This week we’re reading about the future of retail, how to leverage operational efficiencies, and the importance of customer data. These are all ideas that help you build a better business. Use these articles (actually, one is audio) to inspire your multichannel retail strategy. How are you going to win, tomorrow?
What Are Operational Inefficiencies Really Costing You? – The author of this article shares an anecdote about his insurance company spending a whole bunch of money to mail him a $.02 refund. The point of the story is to encourage you to examine your internal processes (which are particularly complex, if you are multichannel). Are you really being as efficient as you can be? What are your costs that you may not see plainly?
Hope for the Future of Retail – In this short audio clip, retail futurist Doug Stephens gives an optimistic look at the future of retail. It’s easy to get down about retail’s future when you read about how long-standing big-box stores are closing down. But, Doug looks at it a little differently. Retail is simply transforming, driven by a new generation of retailers who think differently about the market.
Understand Customer Behavior to Win at Retail – Gartner analyst, Robert Hetu, gives some introductory insight about the importance of customer data. This post links to content that requires a Gartner membership, where the info goes beyond “introductory”. All the same, his example and the info in this post are useful. Bottom line: taking control of your customer data is an absolute imperative in retail.