Retail Now, Next Year, and Five Years Out
ActionIQ's Tamara Gruzbarg @ Women in Retail 2019
While attending the Women in Retail 2019 Summit in Key Biscayne, FL, ActionIQ's head of industry insights Tamara Gruzbarg joined an impressive array of retail executives, who came to connect with other women leaders, share innovative leadership strategies, and investigate the latest trends in retail and technology.
Before joining ActionIQ as head of industry insights, Gruzbarg had more than two decades of leadership turning data into valuable marketing insights for leading publishing, retail and finance brands. In a QA interview, she was asked at the conference to share her vision for cutting-edge retail now, in one year, and five years out. Below is a recap of is the full interview:
What are some of the biggest pain points retailers are experiencing right now?
Access to customer insights remains a major pain point, for example who a brand's high-value customers are, how to acquire more customers like them, and how to understand behavioral patterns to craft successful retention strategies for such customers.
There is often a lack of clarity about who will run this kind of analysis, how quickly that process will happen, and how marketing can actually use the results to drive campaigns.
Can you tell us about your favorite client success story?
One retail client was able to increase the repeat rate of newly acquired customers by 60 percent during that critical 90-day window after the first purchase. They did so by crafting personalized post-purchase journeys based on data gathered during the first purchase first order, including acquisition source, demographic data, and patterns in their interactions with the brand.
Another retail client increased cross-category purchase rate by taking advantage of lookalike modeling on the full spectrum of customer data. In the end, this resulted in an increase in the long-term value of the entire customer portfolio.
What do you think retail technology will look like a year from now—and five years from now?
In the next year, investments in customer data utilization will drive more and more holistic and personalized experiences, especially in knitting together in-store and online experiences. As a result, more retailers will be able to deliver white-glove clienteling to a much wider swathe of customers.
In five years, we may see true product personalization across a wide range of product categories, thanks to new data sources like smart devices. This kind of personalization goes beyond sending the right message at the time via the right channel. It means, for example, offering the dress that fits a customer's size body type—and shoes that specifically fit her feet.
Which retail strategies have an expiration date, and which are here to stay?
Personalization with a single channel has overstayed its welcome. It's becoming annoying to be retargeted over and over again with a product that you have browsed—especially if you have already bought it in-store. To transcend, marketing needs to be able to this utilize behavioral insights from across all channels.
The trend toward democratization of insights is one that will continue to expand, as brands see the value they can achieve by empowering business users both to access insights—and generate insights on their own. Watch the full video to learn more.