The retail industry has always been a data-intensive industry. There are tools available to store, manage, and analyze the data involved in retail decision-making which results in providing transparent and efficient data for customers. The National Retail Federation has expected retail sales to increase at a minimum of 4.5 percent by the end of 2018 when compared to 2017 which was at a range of 3.8 to 4.4 percent. Today’s retail Chief Medical Officers (CMOs) are ready to take the decisions to make their organizations successful in the future. The CMOs are faced with a question regarding what the next generation of retailers would look like. The retail executives should have the customer insights that can reveal the answers to how people shop. The data insights also help the organizations to improve shopping behavior and help achieve customer expectations.
The current transformation of retail to digital shopping doesn’t completely wipe out shopping at physical stores. In simple, the way consumers shop has changed. Although digital shopping plays a vital role in the retail industry, the physical stores still keep their efforts to survive in the market. But they should reach customer expectations every day which has reduced the physical retail locations. One example that shows physical retail is important is Amazon; its cahier-less Amazon Go and new Amazon 4-star store concepts are already trending in the market. These concepts are developed based on the customer experiences and in-depth analysis of consumer data available on Amazon. Retail CMOs want to know the factors that influence the customers to still shop at physical stores. Retail officers need to focus on the values to be adapted to increase their brand in the market. The products and store features have to be gathered from customers and incorporated in the physical locations. The data insights should also include the customer experiences that would be helpful to retain the existing and gain new customers. These factors are not simple, but they can drastically change the customer experience and thus, positively impact retailers sales. The key for creating the future of retail lies in their ability to attain, assess, and execute.
Lastly, the future of retail will be derived from data insights of customers considering both digital and physical shoppers that can increase the retail sales. This has to be a continuous process while the strategies should be refined based on consumer feedback and market requirements.