture, education, HIV/AIDS awareness and research, and women's issues (Macy's Inc., 2016). Macy's has been a great representation of women's leadership since women make up 75% of their workforce and 64% of management level executives (Macy's Inc., 2016). 86% of Etsy sellers are women, which is more than double the number of women-owned businesses in the United States (Etsy, 2015, p. 4). Crafters like Julianne run their business completely alone and use their talents to support their families. Another area of opportunity lies in working with Macy's national American icon brand recognition. 86% of Etsy sellers are working with partners in their home country (Etsy, 2015, p.8). This means both companies can mutually benefit from one another's business structures through balancing a national and local representation level.
Etsy X Macy's Shop's Launch Plan A. Type of Assortment: PRODUCT
Earrings
Bracelets
AVG. RETAIL
$58.00
$48.00
Small Store Avg. # Units
18
30
Necklaces
$56.00
30
Rings Total:
$53.00 $54.00
24 102
Display 1 Small Top of Counter Ear Display Top of Counter Bracelet Bar + 3 Hand Displays 1 Small Top of Counter Necklace Display + 1 Torso Display 5 Hand Displays
12
Med. Store Avg. # Units
Display
Large Store Avg. # Units
32
1 Large Top of Counter Ear Display
50
40
Top of Counter Bracelet Bar + 5 Hand Displays
80
40 36 148
1 Top of Counter Necklace Display + 3 Torso Displays 7 Hand Displays
18
80 60 270
Display 2 Large Top of Counter Ear Displays Top of Counter Bracelet Bar + In case + 8 Hand Displays Top of Counter Necklace Display + In Case + 6 Torso Displays 12 Hand Displays
30
-Small-scale: These stores will carry a narrow product assortment of necklaces, bracelets, rings, and earrings. They will only sell 6 varieties of each product assortment (24 product choices total; except earrings) since there will be less floor space available and less frequent traffic from shoppers. Every month new items will be incorporated into the product assortments based on how well each item sold. Whichever items did not sell will be switched out for the new ones and the high sellers will remain in the assortment. Of course if Julianne's line sells remarkably well, Macy's can increase their inventory order. -Medium-scale: These stores will carry a narrow product assortment of necklaces, bracelets, rings, and earrings. They will only sell 8 product varieties of each product assortment (32 product choices total) since there will be moderate floor space available and normal traffic from shoppers. Every month new items will be incorporated into the product assortments based on how well each item sold. Whichever items did not sell will be switched out for the new ones and the high sellers will remain in the assortment. Of course if Julianne's line sells remarkably well, Macy's can increase their inventory order. -Flagship: These stores will carry a wider product assortment of necklaces, bracelets, rings, and earrings. They will sell 14 varieties of each product assortment (56 product choices total; except earrings) since there will be more floor space available and high traffic from shoppers. Every month new items will be incorporated into the product assortments based on how well each item sold. Whichever items did not sell will be switched out for the new ones and the high sellers will remain in the assortment. Of course if Julianne's line sells remarkably well, Macy's can increase their inventory order.
B. Merchandising Plan: Julianne's line will be merchandised in Macy's Etsy portion. The Etsy section is located on the newly constructed basement level, One Below. In order for this exclusive jewelry assortment to stand out from the other Etsy displays, each Etsy designer should have their own personal theme in merchandising. Julianne's design aesthetic is to let her stones do all the talking. She puts minimalistic, sleek, and classic design into the chains and ornamentation so the natural stones can attract all the attention from the customers. Since Julianne has such an appreciation for these beautiful and eyecatching natural products, it would make sense to carry out that theme of natural materials throughout her visual merchandising. I would focus on glass as the natural material of choice because of its durability and edgy yet sleek appeal. Glass can be super affordable and also provides a nice simple blank slate to showcase any product. Plus, it provides the audience with an interesting visual experience- from afar it would look like the jewelry items were floating magically in the air since the glass is transparent. Evaluating on glass' transparency property, this serves as a great creative opportunity in symbolizing business transparency. Since Macy's and Etsy are both leaders in promoting social responsibility and more transparent business models, this visual merchandising tactic would be a great way to symbolize those ethical efforts. According to the Glass Packaging Institute, "glass is one of the most sustainable natural materials as well. It is 100% recyclable and can be recycled endlessly without losing its purity or quality. Recycled glass can be substituted for up to 95% of raw materials and manufacturers can benefit in several different ways by recycling glass: life extension of plant equipment, saves energy, and reduces emission and consumption of raw