One way for retailers to encourage shoppers to ‘opt in’ to data sharing is by offering exclusive perks in return for data on how often they shop there, their preferred brands within the retailer, and even colour palette preferences. With this in mind, brands need to look for innovative ways to incentivise consumers to share as much personal, relevant information as possible. Data is the new currency in retail and it’s just as valuable as the cash consumers are spending, given its rich insights into customer behaviour. This can only be obtained by collecting data, and lots of it. Retailers that get this right will benefit from being consumers’ first choice.Īccommodating the needs of different customer bases requires knowledge and understanding of their preferences. This is key to locking in customer loyalty as their needs continue to be met each time. Their usage also allows retailers to keep track of their browsing history and use this data to enhance consumers’ shopping experience even further the next time they interact with the brand. Being offered personalised, exclusive, in app-only deals make the shopping experience that much more exciting and enjoyable, leaving the consumers coming back for more. This acknowledged preference for retailer apps signals a major shift in consumer behaviour and can be recognised as a win for retailers as they have been fighting to take up space on consumers’ home screens.Ĭonsumers showing a readiness to meet them there signifies a notable retail moment, and retailers must continue to focus their presence in this space.įor consumers, using retailer apps has its advantages. Our recent research found that 41% of consumers prefer shopping via retailers’ apps and 35% on their mobile sites. Inserting themselves into new environments, and increasingly being seen as working together rather than against each other, are key ways retailers can stay ahead of the ever-increasing demands of ecommerce. Marks & Spencer has also recently added third party fashion brands as a way of “turbocharging” growth and appealing to a wider customer base.
In the UK, we’re already seeing this manifest in the form of new online marketplaces being launched by retailers like Debenhams and John Lewis. This requires a fearless attitude regarding cannibalization. The best way to deliver on this expectation is to embrace partnerships and marketplace arrangements that align with the brand’s values and positioning.
Consumers now expect access to retailers in more ways. This doesn’t just refer to these two umbrellas operating together. Retailers need to be increasingly open to the idea of being a part of one giant store – whether that’s brick and mortar, or ecommerce. How will retailers manage this exactly? Here are four ways in which retailers can prioritise customer convenience. In other words, how retailers can make themselves present everywhere to meet consumers’ needs and wants at any time - whether that’s direct-to-consumer (DTC), or across third-party platforms. That’s why the new omnichannel strategy for retailers is now about real omnipresence. It also means feeling valued by retailers – and rewarded for their loyalty to the brand. This means getting what they need in the most convenient way. But with severe supply chain challenges, inflation, and labour shortages causing friction along the path to purchase, consumers want to shop at the most accommodating retailers only. They gave us 100% rigor but gave the sellers time back (they autolog every digital tech we use) and more.An omnichannel offering is the new table stakes in retail, with the vast majority of consumers now receptive to and comfortable with online shopping. After forecasting was solved, we realized that they do so much more. We can react at a speed that we never did before and everyone knows what is going on so we have a lot less surprises. Daily forecasting lets us identify changes on the day they happen. I will never go back to the old way of forecasting. We looked at everyone who had a process automation model but liked Collective because they convinced us that daily forecasting using predictive analytics and their network would allow us to spot problems faster and with less work. We did a very traditional weekly forecast process and started off looking for a way to get out of spreadsheets. Comments: We started with the goal of improving our sales forecast.
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