13 Retail Companies Using Data To Revolutionize Shopping Experiencesby Trips Reddy
The digital revolution has accelerated global change in multiple industries especially finance, healthcare, entertainment, sports and retail. For retail and consumer goods companies in particular, while the challenges may be daunting, the revenue and growth opportunities are too big to ignore. Customers now expect to be able to shop 24×7, discover and buy products on multiple online and offline channels, look for ideas and inspiration on brands’ social media channels, increasingly shop on mobile devices and demand more customized experiences when they walk into a store. Now, more than ever before, retail brands need to become more customer-centric and analytically-driven. According to a report by McKinsey & Company, despite the e-commerce boom, brick-and-mortar stores will still account for approximately 85% of U.S. retail sales in 2025. While slow to catch up with the digital revolution, retail brands are starting to rethink business models and leverage technology to reinvent the in-store customer experience. Interactive digital displays, touchscreens, digital storefronts, magic mirrors, virtual dressing rooms and in-store kiosks to order out-of-stock items are transforming how consumers interact with products in physical stores. Retail brands realize that to win and retain loyal customers, they need to focus more on the customer relationship than the products, and access to big data and new marketing technologies are helping make that transition easier.