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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.

Hyperlocal Data Is Already In Retailers’ Store Cupboards – Just Take The Wrapper Off!

The retail industry’s disruption has many sources — demographic shifts, changes in consumer attitudes and behavior, as well as new and non-traditional competition are just some of the factors. Technology has enabled retailers and CPGs to adopt new ways of interacting with customers. As curious companies and individual entrepreneurs across industries started to dabble and explore, they created innovation after innovation. So much that across many industries, the nature of how companies provide value, interact with customers and employees, as well as operate their entire businesses has been forever transformed. The fuel behind much of the most recent innovation in retail is cognitive analytics, which empowers companies to tap into insights about how people shop, what influences them and why they might prefer one location over another.

How To Reduce Costs And Improve Data Analytics For Real-Time Business Decisions

The difference between a positive customer experience and one that leads to a lost customer can be how a customer’s data is handled — how it is accessed, processed, analyzed and applied to a particular interaction. Continuous access to real-time, actionable data is critical to make business decisions in today’s competitive environments. But, according to a recent study from ESG, 48% of organizations experience challenges managing data growth and database size. Timely access to data allows retailers to better understand customers, suppliers and market trends, and to make more informed decisions to meet high consumer expectations. The challenge therein lies in garnering insight from the right data, as fast as possible, in order to make it actionable.

RSP Series: How Retail Leaders Improve Customer Acquisition And Retention

Any retailer’s long-term health requires finding the right balance between acquiring and retaining customers — particularly the loyal and big-spending types of shoppers. But rapid changes in both consumer expectations and the competitive landscape have rewritten many of the established rules for customer acquisition and retention. The 2018 Retail Strategy and Planning (RSP) webinar series, hosted by Retail TouchPoints, uncovered several new strategies for tackling these timeless challenges. Following are brief recaps of six webinars in the #RSP18 series, now available on-demand. [Read a recap of the Holiday Predictions webinar, sponsored by Salesforce, here.]

Predictive Analytics: Optimizing Pricing And Promotions In E-Commerce Means Combining Tools

Most retailers are already engaged in data analytics and predictive modeling. Today, using data to predict more successful outcomes — ultimately leading to increased sales — is not as mystifying a concept as it was even a year ago. But with a market being upended by an omnichannel imperative and consumer demand for instant gratification, how can e-Commerce retailers continuously and dynamically test out business models and strategies, refresh their questions and findings, and find out what works, particularly when it comes to pricing and promotions? Advances in AI have a role to play here. Machine learning is very powerful in point prediction, point estimates in price — the goal being to make sure you are dynamically pricing. And it’s very effective when pricing at speed. It can help improve recommendations based on a continuous learning loop, and it’s particularly applicable in price and promotion optimization.

3 Ways For Retailers To Leverage The Extended ‘Back To School’ Season

Class may be in session, but that doesn’t mean back to school shopping is over. According to an August survey from the National Retail Federation and Prosper Insights & Analytics, as students prepared to head back to school, only 17% of school shoppers and 15% of college shoppers were completely done, while 21% and 23%, respectively, hadn’t even started yet. This delay in shopping means there are still ways to reach consumers, especially as retail brands are continuing to look for ways to remain competitive. In this unpredictable market it’s important that brands rethink how they communicate with consumers online, captivate them, and understand how their purchase decisions evolve over time. This will ultimately help retail businesses personalize and tailor the user experience and allow them to continue to thrive in this challenging environment.

Registration Is Open For The 2019 Retail Innovation Conference

Early Bird registration is now open for the 2019 Retail Innovation Conference (#RIC19), May 6-8, 2019 in New York City. Retail executives can register for the Retail Innovation Conference here. In its fifth year, #RIC19 will be held in midtown Manhattan at the Convene event space on 46th Street. The conference offers a number of unique and exclusive features, including:

New InRiver CEO Offers Perspective On Why PIM Is Becoming Top Priority For Marketing Execs

One of the fastest growing areas of the software-as-a-service (SaaS) space over the past decade was marketing automation, and one of the brands that helped define that category was Eloqua. The company would go on to be acquired by Oracle in 2012 for a reported value of $870 million. During Eloqua’s formative years, 2005 through 2007, I had the opportunity to work closely with Thor Johnson in his role as head of marketing for the company, on a number of initiatives that helped define the category and position it for successful adoption.

Zaius Unveils Segment Builder 2.0

Zaius has debuted new segmentation capabilities, designed to let marketers create highly customized customer segments for advanced analytics and targeted campaign execution. Segment Builder 2.0 is designed to empower marketers to create segments based on the most comprehensive data set, ingesting data from any system in their marketing stack. Marketers can get a unified view of e-Commerce and POS data, as well as data pulled from web sites, mobile apps, ad platforms, satisfaction ratings and customer service support tickets.

