George Freney (Co-Founder & CEO) and Peter Chapman (Head of Retail Strategy & Operations) attended the Total Retail event in Melbourne from 11–12 May. There were lots of great discussions and insights across the board, and we wanted to share our three key takeaways.
Think of your store as another media channel
The first key idea is that a store is not just as a place that sells products, it’s another channel for shoppers to experience you – retailers need to use metrics to measure its effectiveness accordingly. This notion is 100% bang on the money.
82% of Millennials and 80% of Gen Z think it is important for brands to have a physical store. While sales might not come directly from within the walls of the shop, the shop influences those sales (much like how other media outlets influence sales). If you want to get the most out of your store as a media channel, people need to be able to find it as easily as possible. Is your store optimised for discovery?
The Lion (Amazon) picking off the Wilderbeast (Traditional Retailers)
Is Amazon picking off the slowest retailer one by one until the whole heard is gone?
That is their plan, and if the heard keeps moving together and doing the same thing, they will all die eventually. There are a few people starting to talk about the solution and we can tell you that it is not fighting them online. Retailers need to better utilise their advantage and leverage the store as a media channel. Amazon does not have them yet!
Gary Perlstein, CEO of Specialty Fashion Group talks about Booodl
During the ‘CEO Panel: The Changing Face of Retail’, Gary (thank you) mentioned that Specialty Fashion Group was using Booodl to make sure that their stores got found when people were searching in a product + location centric way.
Our CEO George Freney presented on the topic “Using emerging technology to grow in-store sales and beat Amazon”. Whilst the audience started pretty small it grew during the presentation as George hit on some simple and actionable ways to use technology to grow in-store sales and yes, beat Amazon, but not at there own game.
You can watch the full presentation:
Our key take away is to think of the retail store as a media channel and measure it accordingly. As with all media, the more people that see it, the better it performs. So the right place to start is getting more shopper visits, which begins with Store Discovery Optimisation! Booodl is the best way for a retailer to do that.