eringilliam: retail*

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  1. If you’ve been paying attention to the application of artificial intelligence in retail, you may feel like the buzz around the topic has gone from zero to “arrived” in less than a year. In retail time, even at the speed of the modern consumer, that is incredibly fast.

    Some of the hype has come from activity around specific use-cases for the application of AI in retail. While companies like Baidu profess over 100 AI capabilities, in retail it appears that use-cases are centering on four main areas:
    https://www.forbes.com/sites/nikkibaird/2018/08/13/retail-has-three-big-ai-dilemmas/
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  2. It's an occupational hazard within the retail sector: Lessons learned in the market are usually learned the hard way. Adding insult to injury, there is a very low margin for error, particularly when changing course in the business does not correlate with shopper demands.

    The good news for grocery retailers is that decades of lessons learned via brick-and-mortar initiatives for category management and shopper marketing can be applied to e-commerce with relative ease.

    So why isn't this happening at a faster pace? There are two main reasons.

    First, CPG brands have been slow to react to e-commerce and have failed to make the necessary investments. Second, in an effort to react quickly to e-commerce competition such as Amazon some retailers are rushing to "band-aid" solutions, rather than building capabilities that enable a customized user experience and the ability to harvest invaluable customer data.

    With that in mind, here are three basic lessons from traditional commerce that can fuel e-commerce success.
    https://www.retailcustomerexperience.com/blogs/3-brick-and-mortar-lessons-for-e-commerce/
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  3. Consumers’ lives are getting faster and more connected. In this piece, Melanie Jensen, e-commerce manager, Aptos, tells RetailTechNews that to make sure retailers are reaching shoppers at every touchpoint, they need to ensure that they are optimised for life on the go. Nearly a third of online shopping across all retail sectors now occurs on a mobile device, which makes it clear that this is a platform that cannot be ignored.

    Mobile apps evolved to make our lives faster, easier, and more convenient. It’s time that retailer’s apps followed these rules. All too often, retailers try to offer fun or ‘cool’ experiences, such as making digital outfits or virtually trying on cosmetics. However, if these extras are difficult to use or time-consuming, customers will quickly lose interest – and retailers could lose a sale.

    To make sure that your mobile offering is up to scratch, here are five key things to consider when building your app:
    https://www.retailtechnews.com/2018/07/23/what-to-consider-when-building-your-mobile-app/
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  4. The road to mainstream significance has been long and wavering for virtual reality (VR). Introduced to popular culture through classic science-fiction embellishment, it was written off time and time again as a fad and a fraud when real-world technology couldn’t live up to those depictions. But recent years have seen VR headsets (led by the Oculus Rift) achieve meaningful public awareness.

    Now that VR is finally on the cusp of general acceptance, a whole world of possibilities has opened up for countless industries—most significantly the gaming world. But what of the ecommerce industry? With user experience (UX) an increasingly-vital factor for setting stores apart, could VR be the next destination for ambitious retailers?

    Let’s consider the role that VR is likely to play in the ecommerce world over the course of the next 5 years.
    https://techspective.net/2018/07/18/how-vr-will-transform-the-ecommerce-experience-in-the-next-5-years/
    Tags: , , , , by eringilliam (2018-07-24)
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  5. More shopping on mobile amplifies a persistent problem for online retailers. Growing cart abandonment. Research from Barilliance, an eCommerce personalization tools developer, illuminates the challenge.
    https://www.forbes.com/sites/paultalbot/2018/06/27/why-cart-abandonment-rates-arent-falling/
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  6. Serving over six million visitors each week, Dutch retail chain, HEMA is expanding rapidly. HEMA now has stores in nine different countries including the Netherlands, Belgium, Luxembourg, Germany, France, the United Kingdom, Spain, Austria and soon in the United Arab Emirates. This tremendous growth certainly presents its challenges when it comes maintaining a smooth online customer experience – but it also represents an exciting digital undertaking for the Dutch company.
    https://mopinion.com/customer-success-story-hema/
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  7. The ecommerce industry has experienced a tremendous amount of growth in the past decade. Having jumped from 3.5% of all retail sales in 2008 to nearly 11.9% in 2018, this growth – in combination with a (still) relatively low market share – represents a huge opportunity for more innovative ecommerce companies looking to overtake their traditional counterparts.

    However, in order to latch on to the ‘growth train’, these same ecommerce companies (and therefore, ecommerce managers) are going to have to put their best foot forward. In other words, they’ll need to be sure that they are providing a first-rate online customer experience. And the best way to do this is to start listening to the voice of the customer. After all, your customers can be your best resource in terms of understanding what you’re doing wrong (or right!) on your website or mobile app. So allow me to introduce you to online feedback…
    https://mopinion.com/online-feedback-ecommerce-managers/
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