Retailers need to know for sure What consumers wantBut perhaps the most important question is: How do I deliver to my buyers? Fortunately, The 2021 Retail Innovation Conference, which concluded on November 17, provided answers with tips, technology issues, real-world success stories and many new ideas. They are just here eight Many of the speakers from major analysts and consulting firms, as well as their own retailers, have spoken out.
1. Hire new Extended Reality (XR) and the latest visual technologies to bring online products to life.
Many new technologies have been developed to make digital marketing more informative and interactive, and brand names are seeing real results. Eyewear brand BoleI saw, for example, a 456% Reality for the Winter Line (AR) showed an increase in sales of YOY at one of their retailers following the launch of testing equipment. Matt Maher, co-founder of M7 Innovations “AR and 3D modeling are going to make a difference in ecommerce because they provide an interactive, immersive and very intuitive user experience.
Need more evidence? According to a report from Shopify, merchants a 250% Increase conversions when using 3D production image models instead of 2D images.
2. Improve advertising and decision making with better targeting and search.
According to Jess Huang, a partner at McKinsey, retailers can provide users with a better experience not only on their site but also on the Internet by improving information management and targeting practices. “Customers see one of two things today. [when they’re online] – One, you will get random ads that are annoying and do not apply to you, or two, you will get ads as you wish. ” “You bought the KitchenAid mix and suddenly you Even though you have purchased a mixer you need, chemists are following you wherever you go on the internet.
Huang adds: “Tomorrow may be different. “We do not have to change how we browse or use the web, but [if retailers put in the work] We find ads that are more relevant to our needs, to our family. And then when we shop on the retail website we may find offers that we have never tried before but are targeted at us, because we have something to do with branding.
Crate & Barrel The search engine has improved the tool and the results have been undeniable. Director of Digital Product Management at Crete and Barrel.
3. Share customer information with suppliers to create more attractive products.
Digital clothing retailers are using technology to help consumers find the right products, improve satisfaction and reduce returns, but the information gathered from these programs can be further analyzed to better understand who your customer base is and what they want from your products. . “We’ve got it 80% Our customers were smaller and more perverse than we previously thought, ”said Tanya Zerebik, head of innovation and strategy. 1822 Denim. “Thanks to this understanding, we have been able to design dinim products to suit their shape and size.
4. Increase BNPL usage by integrating offerings into loyalty and digital wallet programs.
Buy Now, Pay Later (BNPL) may benefit all retailers and consumers, but it still represents a small fraction of all transactions. In order to increase its use, Hemal Negarst, a partner, financial services provider, Kerney, and retailers should be using various techniques to receive information indicating that consumers are benefiting from budget fluctuations.
While consumers may be more cautious about sharing their data, Kirney’s research shows that consumers are more likely to trust their central bank and card networks than others. To take advantage of this trust, retailers can do the following:
- Enable BNPL in their loyalty offer to allow consumers to choose how and when to reach them.
- Work with digital wallet providers to increase BNPL support within them; And
- Explore how financial institutions can partner with them.
5. Improve digital accessibility to create a better shopping experience for everyone.
Making retail websites accessible to all consumers can improve the browsing experience for all customers, including those with disabilities who need access to tools such as a screen reader. Finding these websites correctly means focusing on transparency and ease of purchase, which not only makes it accessible to many new customers but also creates a more comfortable experience for existing consumers.
“The good thing about digital access is not just that people with disabilities can use this site,” said Jeff Fried, a Perkins access consultant. “For everyone who comes to the site, the experience has improved.”
Following the enactment of the 1990 U.S. PwD Act, it became synonymous with digital access to sidewalks across the country. It was originally intended to help mobility impaired people but was also useful for carts, bicycles and carts. “Everyone uses curbs, and in the same way everyone uses your accessible design on your website,” he said.
6. Malls can use technology to improve CX and turn on new retailers and products.
While retailers have taken over most of the CX spotlight, malls have to do a lot of work to create a better experience for users on all channels. Jennifer PetersonThe CEO of Eston Town Center shared his insights on how the marketing destination has embraced new technologies and connected experiences to drive traffic and engagement.
The company has completely upgraded its mobile application with better services such as active events calendar, retail information and real-time map with parking guide. The company also has one 520 square meters Retail engagement with consumer content that allows consumers to touch and feel products but also with digital content.
7. Make loyalty programs experienced and community-centered.
At the time of the outbreak, customer loyalty had a significant impact, but as a popular brand Peloton You are going the extra mile, focusing on community mobilization and collaboration. Kernie Diego Casanova, PCE Labs, shared and noticed a new world of loyalty led by “Experience Core”. tarte cosmetics And Lululemon They are turning their loyalty programs into experience. Tarte, for example, allows people to earn points when they share data, and this ultimately opens up more personal rewards, while Lululemon emphasizes community engagement and allows consumers to connect with local ambassadors.
8. Listen to what your customers say.
It may seem obvious, but that’s not what most retailers are doing. Online content and channels such as website reviews and social media as well as internal content such as browsing, customer emails and service tickets are customer perceptions of “untapped gold mining”, according to Stratifyd production strategy EVP KJell Carlson. The key is to make a concerted effort to gather all that information, which is easier said than done because of new technologies.
External channels, such as social media and reviews, are especially helpful. He added:If you focus only on your conversations with your customers, it is like listening with one hand – you are missing out on unfiltered conversations.
Carlson suggested that companies look at this outlook rather than reputation management. It can be a good source for identifying online comments Marketing message Echoing with your customers, zero entry Competitive benefits And get it Logistics and Product Improvements.