Throughout history we’ve seen plenty of blockbuster rivalries in business that have changed the course of various industries. Over the past decade, the clash of the eCommerce and brick & mortar “dynasties” to gain consumer interest has certainly been one for the record books. However, while some rivalries may never be settled, we’re beginning to see eCommerce and physical stores come together for the sake of their common interest: customer engagement. While newly crowned “digital stores” are testing and implementing different types of technologies in the store, their overarching goal is the same: to revolutionize the in-store experience through digital means.
In the early 2010s, QR codes were everywhere. They were all the rage amongst marketers and others who wanted to offer smart phone users quick access to information with a simple scan.
Once upon a time, the store made it a point to know all their customers, what they liked, what they didn’t, and perhaps even knew some of their birthdays and important anniversaries. When a customer would enter the store, the actual owner of the shop would be there to greet the customer by name, ask about their family and see if they’ve enjoyed their last purchase. The shopping experience was highly personalized and relevant to each shopper's buying behavior.
Everyone’s pretty much addicted to their smartphone these days – especially tech savvy shoppers. As our infographic shows, 90% use their phones in-store and 52% do so to check competitors’ prices and look for reviews.
Imagine this: a customer walks into an apparel store to find the perfect pair of jeans and blouse
for a night on the town. Instead of the customer stressing over finding the right ensemble without any help, a store associate pulls up the customer’s shopping profile and identifies a curated set of products that best fits the preferences and budget of that customer. Better yet, the customer walks into the store and receives an alert on their mobile phone with a promotion based on their past purchases or items identified in their shopping profile.
Tallink has deployed over 19K ESLs on each of its three ships; Displaydata’s ESLs allow Tallink to quickly change prices, promotions and currencies at each port stop, to ensure price accuracy and to increase operational efficiencies
Quantitative easing, low interest rates and relatively benign conditions have seen western economies achieve modest growth post 2008’s depression. But with the ending of supportive monetary policies and the likelihood of rising interest rates – along with Brexit in Europe – living standards will be squeezed. When disposable income falls, as night follows day, price competition increases.
For those of us in the retail industry, there is no denying the growing buzz around creating digitally-powered in-store shopping experiences for the consumer. It’s what today’s shopper wants. But are these technologies going to generate valuable ROI for retail organizations? More importantly, will they help store associates do the job they were hired to do?
The retail game is changing, and fast. Customer loyalty is constantly up for grabs and the retailers that provide shoppers with the best price, customer service and the most unique shopping experience (powered by technology) will be ones left standing.
Every grocer – from a giant chain to a small corner shop, faces the same challenge: how to change prices quickly to respond to fluctuations in demand, local conditions (such as a heatwave or a sporting event) and competitors’ moves. And, in the drive to protect margins and reduce food wastage it’s critical too to continually graduate the pricing of time sensitive goods – e.g. fruit / vegetables, flowers, the deli counter and more.