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The Evolving World of Retail Analytics

The Evolving World of Retail Analytics | Omni Channel Retail Scoop | Scoop.it
As their businesses have progressed, retail clients want insights into their operations like never before (RT @Tyco_IS: The #cloud, big #data, omni-channel & #mobility are 4 big trends making impacts on #LP & #retail:
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Omni Channel Retail Scoop
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Omni-Channel Fulfillment is Future but Not Yet Profitable

Omni-Channel Fulfillment is Future but  Not Yet Profitable | Omni Channel Retail Scoop | Scoop.it
Only 19% of the top 250 retailers are currently fulfilling omni-channel demand profitably, according to new study.
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The top retailers to watch in 2016

The top retailers to watch in 2016 | Omni Channel Retail Scoop | Scoop.it
These brands are coming back from bad years or are on track for more explosive growth.
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Why consumers use retail mobile apps while shopping

Why consumers use retail mobile apps while shopping | Omni Channel Retail Scoop | Scoop.it
Why consumers use apps while shopping

Via Maybe* Solutions
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Maybe* Solutions's curator insight, August 16, 2015 10:32 AM

51% of mobile app-users use them while shopping in-store. Why?? The reasons vary from redeeming discounts to searching for products, and  illustrate an important intersection between the digital and physical shopping experiences. There is only one retail experience ...

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Intent-based optimization: How Jet.com will dethrone Amazon

Intent-based optimization: How Jet.com will dethrone Amazon | Omni Channel Retail Scoop | Scoop.it
Photo by Jet.com/Twitter
I’ve made my career as a technologist, inventor and AI (Artificial Intelligence) expert, fascinated by computers anticipating our whims – transforming our intent into better lives. Not only can brands access this AI, they should – it’s already impacting nearly every brand that sells things. One important idea that AI has made real – intent-based optimization – has implications for brands, people and Giants fans in particular.

In 1989, Dr. Philip R. Cohen, a brilliant computer scientist associated with DARPA, authored a paper titled 'Intention is Choice with Commitment'. It explored the balance between the beliefs, goals, actions and intentions of 'intelligent agents'. Cohen concluded that one agent’s intentions, in terms of beliefs about another agent’s intentions (or beliefs), could derive a preliminary account of interpersonal commitments.

Cohen’s ideas blew my young mind.

Here’s what it all means: 

Machines, like people, can decide to do something else besides what they intended. Machines need to be able to reason about the plans that other machines have, but also about their commitment to those plans. If one finds out another has failed, the first should be able to predict when the other will try again. It should be able to reason the intentions and commitments of other machines rather than be required to simulate the other’s behaviors. This research was the first formal theory of intention for AI.

Fast-forward to today:

Based on market capitalization, Amazon has overtaken retail giant Walmart. Now we meet the new kid, Jet.com, going head-to-head with Amazon and hyper-focused on becoming the go-to ecommerce site for the best bargains online. Jet.com founder/CEO Marc Lore has a reputation for creating game-changing internet shopping destinations for niche groups, but targeting frugal shoppers is a challenge.

Jet guarantees consumers the lowest prices on the Web, but undercutting Amazon, from membership fees to final price, isn’t easy. Amazon has scale, relationships and massive inventory.

That’s why Jet designed its back-end to work more like a trading system than a traditional ecommerce site. What does this actually mean, and what’s the secret? Consumer intent, which plays a major factor in pushing prices down.

This brings us to intent-based optimization: the idea that brands deliver an optimal online shopping experience that drives sales – resulting in customers feeling they’re being spoken to directly because the message is relevant. Intent becomes vital because it enables emerging players like Jet to connect with consumers more efficiently and intelligently, leading to a differentiated shopping experience and more perceived value beyond price and delivery time.

Understanding a consumer’s intent and in-the-moment thoughts lets brands and advertisers deliver recommendations that convert potential customers more efficiently. Coupling psychographic and demographic information (who) with time of day (when), content a person engages with (where), their specific interest on that page (what/why), and whether they’re on a mobile or desktop platform (how), provides a keen opportunity to discern their intentions.

Say someone buys a New York Giants jersey. It makes no sense to retarget them with an ad featuring that same Giants jersey, but it happens. You’d rather look at their path (who, what, when, where, why, how this fan is navigating and consuming content online), to discern their intent and anticipate a need.

Let’s say an AI knows the fan bought the jersey and purchased tickets to the next Giants home game in the same browsing session. An ad for tailgating supplies makes more sense, leading to a relevant offer with dramatically increased sales. By focusing customer intent, and only engaging through highly relevant options tailored to anticipated interests, we get significantly higher performance.

Jet updates its prices in real-time, based on available inventory, shipping costs and what’s currently in a customer’s shopping cart. By analyzing keyword searches, specific page visits and content downloads a consumer makes across the internet, brands can identify intent and additional related products and services the customer may want.

