Retail Summit 2016 Recap

by ShopperTrak Editors on 05-17-16

Last week, Chicago was host to Retail Summit 2016, ShopperTrak’s revitalized, annual client event. Retail Summit 2016 explored far beyond mere data usage. Attendees gained insight from industry experts, met with peers to trade best practices, and gained a deeper understanding of retail analytics. Here are a few of the best moments and top takeaways from the Summit:

1. Bob Phibbs, The Retail Doctor, stressed the importance of placing the customer at the center of everything we do. An exceptional experience is as much the shopper’s encounter with associates as it is the setting.

Train associates to connect with shoppers by utilizing four key steps – Stop, Look, Approach and Engage (and remember to use the right words – “good morning!”). Take time to train employees to improve the shopper experience and earn greater conversion in store.

2. Retailers including Williams-Sonoma and Build-A-Bear Workshop, among others, shared lessons and best practices on how to apply data and insights in order to improve operational tasks.

Cross-functionally (i.e., across marketing, merchandising, finance and field teams) retailers need to be on the same page with regard to how analytics will be applied and tied back to defined measures of success. Train the field team with an “experience first” mentality and then develop appropriate rewards and incentives for good behaviors to ensure adoption and application of data.

3. Tony D’Onofrio, Vice President of Marketing, Global Accounts and Source Tagging for Tyco Retail Solutions, discussed the disruptive future of retail and opportunities to provide greater consistency, convenience, accessibility and service.

The number one opportunity for improving the in-store experience is to educate and empower employees using technology. Top store solution priorities for 2016 include mobile for associates, inventory visibility and business intelligence/analytics. Roll out the right technologies to yield rewards – retailers report a 16.5% YOY improvement in KPI’s relating to sales, customer engagement and satisfaction with empowered associates.

4. William Espey, Branding Visionary, Chipotle Mexican Grill, reinforced the mantra, “Branding is everything; everything is branding.”

A brand is a personality and retailers should take steps to demonstrate brand values through actions. It’s not just what you say, but when, where and how. Align corporate culture and the brand to empower interpersonal relations with shoppers and create greater customer connection.

For additional session summaries and graphic recordings as illustrated by The Ink Factory, view the slide show below. Hope to see you next year!

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