Posts

What luxury marketers should expect in 2016

Luxury Daily – Over the course of 2015, the economy showed signs of uncertainty and global happenings affected consumer spending, but researchers agree that 2016 is on pace to maintain and curate a luxury ecosystem.

Insights gathered by market researchers with a focus on affluence and spending behavior have assisted brands in understanding target demographics, including the elusive millennial. Through this understanding brands have been able to curate communications that speak to the market on a global and localized scale using social media and omnichannel experiences, tactics and trends that are expected to continue into the new year.

Here are the outlook views of some researchers featured in Luxury Daily last year. Below are the comments from Boston Retail Partners, read the full article to see more insights.

Boston Retail Partners

Luxury shoppers have elevated expectations for their shopping experience – they expect it to be easy, convenient and most of all, special,” said Ken Morris, principal, Boston Retail Partners. “To deliver on this promise in 2016, many retailers will focus on digitizing the black book to bring the ‘Amazon-like experience’ to the store.

“Providing a truly luxury shopping experience requires knowledge of a consumer’s wants and needs, which can be aided and supported by technology – in real-time,” he said. “Real-time retail is the ability for retailers to personalize the shopping experience based on an individual’s preferences, purchase history, what’s in their closet and their most recent online browsing history – all based on real-time information.

“Rather than adding associates, retailers will be adding technology to aid associates in providing customers a personalized, real-time retail experience. According to Boston Retail Partners’ 2015 POS Survey, within the next two years many retailers plan to offer personalized suggested selling capabilities based on: the customer’s previous purchases (76 percent of retailers); what’s in the customer’s closet (61 percent of retailers) and the customer’s online browsing history (58 percent of retailers).

“The key to personalizing the shopping experience is analyzing all customer data that is collected in real-time to offer meaningful suggestions and offers based on ‘customer context’ – the interrelated factors of customer insights and environmental conditions that make the shopping experience relevant,” he said.

“By personalizing the shopping experience with real-time customer context, luxury retailers will create an ‘Amazon experience’ in the store and give customers the exclusive treatment they expect.”

Read Full Article: What luxury marketers should expect in 2016

How are Mobile Devices Transforming the In-Store and Web Customer Experience?

Shop.org Recap Cover ImageAt the Shop.org Digital Summit 2015, I moderated a retail executive panel on mobile technology and below is a summary of the topics we discussed. For more details, here is a link to the complete recap of the session:

2015 Shop.org Recap – How are Mobile Devices Transforming the In-Store and Web Customer Experience?

Here are some of the key points discussed during the session…

There has been a huge technology shift in the past few years and mobile technology in the hands of consumers and retail associates has been the driver. Mobile capabilities allow a retailer to break down the barrier between the online digital environment and the physical store. Mobile is driving retailers to upgrade and replace technology to keep ahead of their competitors’ customer experience offerings and to try to keep up with their very informed and technology-savvy customers.

Mobile Technology is an Enabler

MobileEnablerConsumers now use mobile devices to research products, compare prices, complete purchases online and increasingly to pay for in-store purchases. The proliferation of tablets and mobile phones has also created new opportunities for retailers to enhance customer service. Putting mobile devices in the hands of store associates enables inventory look-up (enterprise-wide) even for products not immediately available, supports the associate providing assistance to the customer on the selling floor, supports transaction processing anywhere in the store and anywhere in their supply chain.

Mobile is the Future

According to Boston Retail Partners’ 2015 POS/Customer Engagement Benchmarking Survey, many retailers are focused on expanding their mobile capabilities.

  • 286% more retailers plan to deploy mobile POS in the next two years
  • 165% more retailers plan to offer personalized recommendations via customer-facing mobile in 3 years
  • 56% of retailers plan to accept Apple Pay within 3 years

“The mobile device is the cash register of the future, the sales associate of the future and the wallet of the future – or rather the now!”

 

Mobile for Customer Identification and Personalization

BeaconsCustomers and their shopping behavior remain anonymous without some type of customer identification. One of the keys to influencing a customer’s purchase and offering a personalized experience is to identify the customer early, as soon as they enter the store. In BRP’s 2015 POS/Customer Engagement Benchmarking Survey, 90% of the retailers surveyed said they were able to identify their customer in the store, which is up significantly from 73% in the 2014 survey. However, in many cases, customer identification is happening at the point of checkout or later, which is too late to influence the current purchase decision.

