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…
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
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
Consumers are becoming every day more and more privacy-sensitive and are worried about how their personal information is treated; at the same time, Retailers are gathering more and more information about Shoppers – online, offline (in-store), through loyalty-cards, etc.
Something VERY bad can easily happen – I’m going to describe five issues we always need to think about:
Selling Shoppers’ personal information to mass marketing companies
As Retailers perfectly know, store floor-space is a scarce resource and as such, it’s absolutely invaluable.
Unlike in the virtual world of online retail where space is not a factor, in brick-and-mortar stores each square foot is expected to make a certain amount of dollars – for example, according to data provided by eMarketer, a couple of years ago Apple Stores generated an amazing $4,798.82 per sq.foot, luxury jeweler Tiffany $3,132.20, while department-stores such as Macy’s made around $160/$200.