Retailers today face unprecedented challenges as they respond to the new ways we work, live, and shop. From offering flexible services to creating solution-oriented products and delivering specialized campaigns, machine learning, analytics and other technologies are empowering brands and retailers to understand their shoppers better and deliver differentiated, one-to-one experiences across all retail channels. By seamlessly connecting their people, systems and operations in new ways, businesses are not only more responsive to the evolving expectations of their customers, but are also more resilient in the face of change. Data-led intelligence and digital technology are essential to stay connected, secure and productive in today’s newly formed landscape.
About This Report
The Retail Trends Playbook 2021 is a report by business intelligence platform PSFK in partnership with Microsoft that presents key trends, best-in-class examples and strategies for executing intelligent retail with the aid of data-driven technologies. Supported with expert insights and key analyses of the global retail landscape and consumer needs, the Retail Trends Playbook 2021 will help brands and retailers define their strategic roadmaps.
Published July 2020
Mining insights from marketplace, consumer and competitor data, AI business intelligence tools forecast industry shifts and make proactive changes to a company’s marketing, merchandising and business strategies.Hyperlocal Curation
Curating stores with a merchandising mix that is tailored to the local consumer market and updated on a regular basis.Anticipatory Support
Retailers are applying machine learning and data aggregation tools to anticipate consumers' needs based on situational or emotional contexts and provide service or product recommendations. This includes using data generated by mobile apps to create a unified view of members' shopping behaviors and preferences, as well as leveraging RFID and other technologies to detect items that shoppers are interacting with in order to target shoppers in the moment and drive incremental retail sales. It also encompasses taking targeted advertising offline with recognition technologies that allow brands to pinpoint and deliver the most relevant ads to specific connected consumers near physical point-of-purchase.Informed Associates
Despite collecting a variety of insights on individual shoppers from their online shopping browsing behaviors, purchase history, loyalty membership and location, most companies fail to develop this information into an actionable customer view. New platforms are bringing these details to the forefront of retail interactions, enabling associates to recognize their customers and deliver personalized service. This encompasses the adoption of machine-learning and AI-enabled systems to interpret data and power tailored 1:1 interactions, equipping staff with tech-enabled resources to connect with consumers and provide next-level service. It also includes investing in communication platforms that help employees share real-time information to ensure highly informed customer support.