Part 2 of our collection of TED Talks on ideas and strategies to help retailers improve the customer experience.
Who would have thought folding t-shirts on a shelf in half rather than a creased fold would increase product touch by 85%, increase t-shirt sales by 44% and increase dollar sales by 38%? Virtual reality simulation, 3D imaging, eye tracking technology, and data collected from security cameras are just some ways that shopper behavior is tracked in stores in order to improve the customer experience. Customer loyalty programs also allow retailers to track customer preferences and purchases over time. The detailed data gathered can be used to design stores, product offerings and promotions that connect with customers’ interests.
Ray Burke is a Professor of Business Administration at Indiana University’s Kelley School of Business, and founding director of the School’s Customer Interface Laboratory, a state-of-the-art facility for investigating how customers interact with new retail environments and technologies. In his TED Talk he shares simple tips and best practices from some of the world’s top innovative retailers on how to connect with shoppers, clearly communicate the benefits and value of their brand and improve the customer experience. (How Stores Track Your Shopping Behavior)
Change today is exponential in everything including retail. Kyle Nel is the Executive Director of Lowe’s Innovation Labs of Lowe’s Co. Inc. (a Fortune 100 Company). He is an out of the box thinker who thrives on change and modernization. Kyle has successfully adopted science fiction as a way to see the possibility of what could be. OSHbot Robots who speak multiple languages and Virtual Reality Rooms are just a few technologies that Lowe’s Innovation Labs are using improve the customer experience. How does Issac Newton’s First Law tie in to the future of retailing? You’ll have to watch Kyle Nel’s Talk on science fiction prototyping to find out. (How Science Fiction is Shaping the Future of Retailing)
Patrick discovered the “buy button” inside the brain and spent two years researching and creating a science-based map to access that button. In his talk, Patrick introduces a model of predictability based on the role of customers’ brains. He explains why it is that retailers should focus on benefits not features when communicating with customers. Our brain responds to 6 stimuli: 1) anything related to “you”; 2) contrast (e.g. clean/dirty); 3) things that are tangible; 4) things that are visual; 5) beginnings and endings; 6) things that trigger emotions. Benefits-focused marketing in retail works because it gets customers’ attention by touching on these 6 stimuli. (Is There a Buy Button Inside the Brain)
Don’t forget to check out Top TED Talks for Retailers Part 1 and Five TED Talks Every Retailer Professional Should Watch for more insightful TED presentations all retailer professionals can benefit from.