Product Recommendations: Three Shortfalls to Avoid

It’s no secret that consumer expectations for personalized content have shifted drastically in the last decade, requiring brands to rapidly mature in how they engage with their customers. In fact, according to Boston Consulting Group, personalization is a game changer that will shift $800 billion of revenue to the 15% of companies that get it right over the next five years. This evolution has impacted the retail industry more than any other. Retail once thrived solely on in-person shopping experiences, like smelling 10 candles before selecting the most enticing; trying on a shirt and asking the sales associate which pants in the store would match best; or shopping for a new mattress and laying on each one to ensure the right level of firmness. Now, much of the customer journey has become digitized, and consumers seek the same individualized experiences online.

Retailers’ Best Defense Against The Amazon Effect: Prescriptive Analytics

One of the biggest catchphrases in nearly every retail trend conversation today is the “Amazon effect.” And after looking at the latest sales data, it’s clear why that is. For example, Slice Intelligence reported that the 2017 online holiday season was the strongest ever, with 12% more buyers and shoppers spending an average of 10.7% more than the previous year ($637.77 in 2017 vs. $575.74 in 2016). Amazon captured 38% of the online holiday shopping frenzy, and the next closest competitor was Best Buy, which garnered just 4% of the overall pie. There were five months last year in which Amazon commanded 40% or more of the e-Commerce market share.

Retail Remix Of 'Love Will Keep Us Together’: Takeaways From Etail East

Retail today is all about getting the customer to fall in love with products and brands. In personal relationships and in retail, love is complicated and must be nurtured. In retail that means delivering unique and compelling experiences; personalized messaging and offers; and relevant marketing and communications — consistently across all channels. When thinking about writing this article, I could not get this song out of my mind: "Love Will Keep Us Together," from 1975 by Captain and Tennille. Yes, I’m dating myself, but indulge me for a few minutes and listen to it. It pretty much lays out the strategy retailers should be thinking about as they are planning new customer strategies and technology implementations. During the 2018 eTail East event in Boston this month, many conversations and presentations were focused on how to win the hearts and minds of consumers. Clicktale, which offers Experience Analytics solutions, is working with a cognitive psychologist to better understand customer behavior in the digital world. Liraz Margalit, PhD has conducted studies covering the “Mobile Mindset” triggered by smartphone use; “Stress Shopping,” and “Emotions in the Digital World.” She explained: “Emotions are a gateway to our memory” about a brand. So how are retailers…

Weis Markets Seeks Streamlined Supply Chain Via Scan-Based Trading

  • Published in News Briefs
Scan-based trading (SBT), which allows suppliers to retain product ownership until the point of retail sale, can improve retailers’ and manufacturers’ ability to understand and act on consumer demand signals. Weis Markets, a supermarket retailer with 206 stores throughout the mid-Atlantic, is deploying a scan-based trading solution from ReposiTrak as it…
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Smart Glass Boosts Online Sales 38% By Expanding Digital Audience

Smart Glass Jewelry is an eco-friendly accessory brand that finds new uses for old materials by creating fashion jewelry from recycled bottles. The SMB retailer recently discovered that both old and new strategies are needed to optimize digital marketing in order to stimulate customer engagement and sales. Beginning in March 2018, Smart Glass deployed the Springbot Exchange Audience Expander to match its customer data and identify look-alike audiences, and then to launch an automated three-series email drip campaign. The Springbot solution automatically adds consumers who engage with a retailer’s email campaign to a permanent subscriber list.

Journey Analytics Platform Tracks Path To Conversion

Journey by CAKE is a cloud-based solution designed to provide retailers with an end-to-end view of a customer’s path to conversion across multiple channels and devices. Built on the CAKE Marketing Intelligence platform, the solution collects and analyzes granular first-party data about significant brand interactions that shoppers engage with prior to a conversion in order to measure marketing performance. Retailers can capture insights on how digital campaigns are performing across a range of online and offline channels including search, email, social, affiliate, direct, referral, TV and radio. The solution enables marketers to make decisions derived from real-time data by combining: Insights: Centralized multi-channel measurement across search, email, social affiliate, direct, mobile and more, plus a customer journey analytics dashboard; Multi-Touch Attribution: Rules-based and data-driven attribution modeling providing clarity into channel and campaign optimization efforts; Connections: Seamless integrations with digital media platforms, including Google, Bing, Facebook, Shopify, and others, to streamline the process of pulling in cost data and the tracking of first-party data across all digital channels; and  Solutions: Additional solutions for Lead Generation and Affiliate Management to facilitate closed-loop measurement of the entire online customer journey.
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