There are millions upon millions of dollars being spent today on data analysis in retail and in most every industry that you could think of.
We all know metrics are important, they are the compass that guides the business. With all this data available, it can be a struggle for retailers to properly collect and interpret the data they have available to them.
Modern, smart and connected are a few words that describe today’s consumer and should be used to describe your omnichannel strategy as well.
I was travelling recently and booked a long travel day with limited time in between flights. There I was…hanging out in economy seating…for my 5 hour flight…directly over lunch hour…and I was getting hangry!
Data is either loved or data is hated. To some, it is a world of meaningless numbers that are scanned to produce a gut feeling, and to others, it is meticulously combed through and scrubbed and cut up to produce a reasoning in the decision making process. But when comparing the investment of proper data analysis, versus the substantially less investment of an industry veteran’s gut feeling, one may wonder about the ROI.
Guardian reported today that Amzaon has just opened a bookstore in Seattle's University Village stocked with 6,000 books at the same price as Amazon sells them online.
Appliance Retailer reported (Oct. 7) that Japanese clothing retailer Uniqlo is trialling neuroscience technology at its stores in Sydney's central business district, in hopes of matching outfits to customers' moods.
Last week (Sept. 28), Business Insider's Marina Nazario visited Macy's brand new, 53,000-square-foot basement in its New York City flagship store. The floor is called "One Below" and targets younger shoppers.
Yesterday (Oct. 5), Racked published a fascinating exposé on the retail sales machine known to many as HSN, previously called the Home Shopping Network.
Throughout the past decade, by working with various retailers, the iQmetrix team has accumulated a wealth of industry knowledge and hands-on software expertise that made us comfortable to push our professional service offering to the next level. Rather that offering software tips, we wanted to completely integrate our team with a retailer and work together on improvements on all sides of the business operations and customer experience.
Bank of America Merchant Services Now Available in RQ!
It really comes down to the types of goods that would determine the success of retailers who mix online and in-store.
It’s interesting to note what types of retailers would fall somewhere in the middle and would benefit from a strong blend of in-store and online strategies. It really comes down to the types of goods that would determine the success of retailers who mix online and in-store. My thoughts on the kinds of goods that would be great for the mix are:
- Goods that are not commodities. If there are physical differentiators for a product set, then it becomes more important to have a physical store channel for consumers to validate a choice that they might make online.
- Goods that are actually physical. Music is essentially a virtual ‘product’. The distribution lends itself to a strictly electronic form. Books are another example of this class of virtual product.
- Fashion is a prime industry for an online and in-store mix. The goods are differentiated physically in terms of cut, material, and colors.
- Technical physical products are another category that benefit from an online and in-store presence - gear that requires good maneuverability or feels good in the hand.
Perhaps another way to think about it is - what kinds of products carry a higher risk of disappointing the customer if they only ever had exposure to it online?
Physical stores can offer consumers experiences that are difficult to replicate online.
Here are my top 3 tips for how retailers can remain competitive within the growing trends of E-commerce:
The future of retail is not deciding between physical or online but finding a way to bring the best of both experiences together.
Foot Locker has implemented endless aisle and drop ship concepts to pull together their omnichannel efforts. The article covered a lot of interesting trends that we’ve seen popping up all over the retail landscape.