Retail sector of the future must win over customers digitally
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The transformation of physical retail is well on its way
Physical retail is in the middle of a transformation process. Where the business strategy previously relied on limited knowledge about customer behaviour, now the strategy for the retail sector of the future can and should be guided by a detailed, data-based insight into every customer’s movement patterns, personal preferences and purchase history. For this purpose, Globeteam has developed a digital industry solution for the retail sector of the future, called “Digital Retail Intelligence”. This solution supports the transition from the burning platform which physical retail is on today, to a future-proof business model.
The shift in retail strategy is primarily driven by the move away from physical to online shopping experiences. Online shops offer convenient shopping opportunities, low prices, fast delivery times and a digital universe that can be tailored to each individual customer’s personal preferences. It almost seems an unfair competitive situation.
However, even though physical retail is not a growing market, it is still a market with opportunities. Finn Sture Madsen, Chief Operations Officer of Danske Shopping Centres stipulates just that in this interview where he talks about the retail sector of the future and how you can tie physical stores and online shopping together in a type of connected retail or omnichannel strategy, delivering exceptional customer experiences.
As whether you’re a landlord or tenant of a store, if you want a future within retail you will need to provide nothing less than exceptional customer experiences.
Digital industry solution for retail sector of the future
In both physical stores and the online sphere, the key to delivering unique customer experiences is to understand your customer better. The traditional method of setting up counters at entrances and carrying out questionnaires just does not provide enough insight into customer behaviour. There’s a need for an entirely different level of detail in order to become more knowledgeable about customers’ conscious and unconscious purchase patterns. For example, cross-sectional data analyses are needed to arrange the stores in a shopping centre so their locations match each primary customer segment.
It was in response to this need that Globeteam designed a digital business solution for the retail sector of the future: “Digital Retail Intelligence”. Through the use of sensors and artificial intelligence it can register and quantify customer behaviour on a large scale. It allows us to see how many people visit a store, how old they are, their gender, what they look at, and for how long, what their mood is like, and much, much more.
The purpose is to not bother the customers with annoying questions, but to deliver relevant and enriching experiences that give physical retail a real justification in the market.
Watch a video about Globeteam’s business solution for retail
In the video, Globeteam’s Jacob Elkjær talks more about the solution that is based on advanced sensor technology and artificial intelligence. With this solution, shops, high streets, shopping centres, etc. can have a real-time overview of the customers’ movement patterns, behaviour, preferences and other parameters that can serve as a data foundation for strategic management decisions.
A deep dive into the store
In physical retail, it is not enough to have a good sense of customer behaviour. It takes real knowledge and it must be detailed. With Globeteam’s business solution for the retail sector of the future, owners of both shopping centres and shops can see how, when and for how long customers move around each corner of a shop or a shopping centre, whilst also having new tools at their fingertips to increase turnover.