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Industry Insights

If you’re looking for experts’ perspectives on the retail environment or a detailed look at the latest retail industry trends, check out the Retail TouchPoints Industry Insights section. Topics cover the gamut from Omnichannel and Mobile to Shopper Engagement and Retail CRM. These articles can help round out a complete look at specific retail segments or the industry as a whole.

Say It Isn't So: Pirch Closes Majority Of Showrooms

Pirch, an upscale appliance and kitchen retailer that was hailed as an avatar of experiential retail, recently announced it would be closing most of its stores as it seeks to overhaul its operations. Joe Hasenzahl, Principal Consultant for Retail Technology Strategy at HighStreet, provided this exclusive analysis of the Pirch phenomenon, as well as its strengths and weaknesses, to Retail TouchPoints. Those of us who’ve been evangelizing, proselytizing and preaching “experience” as the savior of brick-and-mortar collectively gasped when the news broke last week that one of the industry’s shining lights, Pirch, was shuttering stores. The announcement of the impending close of most of their much-lauded luxury showrooms both shocked and confounded us. How? What could possibly have caused such a rock solid, industry-inspiring store experience to suffer the same fate of their less enlightened brand brethren?

The Off-Price Retail Boom: Lessons For All Retailers

The thrill of the in-store hunt is still going strong within the retail industry, as off-price retailers such as T.J. Maxx, Marshalls and Burlington Coat Factory continue to build momentum and outperform traditional department stores. In fact, according to a 2016 report from Moody’s Investors Service, off-price retailers are “anticipated to experience apparel revenue growth of 6% to 8%, outperforming the broader apparel segment by a collective 4% in the next five years.”

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.

Unified Customer Data Is The Key To True Customer-Centricity

Retailers may believe they're already well on the path to customer-centricity, and that only a few tweaks — such as making shoppers' online activity visible to in-store associates — are needed to seal the deal. Unfortunately, customer-centricity is a much more complicated proposition than it first appears, so much so that a respected retail industry expert goes so far as to say that no retailers are currently customer-centric.

TUMI’s Charlie Cole On The Limits Of Last Click Attribution

Even as shopper journeys become more difficult to track, the need for accurate attribution increases. It’s become a major challenge for retailers to understand how every single touch point influences the road to purchase. “Attribution is a very nebulous thing,” said Charlie Cole, VP and Chief Digital Officer at TUMI, when kicking off his RIC17 session titled: Attribution: A Simple Way To Apply It To Your Business. Think about President Donald Trump’s media impressions, Cole told the audience. He referenced Trump’s Wikipedia page, which listed numerous mentions of his name, including comics, hip hop songs and movies such as Home Alone 2: Lost In New York. The result? All of those varied media impressions somehow impacted the election results of November 2016, according to Cole.
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“There’s a really good chance that marketing attribution just led to a new President,” said Cole. “And I mean that, but it’s hard to understand which one of those things and people did what.” Forget Last Click The first rule of basic attribution: don’t start with last click attribution. “[Last click] is not the way to manage a business,” said Cole. “Attribution — at its core — is understanding how to market your brand…

#RIC17 Panel: Compete To Keep Your Customer Front And Center

Recent retail headlines in the business news lately been particularly negative: bankruptcies, store closings and financial woes. Yet research from Deloitte demonstrates that the industry is indeed experiencing significant disruption — but that it’s not just negative disruption. During the #RIC17 panel titled Escaping The Trap Of Convention: How To Rethink Retail And Regain The Customer, Kasey Lobaugh, Chief Retail Innovation Officer at Deloitte and moderator of the panel, reported that holiday 2016 was the strongest retail holiday season since 2011.

Microsoft Exec Shares 7 Tips For CX Success

Marketers are challenged with delivering an exceptional customer experience (CX). They all know and say that CX is very important, but they have yet to master it, according to Jeff Marcoux, CMO Lead for Worldwide Enterprise Marketing at Microsoft.

Retail 2025: AI And Digital Natives Will Rule

As futuristic as the year 2025 sounds, it is now less than eight years away. Will time travel, flying cars and summer vacations to Mars be in the cards? Probably not, but drone delivery, chatbots and an AI-driven retail industry are near certainties. And the people driving these changes, the "digital native" generations, are quite open to disrupting, if not destroying, old retail practices. Sure, McKinsey predicts brick-and-mortar stores will still account for approximately 85% of U.S. retail sales in 2025, but will the shopper journey be the same as it is today? Not a chance. Two sessions at the 2017 NRF Big Show explored the exciting, and at times worrisome, not-too-distant future of retail. For those who are ready to greet the future’s potential triumphs and challenges, read on. For those who still believe the old school model of retail might be coming back, this is your chance to grab an old catalog and dream of days gone by.  The Upside To Being A Disruptor Let’s start off with some good news: by 2020, 30% of web browsing won't require a screen interface, (thanks to AI/natural language recognition-driven personal assistants like Alexa, Cortana and Siri), and cars will be…

NRF17 Sessions: Top Trends In Marketing And Advertising

  • Published in News Briefs
These sessions helped retailers discover fresh concepts, new tactics and best practices from influential leaders who delved into the latest research and strategies that motivate shopper behavior and drive conversions. Data: The New Currency For Retail Marketers Retailers need to be hyper-focused on all the ways data can feed their…
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NRF17 Sessions: The Challenge Of Customer Engagement

  • Published in News Briefs
Attendees heard from top retailers and experts who shared the secrets of combining the uniqueness of a brand with data, analysis and superior customer-first experiences.  The DNA Of The Digital Native Audience Lee Peterson, EVP, Brand, Strategy and Design for WD Partners discussed the seismic change in consumer behavior that…
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NRF17 Sessions: The Benefits Of Radical Retailing

  • Published in News Briefs
From social to AI to VR, these sessions showed why retailers must be on the cutting-edge to engage and keep pace with today’s savvy shoppers. Social And The Art Of The Influencer  This session discussed why partnering with key influencers to engage audiences has become an essential component of retail…
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Study: Gen Z Wields $44 Billion In Buying Power

Generation Z are known to be true digital natives, yet research shows that a majority of Gen Z shoppers prefer to shop in a brick-and-mortar stores. So while many of us would assume this generation is shopping exclusively on their mobile devices…they’re not. However, they are leveraging their phones to look up deals and compare prices when they are in stores. In fact, 25% of Gen Z members spend more than five hours per day on their phones.
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