- Learn to thrive in a dynamic retail environment with modern, self-service online retail analysis and offline retail analysis.
- Let's get real about Retail 4.0.
- 6 Questions Best-in-Class Retailers ask to Thrive in Omnichannel.
With the e-commerce retail market growing by 18% in 2018, faster than the original expectation of 11% set by analysts, you might be feeling the pressures of keeping your brand relevant and retaining customer loyalty online and offline. For many midsize retailers, the growth in 2018 of over 16,000 new direct-to-consumer brands emerging online is creating an overcrowded marketplace.
Brand differentiation and loyalty are now defined by consumers seeking experiential retail, pushing new and old brands to redefine a culture around their most popular items and associating social and climate change economics to retain brand loyalty. Many are taking a “Glass Box” approach, shifting to radical transparency where corporate values match consumer values on issues from carbon-neutral manufacturing to hiring practices.
In addition, retailers who are seeking to grow services attached to their products are replacing customer loyalty programs with monthly subscription programs, which offer products at a discount in exchange for a recurring revenue model. Many also offer free shipping as an incentive, as well as special promotional products or online only products as a reward — a special perk to drive customer acquisition and maintain loyalty.
Customer acquisition in a crowded market space can be a challenge. Matching online and offline consumer behaviours requires advanced analytics. Matching behaviour with location-based analytics can be a further challenge when aggregating the data to gain insights on optimizing merchandizing and pricing to drive revenues.
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But dynamically offering consumers the ability to order or search online while in a store is not enough. Once Amazon made free two-day shipping nearly ubiquitous, most consumers want to know how quickly they can receive your product as well. Now you must also become savvy around supply chains and logistics in order to move from a traditional multi-channel to an omnichannel approach.
Digital transformations such as Industry 4.0 bring a traditional physical environment into a modern digital environment, joining multiple workflows that can be adopted and scaled at the speed of your business. Retailers are also undertaking that same transformation in Retail 4.0.
This Retail 4.0 transformation demands the adoption of an analytics-first culture, driven by the innate variety of the data and the intrinsic complexity of the questions being solved. Adopting an analytics-first culture doesn’t have to be overwhelming. Here are a few step-by-step considerations:
6 Questions Best-in-Class Retailers ask to Thrive in Omnichannel
Savvy midsize retailers that are committed not just to survive, but to thrive, in the always-on, omnichannel environment may find themselves asking questions like these:
- How do I reconcile online versus offline data? How can I see common merchandizing and pricing patterns that I can leverage to dynamically change my merchandizing and pricing?
- Can I combine third party consumer demographic data to my online vs. offline analysis? Are there consumer demographics that I should culturally appeal to? Can I use a “Glass Box” approach to entice the same targeted demographics?
- How can location-based intelligence help me gain insights into my population? How far are these shoppers traveling to my locations, how many are passing in front of the store and how many are entering the store? Can I create a heatmap of the shopper’s journey in the store? Based on the insights that I have gain from my online vs. offline analysis, can I place my promotional merchandize strategically along the consumer’s store journey? Can I increase my customer acquisition?
- Can I analyze my current customer loyalty program against my online retail analysis vs. offline retail analysis? Are there patterns that would allow me to drive certain subscription-based programs?
- How can I accurately create a demand forecast from my online retail analysis vs. offline retail analysis? Can I predict seasonal patterns?
- How can I offer free shipping to my customers?
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