Omni-Channel Retail & Predictive Analytics - What we're reading this week

October 09, 2015



Omni-channel Retail & Predictive Analytics

A recent study conducted by Forrester Consulting, and commissioned by Radius, finds the implementation of predictive analytics demonstrates greater marketing maturity, and of the B2B marketers surveyed, a vast majority indicated they would be implementing or expanding their predictive marketing analytics systems. Only 2 per cent displayed no interest or involvement at all.

Virtual-reality fitting rooms, magic mirrors and 3D printing are among innovations being trialled at a large-scale lab in Shanghai where businesses can experiment with omnichannel techniques and trends shaping the future of retail.

The consumer journey to make a purchase has evolved (and continues to do so) rapidly. There used to be a time when buying only happened in the brick-and-mortar stores and, in the early days of ecommerce, on our personal computers. That type of buying still happens today, however now, people tend to use many different channels and devices in a single purchase cycle. Plus, to make things even more complex, additional channels are added on an ongoing basis.

Back in the day, omni-channel marketing was really easy. It was a simpler time when people didn’t have “nomophobia” (google it), and the number of channels marketers had to interact with consumers on was limited. But today’s screen-addicted, always scrolling, peer review-obeying consumers have pushed advertising and marketing into a digital explosion of touch-points. The fall-out of that digital explosion is what’s now known as “omni-channel marketing” or, in other words, being quite literally everywhere your consumers is.

As retailers rev up for their busiest shopping season, they know some things never change: Holiday deal-seekers will race like mad through store aisles for the best Black Friday deals. Last-minute shoppers will wait until December 24 to make their purchases. Crowds will swarm stores the day after Christmas in a whirlwind of gift returns.

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