Are you, like pretty much every physical retail store, looking to up your discoverability? Are you still a little unsure of the ins and outs of omnichannel? Or are you just down right keen to see what’s new in the world of retail technology? If you answered ‘yes’ to any of the questions above, then we suggest keeping your eyes peeled on this week’s ‘Retail Wrap Up’!
1) Explore and Expand: 4 Ways to Grow Your Retail Business
Businesses are always eager to grow their business, however expansion isn’t necessarily about setting up shops in other locations. After all it’s about quality over quantity, isn’t it? The beauty behind technology now enables retailers to increase their presence without having to blow funds on real estate. Vend offers some great insights, with our top pick being to ‘Expand to other sales channels’. They explain that ‘more and more consumers are shopping on the go. Expanding to the mobile realm gives you the ability to keep up.’ Retail is becoming increasingly competitive, which is why Booodl helps businesses by increasing their Store Discovery Optimisation! If you’re looking to invest in growth, take a look at the other 3 tips on how companies like Nordstrom, Birchbox and Bundle expanded their operation.
2) 10 Billion Items of Connected Clothing Coming to a Store Near You!
Author and journalist, Bruce Sterling reportedly once asked: “Why can’t I Google my shoes when I can’t find them?” Well, now you can! Avery Dennison, global leader in branding, labelling, RFID solutions and IoT platform EVRYTHNG has planned to ‘switch on’ the fashion industry by digitally connecting 10 billion products in the apparel, accessories and footwear market. The company, who already works with Hugo Boss, Nike and Marks & Spencer is certainly taking a huge leap forward from an IoT perspective; enabling our physical wares to be connected to our phones with the ability to not only locate our items but figure out how to wash clothes properly, style tips on how to wear items or even how to buy a new version of the same piece. Inventive is an understatement!
3) Bad Data = Bad Omnichannel
Remember omnichannel? You know, that term which seems to pop up everywhere you turn. Yet a survey released by Periscope revealed only 1 in 5 retailers are reporting more confidence in their omnichannel abilities than a year ago. According to Pymnts, it’s the data doing the damage, with 67% noting they lack information about customers across channels and almost half highlighting the poor quality. This isn’t a problem that retailers can just brush under the carpet: “Consumers are desperate for omnichannel experiences, they work across channels, why can’t their favourite retailers? In their minds it is as simple as that, and it leads to frustration, and diminishes brand loyalty” said Channie Mize, Periscope’s general manager. The article is a nice wake up call for retailers organize themselves effectively in order to promote future growth, and we’re on board.
4) Modern Retailers Keep Customers Comin’ Round
News flash: not everyone wants to get in and out of a store in as little time as possible. In our view, convenience should not cloud rich experiences and the fact that shopping is a leisure activity for many people who are willing to take their time, provided you offer a valuable in-store experience. Retailers need to cook up creative ways to get customers in AND get them to stay there, considering it betters the chance of them making a purchase. According to the Wall Street Journal, retailers like Origins who have kept their customers lingering in-store have seen a 20%-40% sales increase! So how can you encourage the same behaviour? Find out the 5 key ideas and tips that retailers like Forever 21, MAC, Sephora, Nike, Urban Outfitters and many more used to increase sales. Happy selling!
5) Why Mobile is the Solution to an Omni-Channel World
Retailers and brands have been talking about omnichannel for almost a decade now, and in article from Forbes, few are realising that the mobile phone is the true omnichannel device. We think they’re onto something. The mobile is the one thing that people carry no matter where they are or what they are doing, so this is an experience you want to get right. From geo-fencing, barcode scanning, the Apple store model, fast delivery and clienteling, this article’s covered the main innovations that are driving omnichannel commerce.