Another company using intent-based optimization, Yieldbot, uses advertising AI to match ads to a consumer’s mindset, pulling intent data from publishers’ pages (what users are reading, where they came from and go afterward) to deliver relevant ads displayed at the right time.

Google had $17.7 billion in revenue in Q2 almost entirely from search – proving how powerful intent data can be. In about 50 milliseconds it can crawl the internet and return not with just content, but with relevant ads based on search histories. GoogleNow technology expands on this by shifting from a responsive to a predictive system based on location, time of day and app usage.

Other than closing a sale, there are few things more valuable than understanding a potential customer’s intent. In Jet’s case, intent is the fuel energizing the disruption of an e-commerce (wait for it) giant.

Staying ahead is about understanding what data matters the most and when. Data-driven targeting has evolved to encompass the entire digital services landscape. From mobile to virtual reality, they are all pieces of today’s consumer puzzle. Tracking behaviors and understanding context to optimize intent is the only way forward.

Via Maybe* Solutions
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Wary Of The “Next Warby”

Wary Of The “Next Warby” | Omni Channel Retail Scoop | Scoop.it
Warby Parker is astonishingly successful, whether you judge it by the rave reviews of customers, its valuation or, more impressively, by the number of..
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Sephora's New Retail Stores Will Take Cues From YouTube I Digiday

Sephora's New Retail Stores Will Take Cues From YouTube I Digiday | Omni Channel Retail Scoop | Scoop.it

Sephora’s new in-store retail model puts a real-life spin on makeup tutorial videos, which have grown massively popular on YouTube. The beauty retailer already prominently places video how-tos in its mobile and online stores, and now, Sephora’s retail stores will bridge the gap between digital demonstrations and the in-store visit.
 

In its new San Francisco store, opening this Friday, Sephora has designated stations called the “Beauty Workshop,” where customers can watch video tutorials, take a class with a Sephora team member, and share content online. It’s the center of the new store’s design, and up to 12 customers at a time can sit down to watch videos, practice with new products and learn from Sephora’s team members.


Via DD
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Successful Customer Contact Heaven is Paved by OmniChannel Intentions - contact-centres.com

Successful Customer Contact Heaven is Paved by OmniChannel Intentions - contact-centres.com | Omni Channel Retail Scoop | Scoop.it
The Road To Successful Customer Contact Heaven Is Paved By OmniChannel Intentions - article by Mark Oppermann of customer outreach tech leader VoiceSage
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The new consumer decision journey

For years, empowered consumers have held the upper hand when it comes to making purchasing decisions. But companies are fighting back. A McKinsey & Company article.

Via Dave Cherry
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What's next in digital retail

What's next in digital retail | Omni Channel Retail Scoop | Scoop.it
Ready or not, the future is here: Innovation will reshape industry and consumer experiences.

Via MAPICWorld
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3 Retail Technologies That Cross Over E-commerce

3 Retail Technologies That Cross Over E-commerce | Omni Channel Retail Scoop | Scoop.it
The lines blurred between online and offline sales and the numbers have never been better. In fact, new mobile technologies are sending more people into stores looking for deals with the same discounts they would get online without the wait.

Via MAPICWorld, Philip Brown
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7 wearable technology roles that will change the world

7 wearable technology roles that will change the world | Omni Channel Retail Scoop | Scoop.it
As the world of wearables continues to grow, Adecco has created an infographic of 7 wearable technology roles that will change the world.

Via Richard Platt, Jim Thompson
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Richard Platt's curator insight, June 28, 2015 3:40 PM

The infographic on the webpage is like an all-in-one, definitely a good capture of what is getting traction in the world of wearables.

Marc Kneepkens's curator insight, June 28, 2015 6:44 PM

Technology is creating more applications in wearable, IoT, cloud security and more all the time. The new jobs resulting from that are well paid and will need to be filled in the next few years. Follow the trends and be in demand.

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The Next Generation Of Retail Is Here: Three Major Myths Debunked

The Next Generation Of Retail Is Here: Three Major Myths Debunked | Omni Channel Retail Scoop | Scoop.it
This was originally posted on Forbes.com on July 14th, 2015 No matter where you look, you’ll discover a drastically different buying experience in modern-day stores. Smartphone touches are gradually replacing credit card swipes; tablet screens are taking over as in-store signage and becoming point-of-sale systems; and beacons are alerting browsing mobile shoppers to deals. The most exciting part? The retail revolution is only getting started—and it won’t be televised or show up in your Sunday circular.This era of digital change brings about promising opportuni
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Staying Relevant in Today’s Retail

Staying Relevant in Today’s Retail | Omni Channel Retail Scoop | Scoop.it
Part 12By Jorge LizanManaging Director of Lizan Retail Advisors (LRA)As part of a series of articles on The Future of Retail and Shopping Centers, I was fortunate to interview some of the clearest minds on today's retail world whose have shared with me extraordinary insights on how retail will evolve in the coming years and decades and how this will shape the shopping center of the future.In this installment we interviewed Brian Simpson, Director of Latin America of ShopperTrak, the leading global provider of retail analytics, offering solutions to more than 1000 retailers and shopp
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Beacons, Geofencing, And Their Impact On Customer Experience - Business Solutions Magazine

Beacons, Geofencing, And Their Impact On Customer Experience - Business Solutions Magazine | Omni Channel Retail Scoop | Scoop.it
Location-based technology and its impact on how your merchant clients can leverage it to enhance customer experience was a topic for a panel at...

