The first edition of the Retail and Brand Experience World Congress brought excellent speakers on the stage to talk about the current environment of the industry and their current strategies to maintain competitivity.
A recurring theme was, logically speaking, the importance of data and how it use online helps brands and retailers remain competitive not only online but also in their physical stores. Of the presented products, devices based on artificial intelligence can be used to analyze the behaviour of clients in their stores, to identify age, gender and even the emotions of the visitors showed how AI can change to way a retailers interacts with customers and how to increase sales through hyper-personalized omnichannel strategies. Information can be obtained in the data created and makes us all rethink the current modelling of retail.
The way in which brands interact with their clients is important, so that consumers develop a certain engagement level and identification with a brand. Creating a memorable online experience is possible through personalization of websites for each client or specific groups. These days, personalizing and simplifying the buying process is key to success in ecommerce.
In retailing, differentiation is vital as many stores sell the same kinds of products to their consumers. Stores have to work to offer an enjoyable shopping experience and not only during sales. Attentive employees, a special store design, in-store experiences, maybe even a friendly robot… every retailer has to find something that will differentiate themself. Technology can be a key ally as it can alter the way employees interact with clients.
With technological progress, the new techniques for retailers and brands are almost infinite. The combination of quantitative and qualitative data is key to maintaining competitiveness, to be creative and to continue to evolve.
As Luis Pallares stated in his speech “How is AI transforming business intelligence de retailers and brands”: “That is a clock ticking, not a regular clock where 1 second is equal to 1 thousand ms but one that is much much much faster and don’t believe that it’s not affecting you or your company. This fast moving clock won’t slow down for anyone. Retailers are in a very exciting situation at an inflection point, and the merchandising needs to evolve to be more data-driven for transporting and customer preferences amongst others so that managing the product life cycle is doable and simple.”
Choose the winners, convert Big Data into Smart data.