Future Commerce · with Brian Cavanagh, Mike Festa, Greg Jones, Trevor Sumner · March 30, 2018 · 66 min
Summary
This episode reviews Shoptalk 2018, emphasizing that retail is undergoing a "renaissance" rather than dying. It highlights the growing importance of AR/VR in retail experiences, discusses strategies for merchants to implement conference takeaways, and critically examines data privacy in the wake of Cambridge Analytica, advocating for customer-centric data practices over conversion rate obsession.
Key takeaways
Retailers should focus on creating libraries of 3D assets for AR/VR experiences, or partner with brands that can provide them, rather than replicating real-world shopping in virtual environments.
Implement data security regulations like GDPR across all channels, even if not strictly required, to build customer trust and prepare for future data privacy trends.
Prioritize fundamental business strengths like product quality and customer connection over solely relying on emerging technologies like AR/VR or AI to save a struggling business.
Explore innovative retail displays and interactive experiences, such as those showcased by Perch, that leverage online information in physical store settings.
Challenge the notion that AI and machine learning are panaceas; instead, focus on specific, proven applications and avoid using them as mere marketing buzzwords without functional impact.
"Hopefully GDPR is the medicine we need to start putting our customers at the center of the story, and not our conversion rates". We review Shoptalk 2018 in the wake of Cambridge Analytica with a discussion about the content, the vendors, the experience, and how merchants can take the knowledge gained at a show like Shoptalk and turn it into actionable results.
What does this episode say about retail & omnichannel?
Retailers should focus on creating libraries of 3D assets for AR/VR experiences, or partner with brands that can provide them, rather than replicating real-world shopping in virtual environments.
What does this episode say about ai & automation?
Implement data security regulations like GDPR across all channels, even if not strictly required, to build customer trust and prepare for future data privacy trends.
What does this episode say about customer retention?
Prioritize fundamental business strengths like product quality and customer connection over solely relying on emerging technologies like AR/VR or AI to save a struggling business.
What does this episode say about product & merchandising?
Explore innovative retail displays and interactive experiences, such as those showcased by Perch, that leverage online information in physical store settings.
What does this episode say about retail & omnichannel?
Challenge the notion that AI and machine learning are panaceas; instead, focus on specific, proven applications and avoid using them as mere marketing buzzwords without functional impact.
