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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.

Four Strategic Ways Retailers Can Use Location Data Beyond Advertising

It’s widely assumed that location data is collected primarily for the purposes of targeting and advertising — like the time American Eagle Outfitters geofenced its outlet stores to deliver nearby customers timely promotions and notifications in the malls’ parking lots — to boost not only foot traffic but sales. While location data does enable a variety of successful advertising initiatives, what’s often overlooked is its broader, strategic business power. Location intelligence — generated from opt-in data that is thoroughly cleansed and, most importantly, aggregated and anonymized — can provide retailers with invaluable insights about their customers (both current and prospective), telling the stories of where they go and what they do there. Armed with these insights, retailers can better understand the markets in which they operate, the behaviors and motivations of their customers, and even benchmark against their competition.

How A 40M Decrease In Email Promos Increased Revenue At TUMI

Working to deliver a more relevant customer experience, TUMI was seeking to consolidate business functions “that have a direct relationship with the customer on a 1:1 basis,” noted Charlie Cole, Global Chief eCommerce Officer at Samsonite and Chief Digital Officer at TUMI. “We thought all these functions should live in one place,” he explained, “including online analytics, customer service, sales (retail/online/outlet/drop ship), warranty, repair, email send/open/click, social graph data…” Finding the right solution was a challenge, Cole explained: “We didn’t necessarily know where in the vendor landscape we were going to end up, so we talked to all sorts of partners, including email, personalization, more traditional CRM, etc.” After a thorough search, Cole and his team landed on the Customer Data Platform (CDP) from AgilOne. In this Q&A, Cole shares his learnings and results from the implementation.

Prime Day Mobile Spike Fades Fast For Non-Amazon Retailers

  • Published in News Briefs
Retailers riding Amazon’s coattails during Prime Day 2018 saw an impressive 156% increase in mobile app installs and purchases, but the good times didn’t last long. After a strong start prior to and during the 36-hour event on July 16, 2018, shopper fatigue quickly set in. An analysis by Liftoff…
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Marks & Spencer Leverages Predictive Analytics Platform For Buying, Pricing Decisions

  • Published in News Briefs
Marks & Spencer (M&S), the UK-based department store, has expanded its partnership with First Insight, a platform designed to help retailers make better product development and pricing decisions. M&S has been using First Insight’s predictive analytics to support design, buying and pricing decisions on categories including apparel, lingerie, footwear, accessories,…
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Exclusive Q&A: Explosive Growth Of Direct Brands Reveals Seismic Retail Shift

Earlier this year, the Interactive Advertising Bureau (IAB) released a report titled: The Rise of the 21st Century Brand Economy, which examined the sputtering growth of traditional retail and CPG brands versus the rise of direct brands over the past decade. To delve deeper into the findings of the report, Retail TouchPoints recently sat down with Randall Rothenberg, CEO of IAB, a trade association for interactive marketing representing more than 600 leading media, marketing and technology companies.

5 Keys to Successful Influencer Partnerships

The U.S. influencer marketing industry will reach up to $10 billion by 2020, according to Bloglovin' research. While some brands have seen success with endorsements from celebrities with hundreds of thousands (or even millions) of followers, these partnerships can cost brands a pretty penny. Bloggers, micro-influencers and experts in specific fields may be a better investment, particularly for brands just starting to test influencer marketing campaigns. Although these influencers don't have millions of followers, they often are more impactful due to their small yet highly engaged followings. Consider this: just 3% of consumers are influenced by celebrity endorsements, according to research from Collective Bias. Conversely, 30% of consumers are more likely to buy a product that a non-celebrity blogger recommends. These bloggers are also 10 times more likely to influence an in-store purchase than a celebrity.

Data Makes The Difference: How Direct-To-Consumer Brands Can Take Data And Personalization To The Next Level

The e-Commerce world is constantly transforming thanks to the rise of direct-to-consumer (DTC) brands over the past few years. From razor blade subscription services to major apparel brands, more and more companies are tapping the Internet to sell their products straight to customers. DTC sales are expected to increase by 71% in 2018 alone, according to Forbes. While DTC business models are profiting from eliminating third-party resellers that have typically served as middlemen, one of the biggest benefits of this shift is that brands are now able to learn more about their customers than ever before. By owning the customer relationship from start to finish, brands are able to collect a wide range of transactional, behavioral, demographic and CRM data.

Exclusive Q&A: How Perry Ellis International Took Fashion Forward With A Technology ‘Pitch-Off’

With a portfolio of more than 20 apparel brands, Perry Ellis International has a vast footprint in fashion. But this very scale brings pressure, as shoppers continue to demand more out of the shopping experience. Already having built out an Amazon Alexa skill to help men dress for any occasion in late 2017, Perry Ellis International has continued to ramp up its tech capabilities in order to spearhead a consumer-friendly fusion of fashion and technology. In an exclusive Q&A with Retail TouchPoints, Isaac Korn, Director of Product Innovation and Automation atPerry Ellis International, details: The origins of the first annual technology pitch-off, “Pitch To PERY,” which generated submissions from 100 startups; His experiences with integrating different technologies throughout an extensive portfolio of brands; How a trip to CES 2016 inspired the company to create a “Tech Wallet” designed to help shoppers find their missing wallet; and How the apparel giant leverages data to integrate fashion and technology.

