Think about all of the amazing things going on in retail right now. And then think of the shelf-edge – with printed paper labels. In fact, the way goods are priced in-store hasn’t changed in decades.
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:
At retail’s BIG Show next week, retailers will gain insight into the latest technology solutions to help make their stores and retail channels more profitable and provide their customers with “out of this world” shopping experiences. By now we all know that offering in-store digital engagement options to today’s connected customer is a necessity sooner rather than later – what can retailers do to offer these interactive, engaging and personalized solutions to customers while also adding to the bottom line and increasing the operational efficiency of the retailer? Look no further than the electronic shelf label, or ESL.
NRF is quickly approaching, and the entire Displaydata team is looking forward to another great show in New York. As always, Retail’s BIG Show – a four-day event – offers unparalleled education, collegial networking and an enormous EXPO Hall full of the latest in retail technologies and solutions. It really is THE one-stop-shopping event for industry professionals from around the world.
Displaydata is excited to again showcase our industry-leading, full-graphic electronic shelf labels in booth #4343. In addition, next month we’ll be making some exciting announcements on the availability of a new Aura 2.9 inch, Bluetooth Low Energy (BLE) ESL, as well as a preview of our newest sized Chroma labels. Stay tuned in for more details on our new ESLs in early January! In the meantime, below is an overview of the NRF sessions that our team is most looking forward to attending.
When it comes to their customers, the phrase “getting to know you” is certainly on the minds of the savviest of retailers all day, every day. Not every shopper is going to fit into a perfect bucket of when and where they like to shop, but if retailers take the time to look close enough, certain patterns will begin to emerge.
In a recent survey of over 10,000 shoppers across 11 countries, MasterCard set out to define the behaviors and attitudes of consumers who purchase both online and offline within a 30-day period.
The result of the survey identified that the omnishopper (or a consumer that transcends channels) is a more focused in-store shopper that is now buying from a narrower list of unique stores than in years past. In other words, and according to MasterCard, this new power shopper has arrived globally and is your new best customer. Retailers, listen up! This omnichannel customer is:
As we head into the official start of the holiday season, shoppers are not the only ones with wish lists of the gifts they’d like to see under the tree on December 25. Retailers have their wish lists too, but not in the form of big packages tied with red ribbon. This year, a large majority of retailers want (and need) to take the first step on their digital store journey by filling up their stockings with “must have” digital solutions that will give their customers the unique, personalized experiences they crave. RIS News recently published the report “Complete Your Omnichannel Transformation: Digitize the Store,” sponsored by Displaydata, detailing how retailers can truly create a true omni-channel experience by blurring the lines between online and physical shopping channels. As with any new initiative, retailers need to follow an actionable plan. According to RIS News, “Digitizing the store for technology-sake is not going to support an omni-channel approach. Instead, brands need to use a digital strategy as a means of personalizing the customer experience and creating store-level engagement that can truly define the brand.” We couldn’t agree more!
One of the main components to digitizing the store is the use of electronic shelf labels (ESLs). As our very own Andrew Dark said in the report, “
Electronic shelf labels can serve as the critical link between the physical and digital retail store.” Through the use of Bluetooth enabled ESLs and a retailer’s mobile app, having a true one-to-one “conversation” while in the store can be a reality. See below for other highlights from the report:
The concept of the physical retail store is certainly changing and evolving, in some cases, it may not even be a traditional “store” with four walls and a POS. (Hello, pop-up stores and fashion/apparel trucks!) But I think we can all agree that the store is (in the immortal words of pop singer Taylor Swift) never, ever, ever going to go away. Need some proof? Let’s first take a look at the stats from this year’s back to school shopping. According to a June 2015 poll by FatWallet.com, 91% of parents planned to shop for back-to-school items in-store this year, vs. 37% who cited retailer sites, 16% cash-back sites and 7% mobile shopping apps. What’s more, a July 2015 study by Deloitte asked U.S. parent Internet users about the back-to-school items they planned to purchase in-store vs. digitally - almost all the categories were largely labeled as in-store-only purchases. The Deloitte study also reported that approximately two-thirds of parents intended to make other fashion purchases such as accessories and clothes solely in stores. (The first day of school outfit is very important for so many kiddos!) Clearly, in-store shopping is a priority for shopper’s today.
Retailers, it’s time to say “adios” to the days of separate and silo’ed retail channels and hello to a new retail world that integrates the physical and digital stores to create a more engaging and connected in-store shopping experience for your consumer. In other words, the Internet should have a permanent home in your physical stores. Research still tells us that 95% of all retail purchases worldwide are still made in-store. A new Forrester report predicts that in-store purchases are projected to grow by $300 billion in the U.S alone by 2018. We also know that ecommerce is growing. Forrester also predicts that ecommerce sales will grow from $294 billion to $414 billion over the same period. Less we forgot about mobile, that little smart device that is like a security blanket for many of us. Did you know:
Dion Broeken, Displaydata's Director of Sales EMEA Last week the USDA and EPA made a
significant announcement, telling the world that it is stepping up when it comes to food wastage by calling a 50% reduction in food waste by 2030. To achieve this lofty yet attainable goal, the United States federal government says they will work with charitable organizations, faith-based organizations, the private sector and local, state and tribal governments. On a personal note, I say “Bravo!” to the USDA and EPA for taking a stand to reduce, by no small amount, the estimated 133 billion pounds of food that is wasted each year. According to U.S. Agriculture Secretary, Tom Vilsack, that is enough food to fill the Willis Tower (formerly known as the Sears Tower) 44 times.
Eileen Keehan, Displaydata’s new SVP of Sales Americas, provides her thoughts on the growth of ESLs in North America and why Displaydata will lead the market. Things have been quite busy for the global team here at Displaydata, and I couldn't be any happier about it! Since joining this brilliant team a few months ago, I've been earning my frequent flier miles meeting new and prospective customers, and seeing first hand how our innovative and best-in-class ESLs are being utilized on retailer shelves around the world.