Best Practices

Retail’s New Best Practices

The tips you need to know

In today’s rapidly evolving retail landscape, technology—specifically technologies uncovering new sources of data—is driving the emergence of new best practices, arming retailers with the tools they need to thrive. We all know retail is in a state of tremendous change. The growth of online, mobile, and social commerce channels has put traditional retail on notice:  either change or die. Change, however, doesn’t need to be radical. In many cases, retailers can “win” by adopting new technologies and new practices, based on data analysis, to their already solid—but increasingly at-risk—retail businesses.

In the past few years, and recently with greater velocity, I’ve seen retailers adopt what I believe are the ‘new best practices’ in retail. Some are omnichannel strategies that have been discussed at length and well documented. Organizations have omnichannel strategies, omnichannel teams and even chief omnichannel officers, all with a mission of ensuring the customer experience is as efficient and consistent in-store as online, and that brand experience transcends channels. However, what has been discussed less is how retailers are using the myriad of new data sources to drive practical improvements in the everyday management of their physical retail operations. It’s important to recognize that physical retail is fundamentally different than online retail. A physical shopping experience is just that—physical. Customers are influenced by numerous factors; understanding what drives shopper behavior is complicated, and, as such, the ‘secret sauce’ of influencing behavior is even more complicated.

 

Link – Retail Next

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