I was able to watch this panel discussion via Periscope, thanks to @MrsSarahMalcolm
Most people think of retail as coupons and sales, but the technological world of retail is changing faster than most industries. The discussion centered mostly around trying to get people to discover new products and, ultimately, getting them to buy.
One of the major emerging trends in retail is using influencers, especially in the world of fashion. Influencers help people find “what’s hot,” what looks good, and gets people to buy. Celebrities, like the Kardashians have traditionally been influencers, but aspiring models are emerging as the new influencers, especially on Instagram. One of the speakers talked about the idea of “Instagram Porn” which are models that do what they can to attract Instagram viewers and then sell out to fashion brands to show off their clothes.
A concept I found fascinating was the idea one panelist mentioned was using website data and analytics to identify people who are regularly first movers. These first movers are early adopters who are likely trendsetters and influencers who can help to promote your brand. Once you know who these people are, you can work with them to promote new products or items you want to sell more of.
The discussion around being data-driven expanded beyond that to use analytics to sell more. The idea is similar to what’s been mentioned around Amazon’s recommendation engine, which can identify people like you and things that are catching on, and recommend items to buyers. However, some panelists felt engineers and technology can only help things grow as they take off. They can’t necessarily identify what is going to be big and take off – which is where influencers come in.
The future is a balance of helping people identify new products and trends – likely through influencers – and using analytics/technology to boost performance. Beyond the online experience, retailers still need to consider the “in store” experience since people still have a desire to touch, feel, and test products (after being “burned” by an online purchase or two).
Nearly all of the panelists agree that retailers need to beware of focusing too much on digital. It’s easy for companies to get too caught up in technology and try to grow or sell in too many channels (with a website, Facebook, Instagam, Twitter, Snapchat, etc.). Retailers can get spread to thin, making it difficult to determine which channels actually drive the most efficient sales.
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