DynamicAction CEO John Squire was recently asked to speak to the general state of retail and the opportunities to intelligently incentivize consumers through loyalty programs. Below are excerpts from his interview with Experian for their article Expert insights on the state of retail in 2017 and beyond.
What is retail's reality?
The reality is that retail is in a renaissance – a revolution driven by the most empowered, connected consumer in history, a burgeoning technology infrastructure and retail tech innovators who have disrupted the status quo.
- Agile retailers and brands are serving customers with remarkable experiences in the store, online and through every interaction.
- Strong retailers and brands will tap into their wealth of customer data to better understand them (unique needs &buying patterns) and create long-term relationships.
- Connecting data across the enterprise, across their partners and across social channels is critical in enabling their retailing teams to make decisions on how best to simultaneously serve their customers and their company’s shareholders.
Are there particular [loyalty] strategies retailers should employ?
The competition for just a consumer’s current and future wallet is stiff, and understanding the high-value activities of their VIP consumers generating the highest amount of profit for the business is essential to building strategies for encouraging card use.
What excites you about retail?
What excites me most in the industry is the universal mind shift that is becoming undeniable in retail: that data understanding and action will be the very basis for customer centricity and companies’ growth. Retailers have had access to these data pools for ages, but the ability to sync the data sets across channels, make sense of the findings and take action at the speed the consumer expects is truly the next leap forward for great retailers.
Read the full article here.
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