materials" (Glass Packaging Institute, 2016). Macy's can also reduce their carbon footprint significantly by recycling their glass since "one ton of carbon dioxide is reduced for every six tons of recycled container glass used in the manufacturing process" (Glass Packaging Institute, 2016). There are 10 dining options in the Macy's Herald Square store, all of which probably use glass at some point during their time either in the physical kitchen or serving the food to its customers (Macy's Inc. 2016). By recycling and reusing glass, Macy's could be helping the environment and their pockets. All in all, using glass as the main visual merchandising material proves to be the best option aesthetically, sustainably, and economically. Since One Below is a technological heaven for any Millennial, this environment will serve as an encouraging playground for Etsy's products (Bloomberg, 2016). Although there is a heightened focus on technology at One Below, Etsy's product diversity and unique branding make it a fitting addition. By offering this handmade exclusivity in an era of overstimulation and mediacentered products, Etsy has a more authentic and refreshing edge. According to Etsy's website, in 2012, "the market for maker services and products reached $2.2 billion and that figure is expected to reach $8.41 billion by 2020" (Etsy, 2015, p.3). Based on a survey I recently administered to 39 participants, 89.74% said they would be willing to purchase handmade items at a corporate store. 87.18% of those survey participants were also Millennials (Survey Monkey, 2016). This shows there is indeed opportunity for a localized handmade market in a national corporate setting. Etsy X Macy's shops provide a unique shopping experience to the Millennial generation by providing them with handmade items that they can't get anywhere else. This type of product exclusivity mixed with social responsibility gives Millennials the power to purchase consciously.
C. Marketing Campaign: This marketing campaign will target the Etsy X Macy's Shops end-use customer. In summary, this woman will be a part of the Millennial generation, be environmentally and socially conscious, and savvy in fashion and technology. Multiple marketing channels will be used to reach the largest possible target audience. 1. Market positive Etsy customer reviews •According to a 2015 online article from DMN,"57% of consumers say they'd be somewhat or very influenced to think more highly of the business after seeing positive comments or praise online" (DMN, 2015). Since Etsy sellers are predominately chosen from user reviews and comments, it is important to highlight this customer feedback. This shows the Etsy X Macy's customer that Julianne is a well-trusted crafter and that her work has made over 13,000 people happy since she has a 5 star rating and that many customer reviews on her profile. By displaying these positive user feedback comments in promotional emails, on social media, and even in the store on displays or physically noted on product tags- this allows customers to feel more alleviated knowing they are receiving a trusted and highly recommended product and will make them more loyal.
2. Social Media •In a University of Southern California 2016 psychological infographic on Millennials, "One in three Millennials use blogs as the top media source before making a purchase" (USC, 2016). Social media is obviously a huge part of the Millennial life and by targeting media influencers who belong to the Millennial generation is a smart way to market products. An example would be sending some jewelry items to a popular fashion blogger, Youtuber, musician, make-up artist to showcase on their website or social media platforms to create buzz before the product hits the store (someone who is a millennial and in the public eye)- you can reach a large targeted audience for practically no money besides free product. Etsy X Macy's can also use social media to directly inform their followers of when new stock hits the store, special events coming up, new product lines arrive, and also give the customer an in-depth look into Julianne's life behind the scenes with videos, tutorials, and pictures. Millennials crave an authentic experience and product and we can do that by providing a sneak peek behind the scenes and showcasing Julianne as a real working mother and artist. 3. Emphasize uniqueness and exclusivity •According to a 2016 online publication from the American Marketing Association, "58% of surveyed Millennials prefer unique goods over massproduced ones, up 13% in just two years" (AMA, 2016). Since this Etsy X Macy's line can be found nowhere else, we really need to promote the idea of authenticity and exclusivity. Possible ideas would include showcasing Julianne in promotional videos where she shows her audience how she creates her pieces. This provides an intimate look into Julianne's life and will make the customer relate more to her. Also, providing in-store workshops or talks with Julianne would highlight a unique shopping experience and create buzz amongst the millennial crowd by having a limited number of seats or participants available. Also around the time of holidays like Valentine's Day and Christmas, have Julianne come in and offer a one-day customization event where shoppers can personalize their jewelry for loved ones.
