What sets retailers up for success or failure in digital age? L2’s Digital IQ Index examines more than 200 retailers in the specialty retail, department store and big box categories. From these studies emerged a list of Do’s and Don’ts for retailers looking to thrive.
Although this is my first stab at scaling a company, I'm no stranger to leadership and teamwork. Throughout my lifetime as an athlete, I've been on all types of teams that ranged from less-skilled but fundamentally sound and hard-working, to highly-talented yet dysfunctional and toxic.
A critical shift has occurred in the path to purchase: half of U.S. retail sales are now influenced by digital channels. As shoppers increasingly make decisions online before purchasing in-store, the digital experience must play a central role in driving consumers from clicks to bricks and back again.
This represents a sizable challenge for retailers, many of which are burdened by legacy technology systems and hobbled by a lack of integration between e-commerce and brick-and-mortar teams. Nonetheless, retailers that delay creating more holistic digital-physical customer experiences will find it increasingly difficult to compete with both Amazon and their more digitally advanced peers.
With customers shopping online more and more, most dealers are already very familiar with the term multi-channel, as the ways shoppers search for cars online are increasing daily, as well as the devices they use.
The days of relying solely on historical data and personal intuition to make new product decisions are gone--assuming you want to be successful in the future. Democratization of new product design and selection is here to stay. This is the tipping point to which I refer. It isn’t a matter of IF you are using data and analytics, but when and where you apply the RIGHT analytics that is the real tipping point.
More than half of retailers (52%) use more than 10 pricing strategies, according to Software Advice, a web-based reviewer of retail POS systems. Another 18% use either nine or 10 strategies, while 14% use seven or eight.
Department store chain Neiman Marcus is ensuring Father’s Day presents get to their recipients on time with a new same-day shipping service.
The retailer is teaming with FedEx in 18 markets to offer speedy deliver for in-stock merchandise. Neiman Marcus will likely come to the aid of some procrastinators, making a deeper connection between store and thankful customer.
Until recently, I’ve never shopped gap.com, but Gap’s new CEO Art Peck gets me. He understands the role of digital in today’s omni-channel world, hence the company’s decision to create an executive role focused on customer experience.
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