Forget B2B, B2C, and B2B2C. As the customer — specifically the Millennial and Gen Z segments — helps shape the future of retailing, we’re in the throes of the “Me2B” economy.
You may be familiar with Me2B and, as a result, may be adapting your business to personalize at scale. Indeed, this is certain — digital disruption has driven us to the Me2B world. As such, how can retailers compete in the Me2B economy?
The answer, in part, is data science and digital marketing. But before we identify how data science and digital marketing foster Me2B success, let’s look at how we got here. The Me2B concept is putting a name to what retailers have known and lived for years — consumer demand for personalization is obvious, and smart retailers are adapting to deliver a hyper-personalized experience. Yet retailers can’t personalize what they don’t understand. To better understand their customers and the experiences they want, retailers are analyzing various technologies and experiences on a regular, recurring basis in innovation labs — actual physical spaces devoted to testing and learning. By the way, if a stand-alone innovation lab isn’t in the cards just yet, treat the store as an innovation lab. Birchbox’s co-founders and co-CEOs, Hayley Barna and Katia Beauchamp, are loud about the fact that they treat their physical stores as testing labs, and they use cameras and heat maps to garner the data they need to switch up everything from assortment to layout.