How Brick And Mortar Will Leverage Data And Analytics

By Natalie Dolce
Published June 1st, 2017 on GlobeSt.com.

LAS VEGAS—“Omnichannel retailers’ operations staff is much more involved in making real estate decisions.” So says Dave Collins, EVP of portfolio management at InvenTrust Properties Corp.

He recently told GlobeSt.com that there is a consideration about the positive effect of new locations on the retailers’ online sales. Plus, he says, “the retailers’ own customer data, accumulated from both bricks and mortar and online sales, often influences expansion decisions.”

And according to Soumya Das, CMO of Inpixon, the rise of the online shopping is all because of convenience. “I predict brick and mortar stores will combat this by leveraging technology to improve the customer experience and tailor towards consumer preferences and needs,” he tells GlobeSt.com. “In today’s omnichannel world, retailers are challenged with getting shoppers into the stores. By leveraging data and analytics, retail brands can get to know their customers better and develop a deeper understanding of how they navigate the store experience and their shopping preferences.”

He adds that this not only will help retailers design stores with the customer in mind but also help brands create highly personalized offers and adapt services to enhance the shopping experience.

Another trend he is seeing is the move to a showrooming format. “Take Warby Parker for example. It’s crucial for retailers to influence the buying decision right then and there in the showroom, so they’re buying from the retailer, rather than buying online elsewhere. I expect more retailers to implement this structure and experiment with new store concepts in order to combat online giants like Amazon and ecommerce companies.”

And with these experimental efforts, he says, “traditional retailers will have an opportunity to compete if they’re willing to evolve. We will continue to see more conventional stores closing, however we will simultaneously see unconventional stores opening.”

By |2017-06-30T14:32:11+00:00June 1st, 2017|Categories: analytics, Retail|

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