A recently published report by CBINSIGHTS (see free link below) offers a number of key takeaways for retailers:
1) Make digital an executive priority: The report unpacks possible digital ambitions and how a company can work to achieve them.
2) Enhance the physical store: Today, retail is all about the “offline experience.” The report shows how to drive value from physical retail beyond sales per square foot.
3) Integrate in-store technologies to engage clients: Help clients solve for specific consumer pain points, leveraging augmented reality, facial scanning, and more.
4) Personalize product or service recommendations based on customer data: Localizing data is key for reaching global markets. See how to use personalization to attract and maintain loyal customers.
5) Build partnerships: Leverages partnerships to support and cultivate smaller brands that could serve as future distribution partners or acquisition targets.
6) Cultivate robust loyalty & rewards programs: Align yourself with customers’ values through benefits and reward programs.
At the heart of the retail strategy, every technology, experience, and product goes beyond simply delighting customers to solve specific consumer pain points, from finding the perfect foundation color match to seamlessly booking complementary services. While pioneering a future of tech-enabled retail, it’s all about facing sizable competition with other conglomerates, niche retailers, big box retailers, apparel retailers, and others capitalizing on high margins. And of course, retailers always face the looming threat of Amazon.
If a company can keep its customer focus, pace of innovation, and guiding principles of testing, iterating, and learning, it can stay ahead of the curve and continue to push boundaries across retail.
Link to report: www.cbinsights.com/research/report/sephora-teardown/