Break Through the Clutter: Retailer Perspectives on Winning at Every Shelf
Produced by Syndigo
Trevor Martin, SVP of Retail Client Development at Syndigo, spoke about the changing retail industry, the macroeconomic trends that influence it, and the challenges and strategies required to overcome them. He emphasized the significance of comprehending and adapting to the growing preference for online and omnichannel shopping among customers, creating engaging experiences, and optimizing technology to handle the vast amount of data needed to support an omnichannel approach.
Trevor outlined three primary strategies that will help retailers succeed in the marketplace. He explained that while e-commerce has created new opportunities for retailers, they must energize their approach to create user experiences that can break through.
In terms of macro trends that retailers need to understand, Trevor mentioned omni-channel growth, e-commerce, digital transformation, and the shift to "everything as a service." The majority of shoppers use both online and in-store channels for research and purchase. Retailers must create engaging experiences for their customers since the shopper controls the transaction. Retailers need to move upstream to capture consumers who are now making purchase decisions before they step into a store. Trevor advises that retailers should focus on understanding macro trends and collaborating with other companies to solve their challenges.
Trevor explained that unified commerce is more than just omnichannel retailing. It's about creating a seamless experience for customers, no matter where they are or what device they're using. He gave an example of a customer who had a bad experience with a retailer but was converted into a loyal customer by the retailer's efforts to resolve his complaint. The retailer used data harmonization and Master Data Management solutions to connect different data domains to provide a consistent customer experience across multiple channels. He stressed the importance of using data to gain insights into customer behavior and preferences, and using that data to deliver personalized experiences. This can be achieved through a single view of the customer that includes data from all touchpoints, such as in-store, online, and mobile.
Another crucial component of unified commerce is having a centralized system for product information management (PIM). This enables retailers to manage and update product data in one place, ensuring that all channels have accurate and consistent information. This can help prevent confusion and frustration for customers who may see different information about a product on different channels.
Trevor also discussed the role of location data in unified commerce. Retailers can use location data to create targeted campaigns and promotions based on a customer's location, driving foot traffic to physical stores. They can also provide real-time inventory information for customers who want to pick up products in-store.
In conclusion, Trevor emphasized that a unified commerce experience can improve customer satisfaction, increase sales, and create a competitive advantage for retailers. To achieve this, retailers must focus on data management, personalization, and using location data to create targeted experiences.