The Week in Retail: Why Retailers Need to Leverage Mobile and Social Technologies

//The Week in Retail: Why Retailers Need to Leverage Mobile and Social Technologies

With the holiday season just around the corner, there’s a strong opportunity for retailers to acquire new customers as web browsers and online shoppers. A new Forrester research projects that consumers will buy $89 billion online in November and December, accounting for 14% of all retail spending. As well, not only does the report predict that consumers will spend on average 10% more online but that there will also be 3.4 million consumers shopping online for the first time. (Internet Retailer)

This week, IDC Retail Insights has released their top 10 retail predictions for 2015. In summary, the most successful retailers will find opportunities by putting mobility, analytics, cloud, and social to work in their customer and operations strategies, adopting omni-channel integration technologies and IT governance, unifying customer engagement for hyper-personalized loyalty and adopting product intelligence for marketing and competitive insight. (Chain Store Age)

Retailers are taking their mobile promotional initiatives one step further by expanding the lifecycle of their strategies. Rather than simply sending mobile promotions to customers to get them to buy something new, retailers are beginning to question how they can get certain behaviors from their customers like sharing, pinning and transacting. It’s important for retailers to realize that mobile has become more than just another channel. (Mobile Commerce Daily)

A report by Boston Retail Partners found that compared to 2013, the number of retailers using social media to influence product development has grown by 550%. Not only does social media offer an opportunity to actively listen and engage with consumers, but it also provides retailers with real-time insight into customer preferences, allowing merchandisers to adjust order levels and replenishment to maximize margins. (Luxury Daily)

As retailers strive to provide personalized customer experiences, a report conducted by SAS provides positive insights into how consumers feel about sharing data with businesses. Some of the key findings from the report state that 49% of respondents are willing to share information if they get something in return and about three-quarters of customers are willing to provide their birthday month and year to get more personalized and relevant offers. (MarketingProfs)

Source: PSFK

2017-10-25T21:03:16+00:00