LUXURY DAILY – Ken Morris, Principal, Boston Retail Partners, shares his perspectives on Fortnum & Mason sponsorship of the Port Eliot Festival in Cornwall, England.
MOBILE MARKETER – David Naumann, director of marketing, Boston Retail Partners, comments on the decline of print media and adopting an all digital marketing approach.
LUXURY DAILY – Ken Morris, Principal, Boston Retail Partners, shares his perspectives on Harrods month-long exclusive collection of premium jewelry from Boodles.
A good barometer of what topics are hot is the media coverage a press release receives. A week and a half ago, we issued a press release on the results of our CRM/Unified Commerce Study and there have been 24 articles covering this topic. The key priorities identified by retailers in the Boston Retail Partners 1st Annual CRM/Unified Commerce Benchmark Survey focused on enhancing customer engagement, collecting and analyzing customer behavior and personalizing the experience.
This news has received more coverage than any other press release that I have issued in the past 15 years (including more than 100 releases at two $5+ billion companies). This is real evidence that customer engagement and personalization are very hot topics in the retail industry. It also supports the priority that retailers are making on delivering “real-time retail.”
Here is a list of the media coverage to date:
Most retailers plan to find out who’s in-store
Customer Experience, Engagement Among Top Retail Initiatives: Study
Survey: Customer Engagement Top Retail Initiative
Most Retailers Can’t Yet Identify Shoppers via Mobile
Identifying customers in-store is high on retailers’ agendas
Unified Commerce- The New Mantra for Retailers?
Only 3pc of retailers recognize in-store shoppers via mobile: report
MobileMarketer.com and MobileCommerceDaily.com
Retailers have plans to connect in-store
Customer Engagement Top Goal For Retailers
Convenience Store Decisions
Retailers want to gather all possible information about their customers
Retailnet.eu – Shopping Center Industry News
Drug Store News
MOBILE MARKETING IS MISUNDERSTOOD BY 97 PERCENT OF RETAILERS
Significant advances in networks in the past decade are transforming retail, as we know it. However, the transformation isn’t pervasive yet, as the adoption of the latest network technologies requires planning and commitment.
Corporate, regional and district executives expect instant access to sales transactional data, customer counts, and in-store occurrences via an IP-based camera system. Additionally, new networking capabilities have brought the expectation that sales associates are given visibility and access to inventory located anywhere in the supply chain in real-time. The network is also taking center stage by enabling a mobile world where consumers drive self-checkout on their smartphone, interact with their friends in real-time on purchase decisions, and receive discounts and personalized pricing as they are shopping.
Retailers are consistently looking for ways to improve the in-store experience by providing consumer experiences that surpass expectations. From training services and software to bettering speed and reliability at the point of sale, the demand for process improvement is continual. Yet, despite the desire for progress, a rut has been created in the market of networking. Because of contract obligations and short-term demands, companies end up paying more money for bandwidth, while never re-engineering to accommodate the powerful system that they need.
To illustrate the dilemma, in a 2014 POS/Customer Engagement Benchmarking Survey conducted by Boston Retail Partners, more than one-third of retailers surveyed stated they have no plans to migrate from IPSEC to a private network. Further, around 30 percent cited they have no plans to utilize voice over Internet protocol (VoIP), instead continuing to use “plain old telephone service” (POTS) technology rather than actualizing on the cost savings of VoIP integration.
Taking the step towards change may be difficult due to concerns about downtime and blackouts. Though these are legitimate concerns, the fact remains that we now have one of the most robust and reliable network infrastructures in the world. While in the past, centralization of the point-of-sale process would not have been viable due to unstable telecommunications networks, massive investments in infrastructure have changed the landscape. In fact, research shows that the reliability of today’s networks provide 99.999% up time. (Source: Galvin Electricity Initiative).
We are at a strategic inflection point where the network is truly transforming retail and the customer experience.
How will you capitalize on this opportunity?
UTC RETAIL – Ken Morris, Principal, Boston Retail Partners, shares his perspectives on trends in retail technology and specifically, real-time retail.
LUXURY DAILY – Ken Morris, Principal, Boston Retail Partners, shares his perspectives on Harrods Magazine app that promotes its in-store events.
RETAIL ONLINE INTEGRATION – The retail world is changing rapidly as companies move to make significant investments in digital technologies to allow customers instant access to product information and transactions through digital channels.
LUXURY DAILY – Ken Morris, Principal, Boston Retail Partners, shares his perspectives on Fortnum & Mason’s sponsorship of the “Ten Store Challenge” charity event in London.
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