Via Maybe* Solutions
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Maybe* Solutions's curator insight, November 1, 2015 1:30 PM

The cost of these solutions is well within reach of retailers - but the key question is how to get your shoppers to opt in and what do you deliver them of digital value?

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More Than 90% Of Consumers Use Smartphones While Shopping In Stores - Retail TouchPoints

More Than 90% Of Consumers Use Smartphones While Shopping In Stores - Retail TouchPoints | Omni Channel Retail Scoop | Scoop.it
Consumers are relying more on their mobile devices to communicate, research products and acquire information. As a result, retailers need to prioritize mobile as a key communication and engagement channel.

Via Maybe* Solutions
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Maybe* Solutions's curator insight, August 30, 2015 4:35 PM

While smartphones give  consumers immediate access to vital product information,  brick-and-mortar stores  add value by allowing consumers to touch and try on products before they make a final decision .... so join up the dots...

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Sephora's New Retail Stores Will Take Cues From YouTube I Digiday

Sephora's New Retail Stores Will Take Cues From YouTube I Digiday | Omni Channel Retail Scoop | Scoop.it

Sephora’s new in-store retail model puts a real-life spin on makeup tutorial videos, which have grown massively popular on YouTube. The beauty retailer already prominently places video how-tos in its mobile and online stores, and now, Sephora’s retail stores will bridge the gap between digital demonstrations and the in-store visit.
 

In its new San Francisco store, opening this Friday, Sephora has designated stations called the “Beauty Workshop,” where customers can watch video tutorials, take a class with a Sephora team member, and share content online. It’s the center of the new store’s design, and up to 12 customers at a time can sit down to watch videos, practice with new products and learn from Sephora’s team members.


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What Technology Will Look Like In Five Years

What Technology Will Look Like In Five Years | Omni Channel Retail Scoop | Scoop.it
As a driver of technical innovation for a software company, a huge part of my job depends on forecasting how current tech trends will play out, merge,..
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The Omnishopper: The Only Person Who Matters for Retailers - The Robin Report

The Omnishopper: The Only Person Who Matters for Retailers - The Robin Report | Omni Channel Retail Scoop | Scoop.it
E-commerce is not a race to the bottom. While some goods and services are taking share online, the store continues to attract consumers...
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Levi's Sees 100% Inventory Accuracy with Intel RFID Pilot | Retail News | RIS News: Business/Technology Insights for Retail, Supermarket Executives

Levi's Sees 100% Inventory Accuracy with Intel RFID Pilot | Retail News | RIS News: Business/Technology Insights for Retail, Supermarket Executives | Omni Channel Retail Scoop | Scoop.it
Levi's is piloting Intel's latest real-time RFID technology and is experiencing near 100% inventory accuracy thanks to the system's constant scanning capabilities.
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How exponential change in technology will transform retail

How exponential change in technology will transform retail | Omni Channel Retail Scoop | Scoop.it
Singularity University's Salim Ismail shares tech predictions at the Shop.org Digital Summit.

Via MAPICWorld
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Machine Learning Applications in Fashion Retail

Machine Learning Applications in Fashion Retail | Omni Channel Retail Scoop | Scoop.it
This is the first of two articles about recent developments in fashion technology. Part two will focus on implications for consumer privacy.
The next frontier for recommender systems is the retail...

Via Dave Cherry, Philip Brown
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Alibaba in new omnichannel push with retail deal | Chain Store Age

Alibaba in new omnichannel push with retail deal | Chain Store Age | Omni Channel Retail Scoop | Scoop.it
Alibaba Group Holding Ltd. has entered into its biggest deal ever and this one is in the brick-and-mortar arena.

Via MAPICWorld
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Past Prime? The Great Disruptor Amazon Is In Danger Of Being Disrupted.

Past Prime? The Great Disruptor Amazon Is In Danger Of Being Disrupted. | Omni Channel Retail Scoop | Scoop.it
As the Internet and social media evolve, brands and consumers are finding it easier than ever to reach each other, weakening Amazon's position as a middleman. Meanwhile hybrid retailers with physical locations like Macy's and Wal-Mart are growing their e-commerce businesses faster than Amazon -- and profitably.
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