With innovation continuing to be a focus for retailers, a new Retail Innovation Report identified 5 top priorities that retailers are looking at for the near future.
Retail success is now being driven by a set of new measures, according to original research in a new report from Arvato, a global provider for full-service eCommerce and supply chain solutions, and Practicology, a leading multi-channel consultancy.
The Retail Innovation Report warns that traditional – single channel – Management Information reporting could be holding retailers back. As well as measuring historical data, brands and retailers should be using forward looking metrics, such as Net Promoter Score, to assess their performance and apply insights across multiple channels to better meet the needs of omnichannel shoppers.
- Single customer view:
A 360⁰ view of the customer alone is now viewed as ‘mission critical’ to deliver the seamless experiences today’s connected consumers demand. But, whilst a single customer view provides retailers with actionable insights based on shoppers’ past behavior, to take this further retailers require more predictive capabilities.
Most retailers interviewed outlined their focus on being better able to respond to sudden uptakes of technology by consumers, such as smart watches and TVs. However, most couldn’t pinpoint which technologies would take off, further underpinning the importance of agility in business models.
Smartphones are now regarded by retailers as the ‘front door to retail’, often representing the start of consumer journeys, whether shoppers convert online or later in-store. Retailers are looking more strategically at using mobile to drive consumer into store as well as capturing mobile data to drive conversions in the physical retail environment.
- New store formats:
Online performance is shining a spotlight on weaker in-store execution, meaning retailers acknowledge a change to the role physical stores play in consumers’ omnichannel encounters. Not only do they recognize a need for stores to be more inspiring – delivering value over and above a simple transactional experience but also, in a time when shoppers value convenience, stores must also adopt the role of a mini distribution centers for online orders, creating slick click-and-collect operations.
With 1.16 billion packages due to be dispatched via carriers for online retailers in 2016*, fulfillment presented a key innovation focus in terms of achieving ‘hyperconvenience’ for shoppers; the retailer panel agreed those who fall behind or fail to innovate in delivery services would risk losing customers.
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