Our Founder and CEO, Dr. Omer Artun, often shares his insights on these '6 Technology Trends' that retail leaders can leverage to grow their business.
-As a former marketing leader at Best Buy, consultant at McKinsey & Co, and with a PHD from Brown, we know you'll enjoy these valuable insights.
6 Top Retail Trends
1. Siloed data is the #1 problem top retailers are already fixing - The best way to unify your customer data is to approach it from the customer perspective vs. the channel perspective. Resolve the identity of each customer across channels to ensure you have full profiles that you can then apply predictive models and segmentation to. Regular data cleansing is also crucial - from de-duping your data so that you truly know who your omni-channel VIPs are to house-holding so you can target families and better understand their buying behavior.
2. The real-time aspects of how this data moves around and gets processed is increasingly important - When somebody browses on their mobile device and then they walk into a store, you want to connect those engagements in real time. That’s something that's been redefining the industry. In the past, retailers worked with old data, but your customers are interacting with many brands (including yours) daily - you need to capture they engagements with yours in real-time.
3. Being more predictive – Top retailers are leveraging predictive models & analytics that reveal trends and patterns in the data. With this, marketers are able to be proactive vs. simply reactive.Check out our blog/infopgraphic on the topic! Want to research more on what other top brands are doing with the hot topic of predictive marketing?
4. Mobile – Is not just a channel, but a crucial way you can
connect your customer's moments of engagement across channels. It’s the digital device that we take into the physical world. With mobile, you can integrate your brand & products into their daily lift and further build a lasting relationship. Take a peak at our mobile infographic to learn more about trends and best practices in mobile.
5. Privacy is going to shape how data is shared, used, leverage – While collecting customer data allows for personalization, privacy is becoming a hot topic. Top brands like Amazon are giving the power of recommendation back to the consumer by allowing them to erase history and add preferences. Knowing your customer's demographics is increasingly key when adopting new personalization technology as well. While one customer base might love that you know their name, shoe size & birthday, another might get creeped out if you simply use their name in an email! Make sure to test and segment when you add in new personalization campaigns.
6. Organizational influence – More and more companies are recognizing that an internal shift is required to stay competitive. Internally, teams can not be siloed and all leaders need access to the same customer data/dashboard. When we moved from the corner shop model (where they knew your name, order, etc.) to supermarkets, we lost some of the personal relationships that simply were not scale-able. More selection, but less personalization. With today's technology retailers can have the best of both worlds, which means organizations need to become more aligned, agile & customer-centric.
More Retail Trends and Insights!
Omer recently shared these insights while joining a thought-leading panel during last years Luxury Interactive conference. Joining:
- Stacy Huggins the VP of Digital Marketing at Tamara Mellon
- Kelly Macaulay the Heard of Marketing at NetJets
- Mary Bennet the VP of Digital & Commercial Partnerships at Viceroy Hotel Group
They covered top marketing and technological trends and shared deep insights into how their companies are tackling customer data challenges. We already shared Omer's top observations on retail trends. You can watch the full session here.
Here's a sneak peek at what our other panel members shared:
- Stacy: Data is informing product creation for the first time. Marketers are empowered with customer data and can now influence what products are being designed to sell.
- Mary: Customers can buy from many different sites or can go to something like Tripadvisor and they can get their entire trip booked there. Very rarely does someone only go to your hotel site. They are focused on both the content that they can directly manage AND the content that they can not. By better understanding what the customer is experiencing, they can provide better service.
- Kelly: They are really focused on behavioral data and how that person experiences the entire travel experience. Specifically, they focus on the day-of-travel and how they can orchestrate what content the customer receives based off the customer behavior - truly delighting the customers at each step.