In BRP’s CRM/Unified Commerce Benchmark Survey, very few retailers (6%) indicated they have the ability to identify customers when they walk in the store via their smartphone. The bigger story is the 53% who plan to implement this within five years – that’s an 883% increase

Keys to Mobile Success

As discussed in our panel session, here are a few things retailers need to do to successfully deploy mobile capabilities:

  • Create a consistent experience across all channels
  • Know everything about your customer:Customer Information
    • Personal preferences
    • Purchase history
    • Key dates (anniversary, bithdays,etc.)
    • What’s in their closet?
    • Where did they browse?
    • Did they abandon an online cart?
  • Be as connected as your customers
  • Train sales associates on using mobile technology (change management)
  • Have the right infrastructure: network, middleware, order management
  • Have visibility and access to customer and product information across the enterprise – in real-time!

Mobile Challenges

She is Moving FasterHere are a few challenges our retail panelist discussed:

  • Keeping up with Customers and Technology
  • Privacy and Security
  • Inventory Accuracy
  • High-Speed Internet Access In-store with WiFi
  • Choosing the right Technology Partners

Mobile is definitely the future of retail, as consumers demand it and retailers are focused on enhancing their mobile capabilities.  Are you keeping up with your customers’ desires for mobile features?

For more details on mobile technology for retail, download the full report:

2015 Shop.org Recap – How are Mobile Devices Transforming the In-Store and Web Customer Experience?

As always, I appreciate your perspectives on this topic. Please share your comments below.

Ken

Shopping Trends for the 2015 Holiday Season and Beyond

“Consumer spending is expected to be up 4% for the 2015 holiday season – what are you doing to ensure your customers are willing to spend more with you?”

Holiday Trends Cover ImageThis blog post is an executive summary of the BRP INSIGHTS: Shopping Trends for the 2015 Holiday Season and Beyond. For more in-depth coverage of the 2015 holiday shopping trends, I encourage you to read the full report.

It’s the most wonderful time of the year for shoppers – and retailers too! Consumer spending is poised to increase year-over-year from 2014.

In a 2015 Gallup holiday spending intention poll, consumers estimate spending an average of $812 on gifts this season – up 4% from the $781 estimated at the same time last year, and the highest estimate since 2007. While they have higher discretionary income, consumers are still frugal and price sensitive. Consumers are smart about their holiday spending and continue to search for the best value.

Halloween is the New Thanksgiving

BlackFridayConsumers don’t have to wait until Black Friday or Cyber Monday to get the best deals. For most retailers, discounts and holiday hype began right after Halloween on November 1. And the deals don’t stop there, as discounting is continuing throughout the season. This may cause many consumers to shop around, or postpone their purchase, until they find the best deal.

With stores offering deals throughout November it becomes less imperative to have a blowout Black Friday… or even be open at all. REI announced it would close all of its 143 stores on Black Friday. In an email sent to stores they wrote, “Instead of reporting to work, we’re paying our employees to do what we love most—be outside.” Gamestop and Staples have also announced they won’t open their doors for business on Black Friday.

Retail Impact

In this competitive market, retailers must offer deals throughout the month of November and not focus solely on Black Friday or Cyber Monday to hit their numbers.

Retailers Think “Click-and-Mortar”

Many retailers are gearing up for the most omni-channel holiday season yet.

  • 25PercentOffTarget – With 25% of sales predicted to be fulfilled trough shipping from a store or order pickup, Target hopes to add value and establish itself as an omni-channel leader.[1]
  • Toys“R”Us – Specifically targeted to kids, the Great Big Book of Awesome” catalog now features the ability to have an interactive experience – bringing toys to life within the app and playing in virtual reality mode.
  • Lands End – Typically an online and catalog retailer, Lands End opened pop-up shops in New York and Boston to complete their multichannel experience.

These are just a few of the holiday examples where retailers are honing in on an exceptional customer experience that integrates clicks and bricks.

Retail Impact

The market place is competitive and retailers realize that in order to capture their share of consumers’ wallets, they need to expand and emphasize their omni-channel offerings.

