Business Intelligence / Data / Analytics

In order to be successful in today’s omnichannel retail marketplace, merchants must collect information from numerous internal and external sources, then analyze that data. New solutions can help to optimize incoming data in order to deliver the business intelligence and analytics needed to move retail businesses successfully into the future. This section offers feature articles, special reports, industry viewpoints and the latest news to help retailers make sense out of the growing influx of information.

How Retailers Can Set Themselves Up For Successful Personalization At Scale

Q: How should a retailer structure its team internally to drive the best results with personalization? When is it time to think about bringing in outside help?    COLTON PERRY: Personalization needs to be an interdisciplinary and broad initiative.  When done correctly and strategically, it touches multiple departments, teams, and constituents.  These can include email and CRM, marketing, customer support and call center, digital and customer experience, merchandising, analytics and more. That being said, it is crucial to have someone on the team who is able to work with internal teams, translate their goals and customer profiles, and create and implement an integrated personalization program.

EnterWorks Launches Enable For Product Information Management

EnterWorks has unveiled its Enable Product Information Management (PIM) solution, which employs a dynamic, flexible data modeling architecture for businesses seeking to provide accurate product content to consumers. Enablewill customize and acclimatize content for every channel and preview it in context, exactly the way a brand’s customers would see it. The platform can:

4 Ways To Maximize ROI From $2.5B In IoT Investments

Internet of Things (IoT) implementations within retail would seem to be on a strong growth path. Merchants are expected to spend as much as $2.5 billion on the technology by 2020, and as many as 70% of retailers say they are ready to make the changes necessary to adopt IoT devices. Applications including smart shelves, temperature sensors, indoor light sensors and mobile scan-as-you-shop devices are already being used to enhance in-store operations. While leading retailers including Kroger, Tesco, Target and Carrefour already are exploring IoT’s potential, however, they remain primarily in “trial mode.” These merchants, and the larger retail industry, won’t see the big benefits that IoT advocates have been promising until they scale up their implementations — and also forge greater connections between the various IoT platforms and the retailers’ enterprise databases and control systems.

Want To Boost Online Revenue? Leverage Scarcity, Social Proof And Urgency

  • Published in E-Commerce
Retailers could add as much as 6% to their online revenues by focusing on three basic but effective optimization and personalization techniques, according to a report from Qubit: Scarcity: Highlighting items that are low in stock (2.9% average uplift); Social proof: Leveraging the behavior of other users to provide information about currently trending and popular products (2.3%); and Urgency: Using a time limit to promote completing an action before a deadline (1.5%).

With Personalization, Retailers Will Fix Big Data Misses

For retailers, Big Data represents the marketing renaissance that never arrived. Data science made remarkable strides over the past decade, with retailers eagerly investing millions in Big Data tools as a means to multiple ends, from improving omnichannel shopping experiences to integrating logistics merchandise, and payment tools. And indeed, some gains were achieved operations, supply chain and logistics. Yet, many department stores and malls are struggling. Chains like Sears, Macy’s and JCPenney are shuttering 100 or more stores alone. The Limited closed all 250 stores and cut thousands of jobs. Gap Inc. has also seen sales declines in 10 of the last 11 quarters. Abercrombie & Fitch closed 60 stores last year and 200 in the last two years.

DXC Technology Acquires Tribridge

End-to-end IT services company DXC Technology has acquired Tribridge, a software services and cloud solutions company, and Concerto Cloud Services, ribridge’s hybrid solutions and advisory services affiliate. Under the purchase agreement, effective on the date of acquisition, Tribridge has been renamed Tribridge, a DXC Technology Company. Concerto Cloud Services will go to market as DXC Concerto. Financial terms of the purchase were not disclosed. Tribridge is one of the largest independent integrators of Microsoft Dynamics 365.

