We know that retail leaders are interested in transforming their business. But for many, the specific path is not yet well defined. For some, it's about omni-channel. For others it's about digitizing offers and rendering them on smart phones. AppLovin asserts push notifications and email will play a role. Lastly some think personalization is central to transformation. This infographic from AppLovin allows you to compare where you stand vs the the top 100 retailers in the use of mobile apps, mobile commerce and improving the shopping experience. They titled it "Retail Brands Who Don’t Go Mobile Lose Out on Billions."
McKinsey's view of retail trends include four things many retailers are already thinking about and doing and one topic that we are in the first inning for- and that is bringing some e-commerce like personalization to the brick and mortar store. It's fairly well known that 35 percent of what consumers purchase on Amazon and 75 percent of what they watch on Netflix come from product recommendations based on algorithms. Algorithms and data analytics offer the promise of using consumer purchase history data and consumer location within the store to create personalized offers that improve the shopping experience. But for most chains, data analytics and algorithms that personalize offers is just a theory. To work, they will have to be delivered on smart phones at the shelf.
That is why this infographic is useful. Knowing the current state of mobile apps, mobile commence and comparing the top 100 chains to your chain can reveal where you stand.
Are you ahead of your competition? Do you have the building blocks in place such as a loyalty program, and a strong mobile app? Do you have a strategy for how mobile will fit into your omni-channel initiatives? Endeavour Partners in Boston argues that "The bricks and mortar retail experience will change more in the next 5-10 years than it has changed in the last century...Taking a wait-and-see approach is not a viable strategy for survival for most categories of retailers; mobile and technology need to be a core part of your strategy."
Where do you stand?