Consumers have fundamentally changed how they shop and how they buy. This shift has forced retailers to adapt to a new paradigm. Here are the seven realities of the new retail world
- A proliferation of new technologies has created substantial new opportunities to understand and serve customers, which means organisations must put forth the effort to integrate new technology into regular processes and procedures. Don’t start with technologies but start with people & processes.
- Removal of the Silos of data and departments must be broken down to enable centralized data.
- Retailers must build complete, 360-degree portraits of customers to recognize them as individuals and understand their buying behaviors. Consumer personas are key to relevant and personalized experiences for customers who represent high-value potential for pro tability.
- Brands must reach across all channels and devices to provide meaningful experiences based on each consumer’s demonstrated preferences.
- The Customer Shopping Experiences across physical and digital channels should be seamless for consumers, while digital and physical measurement and attribution should be seamless for retailers.
- Consumers now expect personalised and relevant content that retailers can and must deliver, using data-based insights, to drive the best customer experience.
- All data must be handled in a transparent and ethical manner, with retailers accountable for ensuring it is used in ways that bene t consumers and protects them from harm.