Lessons from eCommerce
How brick-and-mortar retail adapts to online standards.
Online retailing has not only created a new way of shopping, but also has a powerful toolbox to measure its results – with the overall objective to meet the customer’s expectations at all times. For that reason, online retailing has become the highest standard when it comes to measurement and evaluation in fashion retail. There is almost nothing that is not being evaluated while surfing the web shop. Conversion rate, click through rate, average order value, relation between new and returning visitors, bounce rate and retention time are just some of the KPIs that measure the success of online shopping activities. The really powerful thing about this is that analysis are always followed by action – usually fully automated.
And what about brick-and-mortar retail? It is about time to take some lessons…
Pure-, cross-, multi- or omni-channel retailing...Retailers tend to get lost in their own buzz words and to lose sight of the most important aspect: What do customers actually want?
With so many different shopping channels available to today’s consumer, it’s easy to see why Venice is the perfect metaphor for the idea of omni-channel retailing.
The ability to shop anywhere at any time is the raison d’être of omni-channel retailing. The right assortment, and the best product availability, with seamless service and an emotional brand image sum up the perfect customer journey. The shopper can choose between a variety of channels: the flagship store in the High Street, the web shop, mobile shopping, or the endless shelf provided by an online kiosk in the store. Unfortunately the omni-channel promise often develops into a big omni-channel challenge. Not only for the retailer, but also for the customer too…
When talking „Analytics“, retailers address online shops, but forget their top-sellers: the physical stores
In-Store KPIs enable store optimisations – for enhanced customer service.
In fashion retail, still more than 80 percent of the total revenue is made in bricks-and-mortar stores, and only 20 percent from online retailing. Despite this fact, reports about consumer behaviour and how they interact with the merchandise are mainly focused on web shops and most resellers do not have in-store KPIs to give them valuable insights into their store business.
How fashion retailers might counter the analytical imbalance between online and offline retailing describes the following article.
IoT brings digital customer experience to its peak
How fashion retailers can make use of the Internet of Things to provide a positive in-store shopping experience.
The Internet-of-Things (IoT) brings digital intelligence onto the sales floor. Smart objects, such as RFID-tagged clothing articles, generate valuable insights and trigger activities, such as information of the desired item or recommendations for matching items displayed on an interactive screen. Intelligent RFID ceiling reading devices are able to collect data in real-time in order to capture article movements of “intelligent clothing items” and evaluate all this via an analysis software.
Which areas on the sales floor are highly frequented, which less? What articles are often tried-on, but rarely bought?