Millennial’s shopping habits are going mainstream and consumers are becoming more demanding – driven by new technology and the real-time capabilities it enables. A customer can be shopping at a store for a specific model of computer, take a photo and get instant access to prices from multiple competitors and the closest store that has it in stock – in real-time. Consumers expect a seamless experience in the store, on the Web or anywhere she chooses to shop. This is why “real-time retail” is the new imperative.
Real-time retail is the ability to deliver a seamless experience to a consumer whenever, wherever or however she chooses to shop by gathering, analyzing and disseminating customer, product, pricing and inventory data across all channels – instantly.
According to BRP’s recent 2015 POS/Customer Engagement Benchmarking Survey, retailers are focused on expanding their real-time capabilities to deliver the enhanced services their customers now expect.
Real-time Features Enhance the Shopping Experience
Retailers that can provide associates with customer data in real-time before checkout are able to provide a more personalized experience and can offer suggestions to customers that impact their purchase decisions. According to our survey respondents, 510% more retailers will know what is in their customers closet and provide this information to sales associates in real-time. In addition, personalizing the shopping experience by understanding the customer’s online browsing history will increase by 1060% over the next three years (from 5% today to 58% in three years).
In the past, retailers’ pricing hierarchy was based on various levels: company, division, channel, zone and store. Now there is a new pricing strategy and structure at the personal level – based on individual shoppers. According to our survey, 174% more retailers will be offering personalized promotions/pricing in the next three years. Now that’s one-to-one marketing.
It is impressive to see more retailers understanding the value of real-time retail and working to provide these capabilities to their sales associates. I hope the reality in three years is close to what retailers plan to achieve.
I encourage you to read the complete survey report for additional insights on retailers’ top priorities.
Download Now: 2015 POS/Customer engagement Benchmarking Survey
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