Despite numerous claims that brick and mortar retail is dead, research is showing that success lies in exceptional in-store experiences. And while driving sales is vital, retailers and brands must also give customers a compelling reason to visit their stores. Jack Morton said it best, “Retailers need to focus less on selling us something, and more on making us feel something. Storefronts need to transform from a place to buy…to a place to be.”
The next generation of breakthrough brands is coming to market with a wide breadth of retail trends, from sustainability and transparent pricing to women and influencer-owned. This group of up-and-comers will be some of the most exciting brands to watch in 2019:
Excerpt from Synchrony press release
According to new data from the Synchrony 2018 Digital Study, 77 percent of consumers rated credit card features on an app as very or extremely valuable.
The study comes as SyPI, Synchrony’s native app plug-in, hit $1 billion in credit card bill payments since the product’s launch in 2016. SyPI is embedded within a retailer’s app and functions as a complete credit experience - consumers can apply for credit, perform all servicing functions, view available rewards certificates, and more, without leaving the retailer’s mobile app.
Are you ready to hire 10,000 marketing managers to compete with AI?
For the better part of a decade, retail has looked to “personalization” as its primary marketing strategy in an effort to combat a rapidly deteriorating landscape. It’s time to admit it’s not working. True personalization, a 1:1 marketing experience between the brand and the consumer, is incredibly difficult, if not impossible with the current tools at a marketing team’s disposal. In fact, it would probably take upward of 10,000 marketing managers to pull such a strategy off. Artificial intelligence and machine learning, on the other hand, could handle it in mere minutes.
With a rising number of store closures this year, already up to at least 3,000, retailers can’t deny they’re struggling to find a strategy that works across the board to bring shoppers back into the fold and generate the loyalty they desperately need. AI, particularly as a marketing function, has the transformative power to cure some of these ills, but as it stands, only major companies like Amazon or Google are harnessing the technology in a way that impacts the bottom line. The challenge many brands face is how to catch up or even begin to compete.
Shoppers are more receptive to 'scan and go' than facial recognition