By now, we all know the drill about the online retail marketplace: It's global and transparent, growing exponentially; social, mobile and omnichannel usage proliferates; consumers are more savvy and connected than ever before; big data is being tapped for great advantages; there's good retail competitive intelligence and new supportive technologies are being improved and developed apace. Everything is happening faster as winning retailers become agile at using these elements in the most efficient, expedient ways. There's more at stake -- and winning retailers are making more profit than anyone else.
As ALL retailers look to improve their ability to consistently drive greater performance, they'll do well to emulate what it is to be a RETAIL WINNER. Here are what today and tomorrow's retail winners are doing:
1. Retail Winners Are Innovators.
They know that it's a new world. Winning retailers have gone from being reactive to proactive; lead at adopting innovative technologies and channels, analyzing customer behavior and preference trends. Remember, leaders innovate, if you're a follower, you're (already) a loser. (RSR Research).
2. Retail Winners Unlock Big Data.
Today's abundance of data is a priceless resource. Last year (or was it last month?) retailers were looking at Big Data from the outside and wondering what to do about it. Now winning retailers have the keys to the information and details they need to run their business better and more profitably and compete more effectively in the global marketplace.
3. Retail Winners Maximize Technology Use.
Winners have insight into emerging business and technology trends and use it to drive improved business results. Armed with advanced technology and more scientific approaches, winners can do what they need to do: manage their inventory and their supply and demand, use competitive intelligence solutions, set the right prices, maximize their marketing to individuals, track sales on granular levels, personalize to customer, competitive price and assortment tracking, mobile and social media marketing, maximize omnichannel opportunities, and much more.
4. Retail Winners Use Analytics To Personalize To The Customer.
Available data helps retailers detect patterns, make new associations, and acquire a deeper understanding of customers as individuals -- thereby enabling new methods of personalized engagement, the ability to make relevant offers that reflect customer context.
5. Retail Winners Are OmniChannel Oriented.
Winners/leaders excel at leveraging information across virtually every channel: web, call center, social media, mobile, and face-to-face.
6. Retail Winners Involve And Expand The Role Of Other Departments In Their Retail Organization.
Winners effectively tap their personnel -- not only for feedback, but to have them understand, support, and contribute to the company's business goals and strategy.
7. Retail Winners Measure What Matters.
Winners now have the data and analysis capabilities they never had before, to demonstrate the benefits (or warnings) about assortment and inventory management, every touch point, interaction, and outcome.
8. Retail Winners Collaborate With Their IT.
Leading retailers integrate what they have with what they need.
9. Retail Winners Stay True To Their Company Strategy.
Retail winners always know "who they are" and where they're going in order to map the most effective, most profitable ways to get there.
Bottom Line For YOUR Bottom Line:
"Retailers are drowning in numbers, but lacking in insight" was a sign in a merchandising technology VP's office a few years ago. No more, as retail winners gather, analyze and use hard data to discern across-the-board effectiveness and make fact-based decisions.
If you want to be a retail winner, learn from the leaders -- but do them one better. You have to lead and supersede what the others are doing. The rich combination of engagement, innovation, measurement, and collaboration -- enabled by technology -- leads retail winners to top performance, especially financially.