Retailers get advice for 2014 at NRF

January 29, 2014

Uncategorized

Here is some advice shared by industry experts to Joan Verdon (@JoanVerdon) from the Record at the National Retail Federation Show in New York, mobile devices have changed the way consumers shop, and its time for Small and Mid Size retailers to start adapting .

Howard Davidowitz
Chairman, Davidowitz & Associates, a retail consulting and investment-banking company based in New York.

Online, online, online, multichannel, portable devices – anything you can think of in technology because that’s what’s exploding. You see people walking around stores with mobile devices, checking prices. This is the new reality.

Nikki Baird
Managing partner, Retail Systems Research, a market research company specializing in retail uses of technology.

Location analytics – understanding the shopper in the store. Retailers urgently need to understand in-store shopper behavior to the same level of granularity that they understand the online shopper, so they can create a store experience that is as compelling as the online shopping experience

Ken Perkins
President, Retail Metrics, a research firm based in Massachusetts.

Retailers need to focus on predictive analytics and make the best use of all the data out there on consumers and personalize it to better meet each customer’s needs. These things would include consumers’ paths to purchase, what part of stores are they shopping, what are they looking at prior to purchase.

About Kevin

1001 opinions on how retailers leverage data to manage their inventory, employees, supply chain and optimize their customers' experiences. Have equally as many about red liquid in wine bottles, especially those from Napa Valley and the Santa Rita Hills.

View all posts by Kevin

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