Retail Trends Playbook Excerpt: Key Initiatives To Transform Data Into Exceptional Customer Experience
As detailed in PSFK & Microsoft's 2020 Retail Trends Playbook, these four strategies outline how retail businesses can leverage consumer intelligence to remain competitive in a rapidly changing market
The current retail landscape is defined by disruption. Legacy retailers are competing for market and mindshare with direct-to-consumer startups, brands and ecommerce marketplaces. Consumers now have more choices than ever to fulfill every need, which is accelerating their expectations around the shopping experience.
In the face of this rapid change, every retail business must excel in a number of core areas to keep pace—personalization, staffing, supply chain and cross-channel experience. Foundational to each of these is the ability to leverage data-rich intelligence and ensure these insights are distributed across all levels of the organization. PSFK’s Retail Trends Playbook 2020, made in partnership with Microsoft, explores how leading retailers are turning their data-driven infrastructures into exceptional customer experience using powerful algorithms, artificial intelligence, and more. Here are four key initiatives drawn from the report that demonstrate how retailers can take advantage of consumer data using internet-enabled technologies: