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Click-To-Mortar: How Retail Brands Can Use Data To Drive In-Store Sales

#artificialintelligence

Retail brands are facing a difficult dilemma. On the one hand, they're scrambling to defend their business models against the rise of e-commerce. Often, this involves building e-commerce sites of their own and trying to beat Amazon (and a host of up-and-coming direct-to-consumer brands) at their own game. On the other hand, legacy retail brands worry focusing on e-commerce will come at the expense of their physical retail business. The result is that retail brands end up feeling stuck and confused, unsure of where to place their precious time and resources.


Click-To-Mortar: How Retail Brands Can Use Data To Drive In-Store Sales

#artificialintelligence

Retail brands are facing a difficult dilemma. On the one hand, they're scrambling to defend their business models against the rise of e-commerce. Often, this involves building e-commerce sites of their own and trying to beat Amazon (and a host of up-and-coming direct-to-consumer brands) at their own game. On the other hand, legacy retail brands worry focusing on e-commerce will come at the expense of their physical retail business. The result is that retail brands end up feeling stuck and confused, unsure of where to place their precious time and resources.


Deep Dive: The Future Customer Experience--AI and IoT in Retail - Fung Global Retail & Technology

#artificialintelligence

The key internal capabilities needed to ensure a successful digital shopping experience are personalization, automation and the unique identification of the customer across shopping channels. In this report, we discuss how AI and IoT are impacting the retail industry. Retailers that aim to remain competitive cannot afford to ignore the potential benefits of these technologies. AI, a technology that enables computers to make autonomous decisions, is a step forward in automation that is changing the retail industry. Retailers are using AI to analyze customer data, adapt how they interact with shoppers and predict demand in order to better manage inventory. Because consumers are bombarded with an unprecedented amount of information, being able to deliver highly personalized content for each individual customer is crucial to staying ahead of the competition. Meanwhile, the use of AI to anticipate demand and estimate when items will be returned should translate into more efficient business operations. Digitalization is the key that will unlock the future of brick-and-mortar retail, and the IoT is a crucial part of it.


The North Face & Watson: Bringing the In-Store Experience Online

#artificialintelligence

E-Commerce has exploded in recent years, with consumers choosing to make many of their purchases online in favor of traveling to brick-and-mortar locations. However, there are many retail sectors where consumers still prefer to buy in-person, even if their pre-purchase research is largely aided by online channels. Apparel is one area that fits this pattern, with consumers wanting to try on sizes, see how the products actually look, and wear them to ensure an adequate level of comfort. In addition, consumers of specialty retailers enjoy the in-store experience due to the knowledgeable sales associates who are able to educate them and guide them towards relevant products and services. For this reason, many retailers have struggled to match the online shopping experience with the traditional brick-and-mortar shopping experience.


The Rise Of Experiential Commerce: Why Relationships, Not Prices, Are The Future Of Commerce

Forbes - Tech

They're forced to compete with shops from around the world that can give customers steep discounts, creating a "race to the bottom" that most retailers can't afford to win. The article calls out the consumer addiction to discounts and touches on the strategies retailers are experimenting with like personalized pricing. It also noted that most merchants simply can't or don't want to compete on price points since offering discounts isn't necessarily the best strategy to engage with customers. The retail experience is equally, if not more important to shoppers than low prices are and can provide more value in the long run. Seeing the customer experience as an ongoing relationship instead of a single transaction is a must for online merchants to attract the fastest-growing retail audience: millennials.