We joined more than 400 participants listening in on Moss Adams’ 2017 Retail Industry Outlook webinar on Thursday. Here are a few of the many important takeaways from the session.
Presenters Frank Kaufman, Darin Goehner and Francis Tam discussed the effects of recent innovations in retail, noting the increase in online commerce and the strength of direct-to-consumer sales, as well as the growing influence of technology. They also discussed consumers’ changing expectations along with the power of “influencers” and the sometimes overlooked role of Generation Z.
Frank Kaufman discussed ways that technology can help retailers and brands connect one-on-one to customers, noting that, “The ability to move through all channels is going to be critical.” He also talked about the trend toward personalization and the absolute importance of speed of delivery.
Along with its benefits, Francis Tam detailed the cybersecurity risks of an increasing reliance on online commerce. He noted that while good online security is a competitive advantage, too much can complicate your consumers’ experience. “Techniques (for cybercrime) are changing on a daily basis,” he said. “You need a body, externally or internally, who is on this.”
Darin Goehner discussed how the critical connection with consumers is being helped by big data, the “new currency” for retail marketers. He gave examples of companies that have put data to use in both their online and in-person experiences through technologies like AI and facial recognition, so that each consumer is greeted as a friend.
Frank also discussed emerging technologies such as 3D body scanning, wearables that interpret health and fitness data, and virtual reality, asking participants to consider “Where do you want to play in this game?”
For brick-and-mortar retailers, Darin and Frank emphasized maximizing the in-store experience and the opportunity to interact directly with customers. Darin noted that using mobile POS and real-time inventory management systems as well as offering customization of products or services are proving to be winning strategies for developing brand devotion.
Webcast Trends and Strategies in the Retail Industry – See more at: https://mossadams.com/industries/retail#sthash.Gwzi8W3O.dpuf