Shopping on Mobile Devices Continues to Accelerate

MobileShoppingMobile influence and contribution to retail sales will ramp up this holiday season. Retailers featuring their best deals on Thanksgiving will surely see an influx of mobile purchases as customers shop right from their couch. According to Adobe, 51% of retailers’ website traffic is predicted to be via mobile on Thanksgiving and 29% of Cyber Monday purchases are predicted to occur on a mobile device.[2] While customers are “webrooming” on their mobile devices on Thanksgiving, keep in mind that more than two-thirds of shoppers who browsed online ultimately bought in-store during last year’s holiday season.

Retail Impact

Shoppers can easily opt to use their mobile phone on Thanksgiving Day rather than fight the crowds at stores. Brands that do mobile right will win customers’ loyalty and future sales.

EMV Processing Creates Longer Checkout Experiences

EMV_ChipThe EMV confusion has already been begun. As a customer is checking out, she naturally swipes her card and the cashier notices that the card is chip embedded so they instruct her to insert it instead. The customer fumbles for a second, maybe questions the process to the cashier, then inserts the card and has to remember to leave it in until it has completed the longer than expected process. Aside from being an unfamiliar operation, the push-and-pause method takes longer than the swipe and is expected to negatively impact checkout line this holiday season.

Retail Impact

Retailers with trained store associates familiar with the push-and-pause EMV transaction process for its customers will be a step ahead of retailers that are unprepared. Retailers who have missed the EMV deadline will be liable for fraudulent transactions, but at least they will have the fastest checkout lines!

Retail Processes Will be Tested

OmniChannelThis past year has brought an influx of technology advances that have been embraced by consumers and gradually adopted by retailers – mobile payments, EMV, guided selling, flexible ordering and pick-up/delivery options, endless aisle and many more capabilities. With so many new retail practices and processes and the busiest season of the year approaching, retailers will be tested. There is a collision of many new processes that retailers need to properly train associates and customers to conduct in a high-pressure environment.

Retail Impact

Retailers could witness mayhem if they don’t train staff accordingly and prepare their systems for increased demand. System fumbles not only frustrate shoppers but cause retailers to lose customers for life.

Beyond 2015: Real-time Retail and Personalization are Critical

50PercentOffConsumers’ holiday shopping experiences will transcend all channels and they expect immediate products and services. Real-time retail is the ability to deliver a seamless experience to a consumer whenever, wherever or however she chooses to shop. According to BRP’s 2015 POS/Customer Engagement Benchmarking Survey, retailers are focused on expanding their real-time capabilities to deliver the personalized experience 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 the BRP survey, within 3 years 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).

Personalized Promotions and Pricing

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 the BRP survey, 174% more retailers will be offering personalized promotions/pricing in the next three years.

Retail Impact

While real-time retail may not have as much of an impact on the 2015 holiday season, the need to offer customers a shopping experience that transcends channels will increase dramatically. Those retailers on the forefront of this offering will have a competitive advantage and attract and retain more loyal customers.

Conclusion

With an expected 4% increase in spending this holiday season, retailers have a prime opportunity to exceed the expectations of current customers and impress new shoppers to convert them into loyal customers. The holiday shopping season, which now extends from November 1 through Christmas, is less dependent on the traditional sales spikes of Black Friday and Cyber Monday. While this provides nearly two months of promotional opportunities, retailers still need to captivate the attention of consumers with a steady cadence of creative campaigns.
While this season will be “in the bag” before we know it, it is critical to reflect on the successes and failures that come out of this holiday season to improve the capabilities and processes for future holiday seasons. The 2016 holiday season is less than a year away – will you be ready?

I encourage you to read the full BRP INSIGHTS Report.

DOWNLOAD NOW:  Shopping Trends for the 2015 Holiday Season and Beyond

As always, I appreciate your opinions and feedback on this topic. Please share your thoughts below.

Ken


 

[1] CSA, How Target is going Click and Mortar this Holiday, November 2015

[2] Adobe Digital Index, 2015 Online Shopping Predictions, October 2015

The Future Store Manifesto – Real-time Retail Changes Everything!

Boston Retail Partners published “The Future Store Manifesto” today to articulate our vision of the future store and identify the challenges and imperatives retailers face in delivering the experience consumers expect.Store of Future Quote2 This blog post is an executive summary of the Manifesto. I encourage you to read to full The Future Store Manifesto to see what the future holds for retail stores.

Here is an abridged version of the paper…TheFutureStoreManifesto_Cover

With the rapid adoption of smartphones, today’s consumers are always connected and have access to unlimited information at their fingertips. Consumers expect their shopping experience to transcend channels so they can shop anywhere, buy anywhere, pick up anywhere and receive service anywhere.

