Tranxactor Thought Leadership: Future Proofing Omnichannel Retail
As part of our “Future of Retail” supplement series, John Norrie – chief executive at Tranxactor- discusses how retailers can future-proof the omnichannel retail process
The sharp rise of data
We’re living in a time of rapid change and with each passing month comes a new trend (or concern) for retailers to stay on top of. From omnichannel to automation, to wearables, beacons, connected devices through to the simple tech that we’re all adapting to – our smart heating systems, the upcoming 5G and of course the ubiquitous Alexa device in every home, retailers are at the sharp edge of the step change that comes from receiving and needing to analyse and respond to vast amounts of data.
Amongst this, is the automation arms race – and with stats coming out suggesting that automation will replace 9% of all US jobs this year (Forrester Research), retailers are right to question where their future is and how they can harness these amazing insights to create a better experience for their customers.
The bad news is, the wealth of information isn’t correlating to a better customer experience.
An EY survey of 130 C-suite level retail executives across Europe, Asia and North America found that only 5% of businesses consider their customers to be loyal, and despite the fact that 87% of retail leaders see a loyalty strategy as key to how successful their business was, just 19% currently feel able to leverage their data and systems to understand individual customer needs.
Read the complete thought leadership piece here.
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