Designer Shoe Trading Club Takes First Steps

Luxury Shoe Club, a membership club designed for buying and selling pre-owned designer shoes via an iPhone app, kicked off operations July 17. The app uses an algorithm to assign a fair market dollar value to each pair, and women listing their new-in-box and gently worn designer shoes can earn points good for purchasing others’ shoes. Members earn half the point value when they list the shoes and get the other half when they are sold; members can also “buy” points. Luxury Shoe Club collects a fee on each transaction. The U.S. luxury shoe market accounts for $8.6 billion annually, and the average price for a pair of women’s designer shoes has climbed to $770. Sales of pre-owned designer shoes have reached $800 million annually, and Luxury Shoe Club estimates that there is $1 billion of new-in-box luxury shoes sitting idle in women’s closets.

Perch Raises $1.7 Million With New Funding

Perch has raised more than $1.7 million in seed funding, led by follow-on investments from TVC, Corigin Ventures and other leading angel investors. The company also has added former Sephora CEO Howard Meitner to its board of advisors. The Perch interactive retail marketing platform — which can detect the specific products shoppers are interacting with in-store and respond with dynamic digital content — has been deployed by companies including Neiman Marcus, Sunglass Hut, Sephora, Kate Spade and Pernod Ricard.

Carter’s Decision Support Solution Cuts 8 Days’ Inventory Out Of System

Inventory carrying costs remain retailers’ biggest capital expense, but companies are generally cautious about reducing inventory levels as a way to cut costs. That’s because lowering inventory levels can create delays and out-of-stock situations that play havoc with the retailer’s service levels. Carter’s Inc., however, leveraged a decision support solution that helped the retailer trim eight days of inventory from its system, while actually raising service levels for its 800 retail stores and e-Commerce business. For the first seasonal “buy” following the September 2016 implementation of the Anaplan Connected Planning solution, the children’s apparel retailer “shrunk our inventory carrying costs and increased our cash flow by $25 million in working capital, with no impact to our customers,” said Peter Smith, EVP Global Supply Chain at Carter’s. “We got improved service, match levels and fulfillment levels while simultaneously reducing inventory costs.”

Creating A Data-Dominant Retail Organization In An E-Commerce World

If 2017 is any indication for the future of e-Commerce, chances are online shopping is not slowing down anytime soon. For example, according to a recent U.S. Department of Commerce Study, more than 12% of all retail spending in 2017 occurred online, with over $105 billion in sales during Q2 2017 alone. This change in pace speaks to the fact that shoppers are increasingly comfortable using the Internet for even more of their shopping needs. And while these numbers are incredibly excitingfor e-Commerce and omnichannel retailers, having even a small disconnect within their online data structure can mean potential havoc. Therefore, creating a data-dominant retail organization that actively analyzes and brings together product and behavioral data and ensures overall data protection is a major component of ensuring success in today’s e-Commerce-led environment.

Retail Refresh: Using Data To Revolutionize The Shopping Experience

I recently happened upon a new Dallas boutique that stunned my technological senses. Flat screens were mounted on every wall; iPads were sitting out on each table surface, and streamlined racks of clothing — each featuring only one item per style — beckoned. The lack of crowded clothing racks confused me at first, but a stylist approached immediately and explained that I could browse the racks, find items of interest and head to the nearest touchscreen monitor to digitally select garment sizes and colors, and have them “sent” to my fitting room. Stylists would pull inventory from the back room and deliver my selections to the fitting room while I’m still browsing.

How Graph Analytics Is Powering E-Commerce

We have entered an era where e-Commerce rules retail. Consider how reports project online sales to hit more than $4 trillion by 2020, representing 14.6% of total retail spending worldwide (source: eMarketer). Over the past few years, online shopping has transformed how we buy, bringing in a new “Age of the Consumer.” Today, shoppers have access to more information than ever around products and brands, all informing their purchasing decisions. They also are taking the lead in their own online shopping experiences, with the global marketplace available at their fingertips. In turn, e-Commerce has embraced AI-powered assistants, recommendation engines and even automated platforms to help consumers consider what to evaluate and buy. Insights generated from AI platforms provide tremendous value, and can potentially drive further revenues for companies, as well as provide shoppers with a better, more customized customer experience.

Symphony RetailAI Debuts Promotion Planning Platform

Symphony RetailAI has launched SR Promotion PlanningAI, a platform designed to give category managers the prescriptive recommendations they need to accurately forecast and plan promotional events, measure effectiveness and adjust tactics with agility. The platform’s AI-based forecasting model provides recommendations and what-if analysis, allowing users to adjust the promotion parameters in real time to maximize sales, margins or volumes. SR Promotion PlanningAI also brings the power of artificial intelligence to promotional circulars, to maximize promotional lift and store traffic. 
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