9 Retail Innovation Stories
We understand—there’s a lot to keep up with in retail today! So, here’s your quick fix of January’s most innovative retail stories, trends and need-to-know insights. Enjoy!
Retail Innovation Stories
January’s Top 9
- Walmart Taps Real-Time Data to Solve its Problems (Forbes)
- Starbucks Takes Orders Via Voice Assistant, Alexa (International Business Times)
- Kroger Uses Analytics Tech to Create Interactive Grocery Shelves (WSJ)
- Neiman Marcus Tests Voice-Controlled Wearables for Employees (Apparel)
- Mumbai Slum Uses Beacons to Advertise Local Retail Market (Springwise)
- Cover Girl Ushers in “Conversational Commerce” with Influencer Chatbots (The Drum)
- Sears Unveils AI-Driven Tire Shopping App (Retail Dive)
- IKEA Lets Shoppers Hack its Furniture with “Open Source” Sofa (Consumerist)
- Nordstrom Tests Pop-Ups Featuring Korean Brands & VR (Glossy)
Retail Trends & Insights
January’s Top 4
- More Retailers “Not Technology Slackers Any Longer
- Under serious competitive pressures, more retailers are turning to tech to turn the tides.
- As noted above, a growing list of retailers, like Walmart and Kroger are starting to ultilize data intelligence to fix their stores, more and more in real-time.
- And, some like Kohl’s and Target, have been working hard behind-the-scenes to clean up their act for a little while now, said the CIO and Chief Digital Officer, Mike McNamara recently at NRF: “We’re not technology slackers any longer”.
- So where do you start first? Check out these top 3 trends disrupting retail and what they mean for you.
- $44B in Buying Power Want Personalization Across Channels
- A new study by IBM found that the Gen Z demographic represents $44 billion in estimated buying power.
- So, what do they want? According to the study, Gen Z expects and wants personalized interaction, considers quality more important than price and wants to be engaged with a brand across all its channels.
- Yet, on the retail front, just 19% of retailers provide a highly personalized digital experience and 84% do not offer any in-store mobile services.
- Amazon is Now Worth More than America’s 8 Largest Retailers Combined
- While others shrink under the pressure, Amazon grows bigger, with its market cap now bigger than 8 of the largest retailers.
- For the record, that roster includes Best Buy, Macy’s, Target, JCPenney, Nordstrom, Walmart, Kohl’s and Sears.
- Consumers Want to be Wanted
- According to a new study, 79% of consumers will only buy from brands that provide they care about earning a shopper’s business.
- Also, 89% of American consumers say they are loyal to brands that share their values.
- And, 74% of consumers believe brands can set a new standard by how they serve customers.