Without the help of technology, companies would not have access to the enormous amounts of data seen in today’s industry. Walmart has created a data analytics hub, Data Cafe, to aid in faster resolutions of slumping grocery sales. The system has proved to be beneficial and more time efficient because recent transactional data can be viewed instantly. Problems are being solved faster and store operations are seeing less human error in planning and executions phases, saving the company time and money.
With a strong force pushing for more e-commerce, store experience is just as important. Retailer are seeking different strategies on how to create a in store experience that their customers still need. Ulta Salon Cosmetics & Fragrance Inc. has quadrupled its annual revenue since going public ten years ago and has continued to capture market share form drug store retailer to high end department stores. No other retailer allow its customers to shop from a larger selection of beauty products, get salon, brow or other services done in one location.
Gen Z – those individuals being born from the late 1990s to 2010 – will be an even larger generation than the often written and spoken about Millennial generation. And, according to a NRF/IBM study, this generation still enjoys shopping in stores even given that they are the first truly digital native generation. NRF President and CEO Matthew Shay said. “They appreciate the hands-on experience of shopping in a store. Technology is constantly evolving but some shopping habits remaining the same, retailers need to be agile enough to serve both needs.”
I am currently a senior majoring in Retailing and Consumer Sciences while minoring in e-commerce. I hold the position of Social Media Manager for the Terry J. Lundgren Center For Retailing at the University of Arizona, where I am responsible for creating social media platforms that not only enhance our brand but also educate the world about retail trends. I am what you call a Retail Enthusiast, I am intrigued by the way the retail industry is evolving and what it has to offer. In my free time, I enjoy the outdoors, yoga, good music, and good company.