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 .
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.
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
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.