CART Weekly Report 8/29/19
CART, Advancing Retail
Gary’s Take: Customer experience management is a focus of 80% of companies according to Gartner. Companies that deliver on providing a great experience consistently outperform those companies who fail to provide a good experience as shoppers reward them with more spending, more visits, and greater retention over time. But to do customer experience right requires many things, from motivated associates, the right technology tools, and deep understanding of customers and why they are shopping with you.
Gary’s Take: Those retailers that are investing heavily in online and omnichannel marketing and selling are outperforming their less advanced competitors as recent financial results from a number of retailers shows. Companies like Walmart, Target, and TJ Maxx are pulling away from Macy’s and JC Penney who have failed to make needed investments to keep pace with changing shopping behavior. But, Nordstroms offers a cautionary tale: The company has done many of the right things - reasoned new store openings, heavy investment in online and omnichannel, etc. - and yet continue to be challenged in the market.
Gary’s Take: Video analytics have been around in retail for some years now but the technology is continuing to spread, enabled by the decreasing cost of digital cameras and ever increasing software capability. I think many retailers intuitively understand the power of having analytics around customer behavior in the store but it has taken a while for best practices to begin developing in various retail channels. The insights provided can power improved merchandising directly leading to increased sales and margins and are a powerful tool for category managers.
Sterling’s Take: Innovation is a significant positive change — could be technological, but it could also be in team performance, financials or customer service. It comes from thinking and then doing things in a new way (vs. how we’ve already done it. Brian is right on here — keeping up with consumer adoption isn’t innovation. Merging online and offline isn’t in and of itself innovation. Having a “innovation group” isn’t actually innovation. But they’re all mediums to potentially innovate. We have lost our way as an industry. This isn’t about the technology. It’s about using technology and developing our businesses to meet the needs of human beings. The only assurance we have about the future is that it will be different. The best thing a retailer can do is to develop their teams, their culture to be one that can support change over time to meet those customer needs ever more efficiently and effectively.
WHAT WE HAVE TO SAY:
UPCOMING RETAIL TOMORROW INNOVATION DAYS/EVENTS
- IMPERIAL DISTRIBUTORS - September 5, 2019
- CGA STRATEGIC CONFERENCE 2019 - September 29-October 1, 2019
- RETAIL REVOLUTION AT PORTLAND STATE - October 24, 2019
- ENERGIZER - November 14, 2019
GROCERYSHOP - September 15-18, 2019 at the Venetian in Las Vegas
MINDING THE GAPS - CGA STRATEGIC CONFERENCE 2019 - Mission Hills Country Club in Rancho Mirage, September 29-October 1, 2019
GMDC SELF-CARE SUMMIT - October 3 thru 7, 2019 in Indianapolis, IN
X/SPECS 2019 - October 15 thru 17, 2019 at the Waldorf Astoria, Orlando
- Store Design in the Age of “I” - Wednesday, 11:30am-12:15pm
THE RETAIL REVOLUTION at PORTLAND STATE UNIVERSITY’S CENTER FOR RETAIL LEADERSHIP - Portland, Oregon - October 24, 2019 12:30-5:00pm
SPECS SHOW 2020 - The ForeFront of Physical Retail - March 15-17, 2020, Gaylord Texan, Dallas
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Quote of the Week: Innovation is the calling card of the future.
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About the Author
CART is Advancing Retail by connecting the industry to innovation. Retailers, wholesalers and brands utilize CART to find, research and connect with solutions appropriate for their businesses. Solution providers use CART as a go-to-market tool that connects them directly to their target retail audience, all the way into the brick and mortar store itself. CART has unparalleled insight into what’s next in retail and shares this information regularly through multiple channels.