As we have seen predominately in the last few years, data drives everything.
One of the biggest upsides for companies that have slowly switched to digital avenues after years of purely physical selling is the wealth of data and analytics that come with digital solutions.
This week is all about the effect digitalization has had on the retail industry and how data is the key to perfecting the customer experience.
THIS WEEK’S HIGHLIGHTS
- DOORCOUNTS WEBINAR TODAY: Join us today at 12 pm EST for our webinar on reports. CLICK HERE TO REGISTER FOR WEBINAR.
- Customer experience: How cookies have changed the way we view customer experiences.
- Digitalization and the effect on retail: The power of a simple keystroke.
FOOT TRAFFIC INDEX
Here’s a look at last week’s foot traffic compared to the same time last year.
FOOT TRAFFIC TRENDS
Industry insights so you can convert your foot traffic into more sales.
Data drives everything
In the most recent white paper by RIS News, Customer Experience in Retail Data: Drives Everything, they dive deep into data from retailers across the country to see the driving forces in customer experiences.
82% of retailers from the recent survey name improved customer experience as their highest business priority for the year ahead, with increased revenues coming in a distant second at 43%. With people going out less frequently than before, making every customer experience as seamless as possible has become essential.
In particular, 63% of companies added curbside pickup and other changes in how they deliver products to customers, with more than half (57%) expecting to continue the new curbside pickup and home delivery services once the pandemic has passed.
Another factor that contributes to great customer experience retail is the ability to harvest large volumes of data that can inform business decisions aimed at increasing profits, improving customer loyalty, and expanding market share.
Click HERE to download the full white paper on customer experience.
Digitization and the effect on retail
As we’ve touched on many times in the past, digitalization has started to become a companion to physical retail, rather than a threat.
Hillary Cullum, Founder of HSC Advisors, says “digitization is touching every aspect of retail. Brick-and-mortar stores are working to integrate digital technologies to help streamline the in-store experience,”
One of the biggest upsides for companies that have slowly switched to digital avenues after years of purely physical selling is the wealth of data and analytics that come with digital solutions.
The better and cleaner data comes simply by being able to track and measure what a customer is interested in because they typed it into the search. And with better data, comes better demand forecasting, store allocations, and improved assortment.
Click HERE to learn more about the impact of digitalization in retail.
Retail Snippets
Two-way street: Why brands may need retailers more than they realize.
Repurpose: To fill empty retail space, landlords turn to doctors and dentists.
Boycott: From vodka to soccer, campaigns to boycott Russian goods build momentum.
Beyond Meat: Beyond Meat shares tumble after reporting a wider-than-expected loss, shrinking revenue.
RANDOM IRRELEVANCE
The data game: What Amazon knows about you and how to stop it.
Security: The 20 most common passwords leaked on the dark web — make sure none of them are yours.
Space: The curiosity rover finds a bizarre rock on Mars that looks like a flower.