Not so long ago, catalogs fell out of favor in the marketing world. During the 2007-2008 recession, retailers sought ways to cut costs, and many dramatically changed or eliminated catalog production as ecommerce and social media advertising took off. Millennials, whose collective wealth could reach as much as $24 trillion by 2020, are helping to revitalize catalogs in an era of ecommerce and social media advertising.
The first marketing technology stacks were created to organize, analyze and improve performance. They surfaced in the early 2000’s when three adventurous CMO’s invested in fundamental tools made for superior management of their campaigns and audiences. Here is how the retail marketing industry has come a long way with technology.
Given rapid changes in ecommerce and growing expectations of always-on consumers, it’s no surprise that the sector is a hotbed of retail innovation, technology and investment. And a lot of it was on display at this year’s Shop.org conference in Las Vegas. Here’s a sampling of the new tech that was on display in the Innovation Lab.
Bankruptcies and store closures are hitting once iconic brands like Gymboree, RadioShack and Payless, while ecommerce operators like Amazon continue to relentlessly bolster their power. The key will be finding ways to improve customer acquisition to fuel revenues and profits. Discover how new technologies and capabilities will make this possible.