The digital world is infiltrating the physical store, where consumers are equipped with their smartphones and a new set of expectations. While two-thirds of online transactions occur after a shopper visits the store, 90% of all retail sales transactions still occur within the store.

Over the past twenty years, many in the retail industry have predicted the demise of the physical store. The store is still the foundation of retail; it is where the tactile and sensory experience comes together for the consumer. The store is the theatre for shopping. However, we are on the cusp of a significant and fundamental transformation in the store environment.

Online shoppers are now accustomed to features such as product reviews, extensive assortments, one-click transaction processing and personalized recommendations. Retailers must therefore infuse digital features into the store environment to exceed customer expectations.

The store of the future must be mobile, relevant, personal, ubiquitous and secure.

MobileFutureStore_Mobile

There’s no question that mobile devices are pervasive, and have changed shopping behavior and elevated expectations. Wearables, a form of mobile, are now available to the masses. The store of the future will allow the shopper to simultaneously browse online through their digital glasses while shopping within the store, and then simply wave their watch to purchase their items. Mobile devices enable associates to enhance customer service through mobile point of sale which enables the completion of a customer’s purchase on the sales floor at the moment a buying decision is made.

Relevant

Identifying customers when they walk in the store allows the retailer to understand shopping history and communicate relevant and personalized information to the shopper based on “customer context.” Customer context – the interrelated factors of customer insights and environmental conditions that make the shopping experience relevant – is essential to personalizing the shopping experience. Technologies such as touch screens, virtual mirrors and virtual reality offer possibilities for further interaction and a more immersive environment.

FutureStore_PersonalPersonal

Mobile devices used by store associates to assist customers with clienteling, guided selling, inventory look-up, and even checkout throughout the store are prime examples of ways retailers personalize the customer experience. The future store may also enable customers to videoconference with their favorite sales associate – from home.

Ubiquitous

“Real-time retail” is the ability to deliver a seamless personalized experience to the shopper whenever, wherever and however they choose to shop. It enables retailers to identify shoppers and gather, analyze and disseminate customer, product, pricing and inventory data across all channels – instantly. Without real-time data, information provided internally and externally is out-of-date and risks being inaccurate and out of context.

FutureStore_SecuritySecure

The store of the future requires a secure environment beyond retailers’ current focus on payments and network security. Retailers need to strike a balance with consumers between gathering information and maintaining trust. As retailers seek new ways to provide relevant information and experiences, like product recommendations via digital screens in the dressing rooms or facial recognition alerting an associate to a shopper’s arrival, they must understand the impact on the customer relationship.

Challenge – Current Environments Can’t Support the Store of the Future

Realizing the store of the future will be a challenge. Retailers have legacy systems, inconsistent customer data, and are generally not organized in a way that supports this transformation.

Outdated Legacy Systems

FutureStore_SilosThe evolution of the store has been constrained by disparate systems built in silos based on old technology and paradigms and a lack of robust networks; all creating today’s architecture and integration challenges.

For decades, retailers added new technology to support channels without integrating the application portfolio. Retailers now often have separate inventories and systems for order management, customer relationship management (CRM) and merchandising for each channel.

Multiple Versions of the Truth

Retailers have struggled to gain consistent, shareable and accurate customer and inventory data across the enterprise, which has hampered their ability to provide personalized, relevant service. As data grows exponentially, organizations grapple with distinct silos where inaccurate, incomplete, inconsistent and redundant data resides. It is not surprising that a single version of the truth rarely exists. The ability to more effectively manage and synchronize data throughout the enterprise is an essential requirement for real-time retail. Real-time visibility to customer, product, price, inventory and order information across all channels is critical to deliver a seamless customer experience.

Organizational Change Fatigue

For most retailers, the pace of technology acceleration is confusing, overwhelming and exhausting. This has caused organizational change fatigue. Along with technology architecture and usability, retailers must address organizational change. Store associates must often learn new processes and take on additional responsibilities, often without receiving extra resources or relief from their everyday responsibilities. Retailers need to manage change and embrace a different architectural approach for today’s retail paradigm.

Key Takeaways

While the role of the physical store is changing, it remains the hub of the shopping journey. The digital world offers consumers new ways and “places” to research and shop. These digital possibilities, along with mobility, have raised consumer expectations, and forced retailers to transform and evolve to succeed.