Study: To Engage Shoppers, Invite Them Into Co-Creation Processes

With a changing landscape comes a changing shopper. It’s no longer enough for retailers to keep up with the new technologies and innovations disrupting today’s industry; they must keep up with consumer demands and needs on top of it — now more than ever. A new study conducted by Daymon revealed the emergence of three new kinds of shoppers that retailers must keep on their radar for success: Vocal Aficionados (VAs): These consumers have a zest for shopping and for life. They are digital masters and technology experts that want to share their opinions with the world. Balanced Enthusiasts (BEs): This category of shoppers is more cautious in their spending. Their desire to share and interact in shopping processes is tempered, and they’re not as willing to spend time on new technology as vocal aficionados. Struggling Apathetics (SAs): These consumers are disengaged due to financial and life circumstances. Price is their primary motivator.

68% Of Amazon Sellers Worry Their Data Is Up For Grabs

Amazon remains the most polarizing figure within the retail industry, with merchants viewing the e-Commerce giant as both a friend and a foe. While as many as 65% of retailers that sell on Amazon admit that they moved to the marketplace because it helps them increase revenue, 68% are at…

Retail Of Things: That’s How We Like To Call It!

In the past decade, there has seemingly existed much ado about something termed as the ‘Internet of Things’ (IoT). Industry experts, technologists and researchers have since then devoted resources — monetary and human — to come to terms with this new reality. The retail industry among many others has undoubtedly been the earliest to adopt the IoT and has imbibed its own life and breath. In this article I like to term that as ‘Retail of Things.’ The unanimous view in the retail industry is that the future of retail cannot be envisaged without IoT. According to a study by Retail Systems Research (RSR), 72% of retailers surveyed stated that they have invested in IoT related projects already. We believe that the Retail of Things journey requires companies to adopt a multifold approach that includes not just reengineering the technology strategy, but also conceptualizing strategic approaches in the customer experience and new revenue spheres.

Aruba Introduces Integrated Asset Tracking Solution

Aruba, a Hewlett Packard Enterprise company that provides networking solutions, released its Asset Tracking Solution, which aims to help retailers streamline the process of locating goods and equipment. The solution is designed to assist with inventory and Periodic Automatic Replenishment (PAR)-level management. This management system aims to improve staff efficiency and customer service by reducing lost, misplaced or stolen goods.

Prime Day Retail Challenge: Join Amazon, Fight Back...Or Both?

As many as 74% of U.S. e-Commerce transactions took place through Amazon on its self-created shopping holiday Prime Day in 2016, according to Slice Intelligence. And with JP Morgan analysts estimating that Amazon will rake in as much as $1 billion on this year’s Prime Day, July 11, retailers in every vertical are preparing to take a piece of that pie. The time is ripe for competing retailers to take advantage of the buying frenzy without worrying that they will be drowned out by the e-Commerce giant. Recent research has revealed that  as many as 35 million shoppers have quit Amazon Prime at some point, so it’s possible for retailers to take advantage of every opportunity the day has to offer without feeling intimidated by Amazon’s massive reach. But whether retailers are working with Amazon or competing against it, they’re going to have to focus on improving their own customer experiences above all else.

3 Critical Decisions That Can Make Or Break An E-Commerce Business

With stiff competition and an estimated 80% failure rate, there’s no time for mistakes when launching an e-Commerce business. From the very beginning, it’s vital to fully understand what drives shoppers to return to your site and purchase again and again. Start thinking of the billions of event data collected on your site — each click, download or purchase — as steps in a powerful shopper story that is waiting to be told. Your job, as a successful online e-Commerce business owner, is to connect the different data points and understand your shopper behavior.

Innovation Gurus Rate What’s Hot/What’s Not In New Tech

Separating what’s truly innovative from what’s merely interesting is one of the biggest challenges in retail. Then there’s another crucial step: identifying technologies that are not only innovative but will actually enhance operational efficiency, the customer experience, or (hopefully) both. At the 2017 Retail Innovation Conference, attendees were lucky enough to hear from two people who are uniquely qualified to make just these kinds of judgments: Scott Emmons, Head of the Innovation Lab for Neiman Marcus, and Pano Anthos, Managing Director of the innovation incubator XRC Labs. In a freewheeling dialogue, Emmons and Anthos gave their unvarnished opinions about the pros, cons and practical applications of a number of up-and-coming technologies, including:
Subscribe to this RSS feed