To build engagement and understand customers, you have to know who they are, what they want, and what’s important to them. The good news is, there is a lot of data to aid in this understanding.
Location-based technology provides insights that retailers can’t find anywhere else. It allows the interrogation of structured and unstructured data about customer interactions with retailers across channels. Smart maps show where people work and play, where they travel, and what their priorities are. That data is critical to strengthening customer engagement.
It’s more important than ever to be customer-centric, because competitors reach customers across channels with increasing velocity. Successful companies use data to maintain a very sharp focus on enhancing their value proposition. Location data is critical to understanding customers and adding value to their retail experiences.
Blockchain and cryptocurrency: the beloved buzzwords of the technology world. Due to their radical potential, these emerging technologies have been shrouded in doubt and confusion. Yet, even as awareness and adoption have steadily grown in recent years, many experts venture to call this silent revolution the fastest growing digital technology since the internet.
For all the colossal change the retail industry has undergone in recent years, the retail revolution is only getting started, according to Dana Telsey, CEO and Chief Research Officer at Telsey Advisory Group (TAG). Thanks to changing consumer behavior and the new ways of purchasing, retail sales are continuing to grow, Telsey said at recent Grow Live events in New York and Los Angeles. With consumer confidence at a high, brands and retailers need to give consumers a reason to spend.
For many businesses, a core determining factor in their future is the answer to one simple question: Is Amazon a friend or foe?
Yesterday’s amazing is today’s expected. That’s a vital point retailers need to understand according to Dana Telsey, CEO and Chief Research Officer at Telsey Advisory Group. Telsey provided an overview of the evolving retail landscape during NetSuite’s recent webinar, Revolutionizing Retail, as well as the key trends hitting the industry and the five top things what will transform the future of retail.
Looking at the retail market and IT ecosystem supporting it, 2017 was a year of dramatic change as the trend toward online shopping gained even more momentum.
The number of cyber-security breaches in the past few years has made much of the global population far more aware of the problems of data protection security and often the lack of its complete effectiveness. TAs a result, the European Commission announced an agreement to finalize General Data Protection Regulation (GDPR) which will take affect this May. The primary objective of the GDPR is to give citizens back control of their personal data. Once GDPR takes effect it will harmonize previous and other data protection regulations throughout the EU. The Retail Solutions network spoke with Dr. Alfred Rolington, GDPR Advisory Board senior cyber security academic and Piers Clayden, legal expert on the GDPR Advisory Board and founder of Clayden Law, about this regulation and what impact it will have on retail.
As retailers move, almost en masse, to implement omnichannel functionality (e.g., ship to home/return to store, online order/in-store pickup, anytime/anywhere access to inventory) in an effort to effectively meet the rising demands of customers, the movement has significant implications for distributors.
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