4. Content marketing on websites •Included in a 2015 online article from Kissmetrics blog, "85% of Millennials research before buying, 60% of those are looking at the company's website" (Kissmetrics blog, 2015). After trying to search Macy's One Below website, I could not find anything. This is problematic because Millennials (who use the internet for everything) will not be able to see what the experience is all about and get information on the Etsy X Macy's shop. Macy's has a good opportunity making the website fun, interactive, and cater to the Millennial technological craze. Possible examples would include a 360 degree interactive tour of the floor, calendar including exclusive events happening at the store, showcase visitor photos and experiences, no advertisements, and making sure it is mobilefriendly and directly linked to other social media platforms. 5. Loyalty programs or perks •According to a 2016 Millennial case study conducted by Social Annex, "66% of Millennials respond to loyalty cards or discounts" (Social Annex, 2016). By providing customer perks or loyalty cards, consumers will form a better connection with the brand and be more likely to shop there again. Possible examples would include giving customers a punch card where employees would punch every $75 spent, and if they get their card punched 4 times they receive 30% off their next item. Another incentive would be to offer special shopping designated days where if customer make a purchase in-store, they receive a 25% off discount code that they can apply to a purchase of Julianne's online home Etsy store so they can be introduced to other products she makes. To target the Millennials who are still students and who maybe can't afford a lot of the higher end items, they can be given a 10% discount on designated student days when they show their student I.D. 6. Social responsibility •Stated in a Southern California 2016 psychological infographic on Millennials, "91% of Millennials have preferences for brands associated with a cause " (USC, 2016). Since both Etsy and Macy's are dedicated in practicing transparent business models, sustainable procedures, and supporting women- marketing their stance on social responsibility can benefit them economically, but also instill a sense of conscious consumerism action within their audience. A direct way they can engage their customer base is by offering prize contests having to do with social action. Contest participants will have to post to their social media accounts showing pictures on why they support women-owned businesses, how they live sustainably, why consumers should care about where products come from and how they are made, and ways millennials can save the world. These individual photo contests will engage their target market over social media and at the same time bring together a millennial community base that is passionate about changing the world. For in-store marketing, each customer that buys something will be given a personalized note from Julianne thanking them for the purchase and why their purchase is important to her, her family, and women artists everywhere. This personal touch will resonate with the customer and make them more loyal and emotionally connected to the brand. Etsy X Macy's should also design their own 100% recycled paper bags for in-store purchases that have consumer waste and shocking environmental statistics that consumers may not be aware about- also with the website address to Macy's social responsibility page so if interested, customers can visit the site and see all the amazing ways Macy's practices sustainability. Another direct consumer initiative is having a global designing contest each year for students to have their designs based on consumer awareness and sustainability showcased on the bag.
D. Financial 6-Month Plan:
E. Scaling-Up & Liquidation: If the Etsy X Macy's Shop is successful, the brands must be prepared to scale up the business. First, they should make sure to hire an amazing management team and create internal systems. Secondly, switching to a cloud-base service system will allow for easier communication between different branches or locations and there will be more data space and less room for service error. Using up more retail space will be most likely, so making sure they have enough resources and materials in-store for merchandising and visuals is important. Another scale idea would be to hire (if they are 18 or older) or mentor younger students who are girls to either work in the shop or help design product. Etsy X Macy's shop can offer group workshop days where they can learn how to design and craft products, as well as a classroom portion that explains introductions to business with a strong focus on social responsibility. This initiative will serve as a learning community for young women to learn entrepreneurial skills and sustainable business practices. Also, another growth interest would be in partnering with "Macy's Workshop" and incorporate even more minority and women-owned suppliers into everyday business. Opportunities could include creating brand collaborations between Etsy X Macy's and these diverse suppliers or holding seminars or events hosted by Etsy X Macy's and "Macy's Workshop" that raise money for women's causes or give back to their own local community. Dealing with liquidation, a 90-day consolidation of product to stores which might continue to be successful will then sell-thru via web sales. The slowest sellers will then be deeply marked down at 40% so the liquidation will not be prolonged. Products can be sold in either Macy's Backstage or Macy's Last Call. Both initiatives are expected to grow significantly this year. According to the 2016 Macy's Rule Book, Macy's opened their first Macy's Backstage off-price store in New York City in fall 2015 and plan on bringing the Backstage concept into 15 full-line locations and one free-standing store (Macy's Fact Book, 2016, p.12). By putting the left-over items in Macy's Backstage, Etsy X Macy's Shops is limiting their amount of loss by trying to get as much sales as they can, even if they have to resort to discount. Also according to the 2016 Macy's Rule Book, Last Act is a simple pricing approach for deep clearance apparel merchandise and are established as separate spaces in both men's and women's. Due to success, Last Call can now be found in every Macy's (Macys Fact Book, 2016, p.12). Once the products get an even deeper markdown, if not sold in the Macy's Backstage portion, they can make their way over to the Last Call section to be sold.
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