5 Insights You Might Have Missed At Shop.org
The National Retail Federation hosted another fantastic gathering for the brightest minds in online retailing last week in Chicago. If you couldn’t make it to the event, check out our top 5 lessons learned at Shop.org 2013:
1. Innovate rapidly.
New technology and digital applications help retailers better understand customer behavior. Many retailers are building innovation labs to research and act on these newly learned behaviors. Labs are where technology and retail meet in a think tank like environment — creativity and collaboration is highly encouraged and the end goal is to create new digital tools for consumers to more fully engage with. The digital tools that come out of the labs bridge the gap between retail and technology and round out the omnichannel customer experience, which ultimately builds a stronger consumer base. One great example is Nordstrom’s innovation lab.
As Eric Ries, author of the Lean Startup, says: “It’s one thing to talk about ‘rapid experimentation’ and ‘validated learning’ as abstract concepts. It’s quite another to see them in action, in a real-world setting.”
2. Holiday gift guides boost spending habits: get festive!
Use your last burst of energy in Q4 and compile a company holiday guide for your customers. Experian reported that retailers who generate a gift guide for customers vs. those who focus on other promo material are 48 % more likely to make a conversion. Deck the halls!
3. The digital revolution is NOT only driven by young people.
Many retailers now understand customers who want to engage and interact with a brand drive digital adoption, regardless of age. Greg Wasson, President and CEO of Walgreens, shared some interesting stats with the Shop crowd to support this:
- Median age of mobile customer: 45 year old
- Median age of PC/desktop customer: 52 year old
- Over 50% of people who have downloaded their app, use it right in the Walgreens store
4. Performance matters.
In today’s world we switch devices multiple times a day and expect zero latency. Sites that don’t deliver content fast, lose customers and significant revenue. Understanding and implementing the right digital tools can take your site from zero to hero, and boost your bottom line within seconds.
5. ‘After the show it’s the after party, and after the party it’s the hotel lobby’ -R.Kelly
Even after 8 hours of standing, folks are still down for a good time – pretty impressive! Networking opportunities and partnerships blossomed at the after-parties that rocked the town, we find sometimes it is less intimidating to connect when you’re off the expo floor. Verizon Digital Media Services hosted a rooftop party at the Chicago Art Institute with Compare Metrics, Order Groove, Baynote and Invodo and couldn’t have hoped for a better turn out. Over 300 retailers from the conference attended and enjoyed bites, libations, and a booty shaking dance floor.
That’s the art of mixing work and play!
EdgeCast Team @ #PartyAtTheMuseum
Check out the view from the museum and more event pics here.
For full Shop.org recap and free keynote presentations, click here.
Shop.org event highlights can be found here.
Until next time!