Changing the Retail Paradigm
Leveraging Data, Insight, and Omnichannel Actions to Increase Customer Lifetime Value
In many respects, retailers are being outpaced by savvy consumers who are tapping information sources and capitalizing on market inefficiencies in their pursuit of frictionless, value-optimizing transactions. Often leveraging social media platforms, consumers are assembling their own buying contexts that suit their needs and preferences, such as connecting directly to product manufacturers through connected devices.
In the old days, retailers were in control of the buying process journey. How times have changed. Today, the tables have turned and the consumer is in charge, dictating the terms of the buying journey - in other words, how, when, where, why they want to be engaged.
Retailers still haven't cracked the code on their omnichannel strategy. Compared to 2014, there's been a drop in retailers' ability to manage omnichannel execution that can meet the demands of shoppers who now expect a "seamless blend" between a retailer's physical and online store.
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