Retail is dead.
Long live the retail!
Neither the legislative ups and downs nor e-commerce consolidation and the long months of lockdown due to the pandemic can kill the retail sector. Just look at the new retailers that have recently emerged as strong players in this exciting and competitive industry.
New retailers such as Team Heretics, one of the most competitive e-sports companies in Spain, just opened their first store in the shopping center X Madrid. This opening is motivated by the need to consolidate its online success in a physical space and serves as confirmation of the importance of retail to provide a realistic, close and live experience, even in companies born virtually.
Undoubtedly, the most important new retailer that has burst into the scene is Google. The most widely used search engine on the Internet opened its first physical store last Thursday, June 17th. Located in a huge commercial space under its headquarters in the Chelsea district of New York, the store represents the next step in its commercial strategy after several tests with pop-up stores around the world.
As the specialized website 9to5Google reports, the U.S. company intends with this venture into brick-and-mortar retail to “continue to explore and experiment with the possibilities of a physical retail space and build upon the experience.”
This “build upon the experience” concept, this iteration, is the essential base of any company in the 21st century. The overwhelming volume of information we can obtain through advanced data analysis allows us to have a huge instruction manual to adapt the sizing of the business according to the customers’ demands in real time.
It does not matter if you are a consolidated multinational brand such as Zara and H&M, a booming and expanding business like Norauto and Tefal, or a new retailer such as Google and Heretics. In each of these cases you should accumulate, manage and interprete data to successfully iterate.
You will also need to overcome challenges that come with any physical store. CEOs of the world’s major retail companies are focusing all their efforts on omnichannel retailing, on how to integrate the consumer in all the business’ sales locations, whether physical or virtual. This search for omnichannel retail is a new more step to keep the attention of the customer’s variable demand. A client who no longer visits stores as often but who consumes much more. A customer who needs personalized assisted selling to enhance their shopping experience.
In this context of reduced customer traffic and increased average ticket, adopting iteration in retailing as a business philosophy can help to correctly adjust the retail KPIs and establish, for example, specific actions to improve the retail conversion rate or increase the sales performance of each store. For this purpose, there is nothing better than using our free KPI dashboard to easily view all the key performance indicators for your stores.
With this free solution specialized in retail you will be able to increase your sales by easily viewing your data, comparing them with other years, stores or regions to automatically locate the improvement areas, and making more accurate and right decisions.
Therefore, you will have a technological ally that will help you implement and continue with the retail iteration as your business essence.
C007/20-ED. 2020 call for aid on technological development based on artificial intelligence and other digital enabling technologies within the framework of the strategic action of the digital economy and society of the state R&D program.