The growth in online shopping has caused a massive transformation in the retail industry, leaving many people to ask, “What’s the future of retail?” The narrative that the industry is struggling, dying or even on the brink of an apocalypse inaccurately depicts what’s really happening.
We live in a disrupted world, and today technology and data create considerable disruption in the world of retail. However, among all this disruption and change, there is good news, because retail is one of the biggest and strongest-growth sectors with global retail sales expected to hit $27.2 trillion by the end of the year.
At a time when brands are competing for consumers’ time and attention, getting the consumer experience right sets brands apart from their competitors. In fact, 90 percent of marketers and data influencers in the retail industry agree that the data they hold on their customers is very important for personalized experiences, yet only 40 percent of shoppers say information they get from retailers is relevant to their tastes and interests.
In a world of disruption, data differentiates. To deliver great experiences, you must understand your customer. By ethically using data and technology, you can deliver better personalized experiences that matter. By delivering experiences that matter, you can help the digital disruption work in your favor, getting closer to your customers and prospects, ahead of regulations and ahead of your competition.
We did a deep dive into some general insights about the current state of retail marketing and provided trends and challenges to watch for this year. This includes 2019 holiday spending stats, thoughts about brand trust, how mobility continues to be a driving force in the market, what methods should be available to customers to provide the most convenience and the importance of a strong customer experience plan.
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