Alan Beery, Pitney Bowes Business Insight
The National Retail Federation BIG SHOW was held this year in New York City in mid-January. This is a premier event showcasing the emerging trends in retailing internationally. I had the opportunity to be among the more than 17,000 attendees from at least 50 countries who were represented at this years show. The conference highlighted how the best retailers are utilizing data and technology to effectively reach their customers. The explosion of increased customer transaction and purchase data was a theme heard repeatedly in educational sessions and conference presentations.
Of particular interest was the advanced use of research and technology to identify and attract potential customers. One such example is Wet Seal which is aggressively incorporating social media and online shopping access to successfully promote sales. Additionally, a number of retailers highlighted the intensive use of CRM technology and data mining to uncover their best prospects. This was evident in strategies such as Market Basket Analyses where the most frequent or profitable purchase combinations were identified. The most innovative retailers were also successfully quantifying how and where customers are making purchases across key channels (internet, catalog, brick and mortar, and telephone) and leveraging these channels to increase overall sales potential. As an example of emerging technology, a session focused on video analytics at Cabela’s documented customer and salesperson interactions and provided actionable strategies to improve customer service.
The NRF BIG SHOW provides great insight into the analytics, IT, and customer trends affecting the retailing industry.
