We have spent the last few weeks chatting about digital in retail. From future trends to what recent success we’ve seen, common areas of failure to how to look at ROI. One thing seems very clear from the data available: digital in retail is at a transformative stage and we will only continue to see an increase in how it’s applied, monetized, and fits into the overall customer experience. Speaking of experience, some recent intel from decibel insight hints at a crazy statistic: 89% of customers will stop doing business with a brand after a bad experience.
Now how much of that 89% is related to the overall customer interaction, ease of transaction, availability of products, and the willingness of retail staff to assist the customer in finding what they’re looking for would be an interesting breakdown to see. However, for the up and coming generation of customers out there, I’m certain that there is an increasing percentage that is directly correlated to the in-store experience. How much entertainment value did they find in the experience? More importantly, does that value outweigh the convenience of just shopping online? Retail destinations seems to be a continued hot topic of conversation.
So what’s not so clear? We’re not sure that we’re entirely through the use of new technology applied to retail just for the gimmick factor. Although this may never entirely go away, as new “marketing” products are released every single day, there does seem to be an increased focus on creating an in-store technology strategy first, with the tactical elements of what tech and how to apply it coming into play much later. This focus on strategy first supports the development of some wildly successful retail programs that are helping to shape a new type of retail — one focused on entertainment, education, and brand advocacy as much as product availability and transactions.
This is just some of what we see in the market, and what we’re hearing from our retail customer base. We’re always eager to hear more from friends who have had other experiences in this space. What are the tech trends you’re seeing in retail? How do you see this transforming the industry? Who is leading in these efforts? Don’t hesitate to reach out with insight, or comment on our social channels!
For any of the retail brands looking to add tech-forward strategy to your 2018 plan, hit the contact button below and fill out the form. We are more than happy to jump into conversations and see if there’s a fit between our approach, and how you’re looking to impact the business.