Carch up on Point Inside’s weekly round-up of the top articles in retail and mobile.
A changing attitude about timing puts additional pressure on retailers, with the most enthusiastic (and bigger spending) shoppers getting their back to school shopping done before August even begins.When the season isn’t as condensed, when stores run promotions and sales becomes more important. And it means they’ve got to be sharper in offerings.
Retailers are lagging in providing new forms of value to shoppers. As more shoppers wander aisles, phone in hand — or shopping at home — many think mobile improves the shopping experience. Technology can help people make better decisions, develop experience strategy, and identify innovation categories.
Retailers do not have it all together and do not know what is going on with their inventory behind the scenes. Real-time inventory visibility is one of the most perplexing, intractable issues facing retailers and until that is addressed, omnichannel retail will remain a pipe dream.
The store, that basic building block of commerce, is emerging as a high-tech laboratory. All sorts of things are bubbling up — from exotica such as holograms and virtual reality to more-prosaic but potentially more-useful technology — as legacy retailers seek to merge their physical outposts with the online world.
Retail store shopping is not dying but changing quickly and dramatically. Many consumers - and 72 percent of millennials - now begin the shopping process before they even step foot inside a store, using the internet to become more price savvy and more willing to shop for a better deal. They also know more about the retailer — from where they source their ingredients in products to the history of the brand. All this gives the consumer more power.
Participating storefronts have installed beacons that integrate its content into the Regent Street app. Content includes new in-store promotions, upcoming events and exclusive offers available only for Regent Street visitors. Regent Street’s app uses the profiles to push only promotions or brands that will interest individual consumers, rather than a broad sweeping approach that may aggravate or be seen as useless to the shopper. The guided shopping app then ranks offers by personal interest.
Even if you don’t buy something, Facebook will also now know you visited a store based on a new feature that matches GPS, beacons, WiFi, radio signals, and cell towers with brick-and-mortar coordinates. This data could get advertisers to spend a lot more on Facebook because it will be able to demonstrate exactly how ad views led to in-store purchases and foot traffic.