Which digital technologies provide the greatest near-term impact for retailers, why June’s “disappointing” retail sales figures actually point to an improving economy, how the Internet has affected brick-and-mortar store design, what assumptions about baby boomers and mobile commerce may be off target, and more—welcome to this week’s edition of Retail Technology News, a weekly wrap-up from Quantum Retail of some of the top stories in the retail industry. Here’s what was news last week:
Change is hard, especially when retailers are forced to ask their customers to change habits to adapt.
But augmented reality—the technology that allows users to cast digital images on screens depicting
real-time situations—has very big implications of change for the better. Here are some ways retailers can use this technology to drive sales, both in
stores and out.
Retail apps with store mode drive up to 5x more interactions (Mobile Commerce Daily)
The demand for more mobile inside stores is being driven by both consumers and retailers. The use of mobile applications for in-store shopping purposes nearly doubled in the past year, and shoppers who use apps featuring in-store mode display a four to five times increase in interactions compared to users of apps without indoor location.
Why June’s ‘Disappointing’ Retail Sales Were Good News for the Economy (FiveThirtyEight)
What matters here isn’t the month-to-month moves, but the bigger picture. The economy hit a major roadblock in the first three months of the year. Since then, economists have been trying to figure out whether the slowdown was a blip or a reflection of a deeper problem. The most recent figures point strongly toward blip.
Echoing the story above, a gauge of U.S. consumer spending rose solidly in June, in the latest indication that the economy ended the second quarter on a stronger footing. Core sales, which strip out automobiles, gasoline, building materials and food services, increased 0.6 percent last month after rising an upwardly revised 0.2 percent in May.
Omni-channel retailing has converged the online and offline shopping experiences. In this approach, prices are consistent in all formats, and consumers can choose between numerous options: shopping online with home delivery, shopping online and picking up at a store, shopping at a store and taking merchandise away, or shopping at a store and having it delivered to their home.
How Old-Fashioned Are Baby Boomer Shoppers? (eMarketer)
When a marketer ignores aging baby boomers, this typically reflects an assumption that boomers have made their choices as purchasers and will stick with them to the grave. In fact, though, many boomers have introduced a digital element into their shopping process, and prepurchase research online is now common among boomers.
Digital Top Priority For 54% Of Consumer Goods Firms (European Supermarket Magazine)
More than any previous year, the focus of executive attention has shifted from economic uncertainty to data, technology and the supply chain. As the consumer demand for digital experiences and ecommerce grows, retailers and manufacturers are looking at how they can meet these needs and operate in this new era of disruptive technology.
Smartphones account for a greater share of mobile commerce purchases than tablets. However, as we know, the path to purchase begins long before someone clicks “buy.” And, as it turns out, 41% of e-commerce purchases made on a smartphone began with a shopping session that occurred on either a PC or tablet. In contrast, for purchases made on a PC, nearly all — 95% — originated on that device.
SKU rationalization may be a popular buzzword, but it is not something to be taken lightly. This guide will delve into examples of strategies that have worked, and some that haven’t. With a proper strategy, this process can be both beneficial for you as well as your customers.