The physical store will continue to be the heart and soul of retail operations for the foreseeable future; however, a transformation is in process. While the store isn’t going away, it’s about to get a whole lot more connected, mobile, smarter and exciting.


 

Download the full The Future Store Manifesto paper to get the complete story including the “Future Store Imperatives,” which are not included above.

As allows, I appreciate your opinions and suggestions.  Please leave your comments below.

Ken

Why are 63% of retailers upgrading their merchandise planning systems within 2 years?

Current retail planning systems are out-of-date and don’t effectively address today’s requirements for an omni-channel planning environment, according to Boston Retail Partners’ 2015 Merchandise Planning Benchmark Survey. Many retailers are using planning applications designed for old retail business models with a large percentage of these systems installed in the late 1990s or early 2000s. Fast-forward to today, and many retailers are attempting to meet the needs of a 21st century customer while constrained by 20th century technology.

63PercentThe good news is that retailers realize the issue and 63% of our survey respondents plan to upgrade or replace their merchandise planning systems within two years. This is just one of the many insights identified in the 2015 Merchandise Planning Survey of top North American retailers. The survey results offer insights into retailers’ current planning initiatives, priorities, and future trends as the retail industry continues its omni-channel transformation.

Key findings in the 2015 Merchandise Planning Benchmark Survey include:2015 Merchandise Planning Survey Cover2

  • Planning systems are outdated – 63% of retailers plan to upgrade or replace their merchandise planning systems within two years
  • Analytics is the top priority – 58% of retailers indicated that improving analytics is their top priority for the next year
  • Advanced analytics are gaining traction – 75% of retailers use advanced analytics for merchandise planning, however, fewer use advanced analytics for store planning (45%), assortment planning (40%) and omni-channel planning (20%)
  • Integrated merchandising plans are not working well – While 50% of retailers have implemented integrated merchandising plans (financial plans, promotional calendars, planning teams and assortment plans), most of these retailers indicate they need improvement
  • Separate inventory across channels – 49% of retailers still maintain separate inventories for each channel
  • Social media use for merchandise planning is opportunistic – While 71% of retailers indicated that they capture customer feedback via social media, only 23% are using social media for product planning

I encourage you to read the report to learn about other key merchandise planning initiatives and priorities for retailers.

Download the complete report: 2015 Merchandise Planning Benchmark Survey

I hope you enjoy the report and welcome any comments or feedback.  Please share your comments below.

David

VIDEO: Personalization – The “Amazon Experience” in the store

Retailers can now deliver the “Amazon Experience” in the store.

Retailers can identify who you are (if you opt-in), know what’s in your closet, your online footprint and your online cart abandonment all while you are standing in front of the sales associate. This is “real-time” retail!

Pricing is also going to evolve to a more granular, individual pricing level.

Watch this video blog post to learn more.

Visit our BRP Videos page to watch videos on other topics.

For more information on real-time retail, check out this report:

BRP SPECIAL REPORT: Real-time Retail – The New Retail Imperative

As always, I appreciate you thoughts on this topic. Please enter your thoughts and comments below.

Ken

A Consistent Brand Experience Across Channels is Retailers’ Top E-Commerce Priority

Customers expect a personalized, seamless brand experience across digital and physical commerce touch points and unified commerce is key to delivering this experience. This is the new mantra in retail, according to the 2015 E-Commerce Survey, 43% of the respondents indicated that a consistent brand experience across channels is one of their top commerce priorities. A customer’s journey is no longer a linear path to purchase it’s now an exercise in connect-the-dots for retailers as they try to piece together customer information, browsing history, inventory visibility and much more to enhance the customer experience.

Retailers realize that they can no longer operate from within silos, and the convergence of digital and physical commerce is now a retail imperative. Unified commerce transcends channels and enables store associates to personalize the experience to a customer based on her digital footprint.

Boston Retail Partners’ 2015 E-Commerce Survey of top North American retailers offers insights into retailers’ current e-commerce initiatives, priorities, and future trends as the retail industry continues its transformation into the digital world.

