Shoptalk: Top 3 Takeaways for Driving Retail Performance in 2023 and Beyond
Shoptalk is one of our favorite annual events: It’s where we meet with retail, ecommerce and CPG industry leaders to talk about the latest tech and business trends that are shaping the future of the retail industry. This year, we returned from the event with valuable insights: Proving value, personalizing audience experiences, and embracing new technologies. Let’s dive further into these three major topics we explored with the best-in-class talent at Shoptalk!
1. Leaders Need a Way to Prove Value in Uncertain Economic Times
We’re seeing headwinds of economic uncertainty, and it’s not the first, nor the last, time we’ll see trends like these. During more turbulent times, marketing leaders and their teams will need to be far more cognizant of how they’re wielding their budgets— and they’ll need to expand their metrics of success beyond just ROAS. In order to truly align with goals and objectives set at the C-suite level, they’ll also need to demonstrate the impact their efforts are having on profitability goals like revenue and ROI.
This means it’s crucial for marketing leaders to expect the unexpected and orchestrate strategies that can prove incremental value throughout the lifecycle of any campaign. At Rise, we leverage granular data insights to create and execute strategies at scale, so that we’re able to iteratively drive success across any channels our clients are activated on— and we do so through iron-clad measurement frameworks that leave no touchpoint in any part of the funnel unanalyzed. In fact, that’s where our cross-channel media optimization platform, Connex®, comes into play. It allows us to see a constant stream of real-time data through the lenses that will help secure the best results on any channel we run for a client.
If you’re looking to refresh and evolve the way you’re thinking about your measurement frameworks, here are a few key questions to ask yourself as you strategize:
- Who is my audience, and how am I approaching segmentation to glean the most valuable insights I can? How am I diversifying the ways I’m creatively connecting with these audience segments?
- How am I identifying attribution on a real-time basis, and how am I adjusting my budgets in real time based on that data?
- How am I scaling cross-channel content efforts to fit each platform in a cost-effective manner?
By asking yourself these questions, you’re inherently centering on driving and proving the value of your campaigns through iterative data collection and analysis. It’s an approach that will help prepare you for new challenges and long-term success.
2. Anchor Your Focus on Personalized User Experiences
Audience-first marketing mindsets are here to stay, and this rings particularly true for ecommerce and retail brands. Consumers are now expecting convenient digital experiences that meet their needs and fit their lifestyle. Whether they’re purchasing products through digital channels (like marketplaces) or making their purchases in brick-and-mortar locations, creating a truly personalized experience means a cohesive customer journey, both online and offline. Convenient offerings have never been more plentiful, meaning you’ll need to rely on strategies and messaging that captures the attention of your audience in an often noisy environment. And, you’ll need to do it all while keeping privacy-first measures and regulations top of mind.
A key way that retail brands can create a more harmonious customer experience is by leveraging audience data to create and execute personalized paths to purchase. Some of the most valuable (and underutilized) data brands have is first-party data. Whether your customers are completing quizzes on your site or submitting an email address in exchange for a coupon, gathering and properly using first-party data is a smart way to anticipate what your audience will or won’t respond to.
Keep in mind, too, that the word “omnichannel” doesn’t quite define the type of non-linear journeys that customers often take in today’s retail environment. The modern shopping experience is now far more likely to organically move between physical stores and digital spaces like websites and social media. That’s why it’s imperative to align your strategies with a focus on providing authentic value to your customers, no matter where they’re looking. Enabling them to have a smooth and streamlined cross-channel experience— whether on their smartphone or navigating a store— will provide inherent value, and is likely to drive impressive incremental success across all channels.
3. Ride the Wave of Emerging Technologies for Ongoing Success
We’ve already discussed how proving value, to both C-suite executives and consumers alike, is contingent on powerful data insights that drive personalized strategies. A key way to enable efficient methods of personalization is by remaining adaptable to the exciting, emerging technologies available in retail and ecommerce. Retailers will be able to leverage this kind of technology to reduce costs, increase productivity, and streamline operations overall.
Here are some prime examples of new tech options and trends being used to positively impact the customer experience while driving real results:
- Advanced pricing and merchandising technologies will enable unparalleled analytical capabilities that help retailers determine what inventory to order, in what quantities, and what price points to charge.
- AI and automation will help retailers create and deliver a more frictionless buying experience for the consumer, all while identifying efficiencies that will enable workers in office or warehouse environments to complete more fulfillment tasks.
- Livestreaming and shoppable video options are forcing retailers to integrate video components into their creative mix, meaning they’ll need to consider the kind of tech integrations and influencer marketing strategies required to support this kind of communication.
Meeting Your Customers with Tech-Savvy Personalization that Drives Value
Our marketing forecast for this year focused heavily on personalized experiences that capitalize on automated tech, with strategies driven by clean and consented data. We’re thrilled to know that our predictions are already coming true, especially in the retail industry. By focusing on proving brand value, personalizing customer experiences, and keeping yourself open to the opportunity to adopt new tech, you’ll be able to remain prepped and primed for whatever comes your way, no matter the economic climate.
Looking to evolve your retail marketing strategies? Contact us today!