With advertisers projected to spend upwards of $45 billion on retail media this year, launching a retail media network makes a lot of sense. However, it requires careful planning and execution amid a crowded marketplace. Here are five key steps you can take to establish a retail media network that drives transformational growth for your business.
While real-time payments offer retailers faster processing and lower costs, they can unlock new value by enhancing the customer experience, improving loyalty and offering more insight into consumer needs and shopping behaviors. To capitalize on these opportunities, retailers and their PSPs need modern back-office systems designed to operate in a real-time payment environment.
In recent years, a new wave of non-traditional, alt-commerce models has emerged, challenging our assumptions about consumer purchasing and preferences. Alt-commerce represents a radical shift in the way people buy and sell products. Innovation and technological advances, coupled with the need to foster closer customer relationships, have given rise to new selling channels.
Generative AI (GenAI) has dramatically changed digital marketing, especially in relation to ad targeting, lead gen and SEO. As effective, personalized customer engagement is crucial to thriving in this new retail landscape, retailers must evolve their approach. They must also find new ways to interact with customers and better methods to measure the impact of those efforts in terms of hard ROI.
The high cost of a bad loyalty program is showing up on bottom lines, demonstrating a direct connection between retention and profitability that leaders can’t ignore. Consumers demand a deeper experience to earn their loyalty, going beyond transactional value. They want to engage in a close, personal way with brands they love, building relationships that evolve with their needs.
Despite concerns about what generative AI heralds for society and humankind, in the form of warning letters from prominent tech executives and academics, many consumers are excited about the prospects for the technology. Like every technology-driven shift in commerce, smart merchants will take a customer-first mindset when evaluating available generative AI solutions and investments.
Not every ecommerce subscription plan is well designed. In fact, some can result in customer experience (CX) failures leading to dissatisfaction, churn and brand detractors. This in turn hits the bottom line, transforming a win-win into a lose-lose. Here are some tips to help boost loyalty by making your program more attractive.
Given the significant investments in ChatGPT and generative AI, it may be time to consider incorporating it into your organization. But what exactly can ChatGPT and other gen AI chatbots do for your marketing and sales department?Here are five ways that ChatGPT can add business value to these functions.
Many will argue whether the pandemic was a White Swan or Black Swan event. In either case, the supply chain impacts did not create new trends or problem categories. Instead, they amplified underlying instabilities and dramatically accelerated the pace of change. Supply chain organizations and the companies that support them need to prepare for a world that is less predictable, less stable and faster moving.
The ongoing economic uncertainty is creating several challenges for retailers, making consumers more frugal. To remain resilient through economic challenges and maximize sales, retailers must stay prepared to weather any anticipated slumps. This requires the ability to analyze trends and shoppers’ habits on a frequent basis, staying up to date while more accurately planning for the future.