For Retailers, analytics tools – I think about reporting and BI applications, “Big Data”, etc. – are vital, priceless, competitive technologies that allow answering the following fundamental questions:
- What types of Shoppers are visiting my stores?
- What did catch their attention on the shop-floor?
- What did they purchase in-store?
- How many of them are repeat visitors?
- Whom did they engage with? About what?
- …and so on…
This year Black Friday falls on November 24.
To help retailers prepare to gear up for the big day, Periscope By McKinsey conducted its second annual research into consumer expectations surrounding Black Friday, including whether consumers intend to shop and, if so, their motivations for doing so as well as their desired shopping channel. What follows are some of the top-level findings from the research. By Channie Mize, General Manager for Retail, Periscope® By McKinsey
Source: What’s “In Store” For Retailers This Black Friday?
In the future (…near or far? …time will tell…) we will have two radically different types of shopping:
- shopping for everyday items
- shopping for specific, glamorous, out-of-the-ordinary items
Let me get into the details…
Everyday-item-shopping Continue reading
Retailers are struggling to accurately predict their earnings, which has implications for their business management.
Source: Retail earnings misses back to levels last seen in Great Recession
Successfully creating and implementing retail technology solutions is VERY, VERY hard(*)!
[(*): it is a pain both for Retail Tech Vendors/Solution Providers and for Retailers’ ICT teams]
Just to avoid confusion: retail technology solutions are any mix of hardware, software, expertise, etc. packaged together, whose short description liberally includes terms like Web, Digital, Mobile, Enterprise, Windows/Linux, SQL, etc.]
Let’s discuss some of the most significant challenges. Continue reading