In May 1897, Mark Twain was on a world speaking tour. While in London, he heard that an American newspaper had printed his obituary. When told about this, Twain remarked, “The reports of my death are greatly exaggerated.”
The retail industry could say the same.
It is true that we have seen the likes of Sports Authority, Rue21, The Limited, Wet Seal, and BCBG Max Azria file for bankruptcy protection. In addition, many department stores, such as Sears, Macy’s and JC Penney have closed locations. However, the so-called “Retail Bloodbath” may not mean an end to brick-and-mortar stores.
In fact, the US Census Bureau recently reported that retail sales were up nearly 4% in the first six months of 2017, compared with the same period last year.
These data suggest that multi-channel retail—including brick-and-mortar stores—is not going away. So, how can retailers stay afloat and even excel at both traditional and digital shopping? The key is to bridge the online and offline gap. You need to re-create the offline experience online. And, in turn, generate an “endless aisle” experience in the store.
Use your online experience and interactions to drive foot traffic to brick-and-mortar stores. Email, push notifications, and social media all provide you with opportunities to promote local discounts, products, and events that can drive shoppers to stores. Store locators, product reservation tools, and ship-to-store options can boost revenue, while increasing convenience for the shopper. And there is that added benefit: while the customer is in your store to pick up that special item, it is likely that they will acquire additional items on impulse.
This can also apply in the other direction. If a product is out of stock in your store, “endless aisle” technology can allow your customer to order the item online while standing next to the shelf. Integrated IT systems mean that customers can return online orders in-store instead of having to mail them back and wait for a replacement or refund.
Successful retailers are using information from online channels in their offline marketing. For example, Best Buy displays product reviews and ratings on the shelf next to the product. Providing consistent product data across channels ensures that customers who found a great product online can find that same item in-store. By improving SEO and enriching product information, Primeau Velo was able to decrease customer online search time and increase in-store sales simply because shoppers could more easily find products they were seeking.
Another tactic is to personalize catalogs, adverts, and mailers based on online data. When retailers can draw insights from online interactions, printed materials can extend the digital experience and provide a seamless customer journey—from e-commerce to catalog to conversion.
Regardless of your retail industry, all your markets and channels need to tell the same story. This way, your customers will encounter a consistent brand and product experience no matter where they start their journey.
But to accomplish this, you need a single source of accurate product information.
When your catalog production in Europe can draw from the same information as your e-commerce engine in the U.S., you can go to market more quickly with new seasons or assortments. You have the means to enrich your product content so you are relevant to customers no matter which channel they are using. You can also more easily align offline experiences and online interactions, creating a consistent and satisfying customer experience.
The result? You build stronger relationships with your customers and realize higher sales and greater customer loyalty.
Kathryn Zwack, Senior Content Marketing Manager
Before any PIM system can become a reliable single source of product information, it must first be loaded with high-quality data. Typically the product data that should be merged into the PIM system has its origin in disparate sources such as customer requests, supplier updates, ERP systems etc. Such process should secure that the PIM system is provided with validated and structured product data, matching the defined PIM model, enabling standardization, classification, translation and de-duplication features provided by inRiver PIM.
What inRiver enables you to do is release your Marketing Model used to sell and market your products from your backend information model, used to govern your internal process (e.g ERP) which is often very hard to change or transform over time to the markets demand for information about your products. The backend information model is by definition very static since it involves complicated cross over process within a company, changing this often leads to time consuming analysis and integrations.
This is why we believe in and our customers has emphasized on the importance of:
-- Jimmy Ekbäck, CTO --