With consumers embracing social media and all things mobile, they now expect seamless, personalized and value-driven experiences whenever and wherever they shop.
From NRF January 2010, David Gruehn talks about the impact of the Consumerization of IT in the retail industry, which is the phenomenon of consumers adopting technology faster than retailers’ ability to adapt which is revolutionizing the industry. He describes how this presents both threats and opportunities for the retail industry.
“The industry has evolved into a ‘new normal,’ and it’s having an impact on brand equity, IT spending priorities, new business models and overall competition,” according to David Gruehn, U.S. retail industry solutions director for Microsoft Corp,
Industry experts explain why business intelligence analytics help retailers endure a down economy and prepare for any holiday shopping season.
Millennials’ need to be heard, combined with their natural affinity for technology, is having far-reaching implications. As both their employers and their favorite place to spend, retailers must prepare for their impact.
Consumers’ newfound power stems from their ability, and increasing willingness, to walk away from retailers when their experience disappoints them. There isn’t necessarily the desire for loyalty anymore, and many consumers have taken a “What have you done for me lately” attitude.