The Displaydata team recently returned from another successful Retail Business Technology Expo (RBTE) in London – known as Europe’s “must visit” event for those in the retail, hospitality, travel, entertainment and leisure industries. This year, more than 16,000 attendees heard nearly 200 speakers, getting up to date with all the latest solutions and learning first-hand from the best and brightest organizations around the globe how technology solutions have increased productivity, reduced costs, attracted more customers and improved the customer experience.
As we heard from our colleagues at this year’s National Retail Federation show in New York, the themes of omnichannel, innovation and inspiration, and pricing strategies also bubbled up to the top as key discussion points over the two days of the RBTE Expo. The pace of change in the industry is very clear, and retailers need to be ready to change with it and embrace the “new normal.” Below are summaries of some of the conversations we had at the show and general insights shared from this year’s line-up of speakers:
- Retail is going through an unprecedented period of rapid dynamism, primarily due to a changing and more informed shopper.
- The past decade has seen a number of long-standing demographic changes combining with technological advances to create a more powerful consumer. As a result, consumers are being drawn towards convenience, value and personalization.
- The rise of new personal technologies (primarily smartphones) is now giving consumers the ability to engage with retailers in new ways, often on their own terms. As a result, more (and better) in-store engagement tools such as BLE electronic shelf labels have become even more enticing to all players.
- Understanding the new shifts in consumer behavior will be vital, especially as the rate of change is likely to accelerate further in the future.
- Contextual interaction will enable retailers to hyper-target customers when they’re most likely to buy and gather relevant data so the retailer can continuously improve the in-store experience. In order to make this happen, retailers will need excellent customer data management.
Over the past few months, we have heard time and time again that the store and the experience retailers provide in the store will be critical to surviving and thriving in 2016. At Displaydata, we are encouraging retailers to invest in technology that will engage and retain today’s always-connected consumer. These include digital technologies to personalize the journey, enhance the operation of the business and drive revenue. As Terry Duddy, non-executive director at Debenhams and former CEO of Home Retail Group, said last week at RBTE, “The store has an important role to play. But today, we must be a digital company... with stores.” If you would like to see a demo of our ESL solutions, we would be happy to connect with you and demonstrate what they can do for your retail organization.
Please email firstname.lastname@example.org and see how our ESLs can complement your other operational investments to keep you on the cutting edge of business.