Source: Coresight Research
Retail is ever-evolving, and eTail Boston 2023 was a testament to that. Gathering insights from some of the brightest minds in retail, Sunny Zheng of Coresight Research shares her top takeaways from the event.
Here, we delve into these insights to understand the trends that will shape the future of retail.
1. The Journey to Seamless Omnichannel Experiences
Despite technological advances, perfection in omnichannel experiences remains a distant star on the horizon. While many retailers have started embracing the omnichannel approach, there’s still room for improvement. Seamless checkout processes, enhanced data integration, inventory visibility, and user-friendly digital platforms form the crux of what brands and retailers should focus on.
2. The Rise and Rise of Experiential Retail
Retail is no longer just about selling products but about creating memorable experiences. Most retailers seem to agree that immersive experiences are becoming the new norm. These experiential elements not only enhance consumer traffic but also drive significant revenues. From virtual try-ons to immersive store layouts, the lines between reality and retail are blurring.
3. The Happy Customer Formula
Satisfaction leads to loyalty and increased revenues. eTail Boston 2023 saw brands sharing insights into ensuring customer satisfaction. Website agility, smart search functions, and speedy checkout processes were identified as the top three areas where brands can innovate and improve.
4. Navigating the Marketplace Maze
Marketplaces offer a vast ocean of potential for brands, but they come with their own set of challenges. Brands need to weigh the pros and cons before diving in. While these platforms’ reach and potential customer base are enticing, other considerations, such as fees, competition, and differentiation restrictions, can impact a brand’s bottom line.
5. It all starts with Data
With the digital era in full swing, data is becoming a new goldmine for retailers. Several sessions at the event emphasized the growing importance of data in crafting business strategies. Personalization, in particular, stands out. Brands are constantly looking for ways to customize and tailor shopping experiences based on individual consumer data, enhancing engagement and loyalty. However, this can only be accomplished at scale with customer data activation through artificial intelligence and machine learning technologies.
For a more detailed report on the event and insights, click here.