Right now, there’s really only one game in town for retailers... staying power. Following the covid-induced, online retail explosion, we’ve come crashing down to earth. Interest rate hikes, the impending mortgage cliff, fuel and consumer goods price rises, all add up to a very real cost of living crisis leading to one rather substantial retail squeeze.
Suddenly revenue is not our biggest motivator. Smart retailers are getting back to basics. Margins have become the all important factor in business growth. Retailers who are developing more efficient BAU processes are finding greater successes.
Complacency no longer stops at this station.
Many are exploring ways to drive more efficiency and effectiveness from their tech stack. AI is expected to grow exponentially in most industries. The adoption within retail will be swift and noticeable, not only in the way we run our businesses but also the way consumers shop.
Personalisation through smarter technologies such as CDPs will have a significant and very positive effect on ROI. Advances in how we collect and use data is simply allowing us to understand consumers at an individual level and anticipate their needs far more accurately. Heralding a new age of true customer service at scale.
Enterprise and pure plays are in a tight fought battle keeping one eye on each other. Enterprise wants the close bond pure plays forge with their audiences. Pure plays are building their brands to sustain top of mind recollection to grab a wider audience.
Therefore, our theme for this year’s iMedia Online Retail Summit is one very much rooted on solid ground. Sustainable businesses built on basic business truths, striving for growth through better margins, helped by technology that’s growing at an unprecedented rate.
So much to talk about, so much to learn, so much to enjoy.
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