Bridging the physical and digital gap


February 9, 2017 | By RetailME Bureau

Bridging the physical and digital gap

The most influential people in the retail world were in New York from January 14-17 for the National Retail Federation’s (NRF) BIG Show 2017. The show may be over for the 35,000 attendees and 510 exhibitors representing 95 countries, the inspiration will certainly go a long way.

Lawrence Pinto brings an insider view of what the retail industry thinks and where it sees the customer-retailer relationship going in a post-omnichannel scenario.

Virtual reality creating new opportunities for retail

During his keynote, Brian Krzanich, CEO of Intel, stressed that companies should use connected devices to reinvent their in-store and online experiences, continuously collect customer data and act on the insights revealed to create highly individualised interactions for their customers. In doing so, they can create a “virtuous cycle,” that allows them to repeat successful processes easily.

Competitive companies can “predict what customers want, what they need, what they see, and what is most important to them,” he emphasises.

Personalisation takes centre stage

Personalisation is an increasingly crucial area for companies to focus on if they want to avoid being obsolete in today’s competitive retail landscape. In his remarks, Pano Anthos, founder and managing director of XRC labs, stressed just how important personalisation has become and urged companies to listen to customers and give them the freedom of choice rather than dictate their terms to them.

He pointed out that one reason Starbucks is so successful because it has taken a highly commoditised product, coffee beans, and appealed to the desire for personalisation. The result – it can charge $5 for a latte. Similarly, Walt Disney was known to spend months out of the year sleeping in his Disneyland apartment so that he’d be able to interact with customers. “Are we personalising enough?” he asks.

Adapting to industry change

According to the founder of the Virgin Group, Richard Branson, entrepreneurs are more willing to fail, stating: “People don’t mind people trying and failing as long as they don’t leave people with debt and they keep their reputation intact – I suppose we’ve had more successes than failures.”

Changing direction or adapting as a result of a failure can lead to huge successes, he said. With the retail industry shifting away from bricks-and-mortar and towards technology driven omnichannel, it’s more important than ever for retailers to be agile and embrace change.

Read the full article in the February 2017 edition of RetailME

Previous Article Next Article

SHARE

YOU MAY ALSO LIKE /



Spinneys has announced the launch of The Kitchen by Spinneys, its first-ever 

Continue Reading

May 20, 2024 | By RetailME Bureau

In a move set to redefine the landscape of the Fast Moving 

Continue Reading

May 16, 2024 | By RetailME Bureau
Sunil Kumar and Ali Saeed Juma Albwardy, Spinneys

One of UAE’s leading fresh food retailers, Spinneys has announced its intention 

Continue Reading

April 19, 2024 | By RetailME Bureau
Laura Manning, Managing Director & Founder, BRW Society

Launched in 2019 by Laura Manning, UAE-based homegrown brand BRW Society completes 

Continue Reading

April 5, 2024 | By Rupkatha B
Rajiv Warrier, Chief Executive Officer, Choithrams

Since the launch of its first store in the UAE five decades 

Continue Reading

March 20, 2024 | By RetailME Bureau
Dr. Dhananjay Datar Chairman & Managing Director ADIL Trading Co. LLC

Dr. Dhananjay Datar Chairman & Managing Director ADIL Trading Co. LLC holds 

Continue Reading

February 29, 2024 | By Rupkatha B
Hani Weiss, Chief Executive Officer, Majid Al Futtaim Retail

In 1995 regional retail conglomerate Majid Al Futtaim introduced Carrefour to the 

Continue Reading

February 26, 2024 | By RetailME Bureau
Prashant Parameswaran, Managing Director and Chief Executive Officer of Tata Consumer Soulfull

Tata Soulfull, a leading name in the ‘good-for-you’ snacks and breakfast cereals 

Continue Reading

February 22, 2024 | By Rupkatha B
Jean-Luc Graziato, Chief Commercial Officer of Majid Al Futtaim – Retail and Alia Al Harmoodi, Acting CEO of the Environment, Health and Safety Agency

Majid Al Futtaim – Retail, which holds the exclusive franchise to operate 

Continue Reading

February 20, 2024 | By RetailME Bureau
Krishna Dhanak, Managing Director, Alpen Capital

In an exclusive interview Krishna Dhanak, Managing Director, Alpen Capital shared insights 

Continue Reading

February 19, 2024 | By Rupkatha B
Majed M. Al-Tahan, Co-founder & Managing Director, Danube Online

As digital transformation across the retail industry continues to accelerate, the expectations 

Continue Reading

December 19, 2023 | By RetailME Bureau
Frederic Levy-Perrault, CEO, Al Raya Supermarket

Saudi Arabia-based grocery retail chain Al Raya Supermarket serves over 100,000 customers 

Continue Reading

December 15, 2023 | By RetailME Bureau




Download Images RetailME Magazine