Key findings in the 2015 E-Commerce Benchmark Survey include:E-Commerce Survey Cover

  • Improving the customer experience is the top priority – 43% of retailers indicating that a consistent brand experience across channels is essential
  • A unified commerce platform is critical – 78% of retailers will have a unified commerce platform implemented within 5 years
  • Mobilizing commerce remains a high priority – 45% of retailers indicated that mobile websites are their most important e-commerce capability
  • Payment options and security are essential – 63% of retailers plan to accept Apple Pay within 2 years
  • E-commerce continues to expand – 85% of retailers expect an increase in 2016 e-commerce website revenue

To download the complete 2015 E-Commerce Benchmark Survey, visit: https://brpconsulting.com/2015-e-commerce-survey

As always, I encourage your thoughts on this topic.  Please share your comments below.

David

Retail Loyalty Programs are Adapting to Today’s Tech Savvy Consumers

According to a new special report by Boston Retail Partners (BRP), retailers recognize the need to evolve their loyalty programs to satisfy today’s savvy, tech-enabled customer. The BRP SPECIAL REPORT: Loyalty Programs – Rewarding the Customer Experience, addresses how consumers’ behaviors and shopping habits have evolved through new technology and expanded channel offerings. This shift requires loyalty programs to go above and beyond the traditional “earn points and receive rewards” structure to play a key role in enabling the unified commerce experience and reinforcing customer relationships.

Today’s loyalty programs need to strengthen interactions with the customer and increase loyalty by enabling enhanced services and rewards, such as:

  • 2015 Loyalty Programs Special Report CoverReal-time customer identification in-store to enable guided selling
  • Customized rewards based on customer preferences
  • Gamification to engage customers and encourage social interaction
  • Mobile tracking and redemption of rewards and offers

Key findings in the BRP SPECIAL REPORT: Loyalty Programs – Rewarding the Customer Experience include:

  • Loyalty programs are a top priority for 46% of retailers
  • 883% more retailers plan to have the ability to identify customers when they walk in the store via their smartphones in five years
  • 181% more retailers plan to use gamification within loyalty programs in five years
  • 56% of retailers plan to participate in mobile loyalty applications in five years

To download the report here: BRP SPECIAL REPORT: Loyalty Programs – Rewarding the Customer Experience

You may also find this report interesting: 2015 CRM/Unified Commerce Benchmark Survey

As always, I encourage your opinions and comments on this report.  Please share your comments below.

David

What is “Customer Context” and why you need to know…

Retailers who understand their customer at the most granular and intimate level will increase the relevance of interactions and improve customer retention and loyalty and increase sales. Do you really know your customers and can you deliver the experience they expect? Customer context is the answer.

Customer Context Defined

CustomerContextImageBRP defines customer context as “the interrelated factors of customer insights and environmental conditions that make the shopping experience relevant.”

With advances in technology (networks, WiFi, mobile, NFC, Beacons, etc.) retailers have the ability to access more customer information than ever before and in real-time. Retailers have the ability to know what a customer has in her closet, what she previously purchased, what she browsed on the Web site and abandoned in her online cart, when she is near your store and even exactly what she is browsing and where within the store.

In addition to customer insights, customer context considers environmental conditions such as current and forecasted weather, time of day, time of year, media (news), social media, traffic, holidays, events, and other conditions that impact a consumer’s purchase decision.

Delivering on Customer Context

Retailers must integrate the customer insight and environmental factors with real-time transactions and inventory data to enable and support real-time retail capabilities that leverage “customer context.”

To be successful, information must be instantly accessible to store associates. Without real-time data, information provided internally and externally is out-of-date and risks being inaccurate and out of context. Retailers must collect, analyze and respond, in real-time, to their customer’s interactions across all touch points.

With real-time customer context, sales associates can offer customer intimacy and enhanced services like guided selling and personalized offers that are relevant to the individual customer.

Real-time Retail is a Top Priority

According to the 2015 POS Benchmarking Survey, nearly 50% of the retailers indicated that real-time retail was one of their top three priorities.

BRP Special Report COVER - Real-time RetailAs reported in BRP SPECIAL REPORT: Real-time Retail – The New Retail Imperative, retailers are focused on leveraging “customer context” to provide customers enhanced experiences:

  • 280% more retailers plan to provide suggested selling based on a customer’s previous purchases within three years
  • 361% more retailers plan to offer promotions based on the customer’s geographic proximity within five years
  • 107% more retailers plan to have real-time inventory available at the POS within three years
  • 157% more retailers plan to implement real-time analytics within five years

Is your organization ready to leverage customer context?

As always, I appreciate hearing your thoughts on this topic.  Please enter your comments and ideas below.

Ken