CART Weekly Report 9/5/19
CART, Advancing Retail
Gary’s Take: As I speak to in my latest book, Retail in the Age of ‘i’, one of the ‘i’s that retailers need to focus on is integration. Specifically, I’m referring to the disparate systems most retailers use to connect with shoppers online. We can broaden this to also include the myriad social media channels and other online shopping sites. The need for systems integration to provide a smooth and cohesive user experience is vitally important as traditional retailers increasingly compete with technology firms.
There are two primary reasons driving these challenges. The first is that retailers have added digital capabilities over the years as new things entered the scene, leading to multiple solution providers that need to be integrated. Secondly is the retailer erecting walls around their digital properties in hopes of providing a better experience for shoppers. In both cases, the customer experience usually suffers.
Gary’s Take: As 5G cellular networks roll out and IoT explodes, we’re going to see a fast growing number of solutions focused on tracking and monitoring products across the supply chain. In addition to location (and how much time at each location) we are going to see growing sophistication around monitoring of temperature and other environmental conditions. All this is coming together to power greater transparency for the end customer, letting the shopper know where the product was sourced and its journey to the shopper.
Gary’s Take: Retailers’ private label programs are finally hitting their stride as retailers put forth products comparable to, if not even better than, the quality of national brands. And, doing it at attractive price points that are appealing to a growing number of shoppers. Sophisticated private label programs provide the retailer a way to differentiate their stores and build customer loyalty. And, in an age of personalization and true focus on growing customer share-of-wallet, private label margins help the retailer provide meaningful savings on relevant products to the individual customer.
Sterling’s Take: Developing a culture that starts to generate ideas and fashion from the inside is a good plan. And doing it over time is even better. As these new influencers are able to express themselves through the brand it will breathe excitement and life into the whole organization (and of course shoppers). Of course, if the brand tries to express itself through the people it'll be a non-starter. It's a fine line, but certainly doable. I think other retailers are watching to see how it's done...
WHAT WE HAVE TO SAY:
UPCOMING RETAIL TOMORROW INNOVATION DAYS/EVENTS
- CGA STRATEGIC CONFERENCE 2019 - September 29-October 1, 2019
- RETAIL REVOLUTION AT PORTLAND STATE - October 24, 2019
- ENERGIZER - November 14, 2019
- More Events to be Announced Soon!
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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