The Only Constant Is Change: 5 Takeaways from Shoptalk 2022
Shoptalk is one of the biggest trade shows for the retail and ecommerce industry. Attendees learn about and share their experiences with the latest technologies, trends and business models, as well as the rapid transformation of what consumers discover, shop for and buy.
This year, the DAS42 team joined the more than 8,000+ retail changemakers gathered at Shoptalk to create the future of retail.
We’ve learned over our years of experience helping retail companies leverage their data for faster insights and better decisions that there’s probably no industry that’s had to deal with such rapid and constant change to the way it does business. Changes in technology, consumer behavior, and economic conditions have been coming fast and furious for years – and there’s no end in sight.
Shoptalk highlighted some of the key trends driving the next wave of change in retail. We came away with five top takeaways.
- Omnichannel retail is omnipresent. Multichannel commerce has been with us for a long time. But channels are a thing of the past. Customers expect a single, seamless shopping experience that covers every channel and touchpoint – an omnichannel experience. Some experts are even talking about a “phygital” era, where there is not a physical world or digital world in retail, but a completely connected one. Which brings us to…
- The metaverse is coming. The immersive, virtual world of the metaverse may be in its infancy now, but as it matures it has the potential to transform the retail experience. Sitting at home, consumers will be able to interact in a much more direct way with sellers and other customers, browse for products in a 3D virtual store, see things they might want in use, and even buy and use virtual products.
- It’s getting (more) personal. Today’s customers expect a personalized experience when they are shopping. Personalization used to be limited mainly to targeted offers, but now customers expect it throughout their interactions with a retailer – with multiple, personalized touchpoints that ensure they’re spending their time and money on things they actually want. The savviest retailers and brands are mastering their use of data to increase customer personalization, which in turn increases repeat visits and spend.
- Cross functionality is killing siloes. There’s no room for siloes In the omnichannel retail world where customers expect personalized experiences. Cross functionality is the name of the game today. People and departments across retail companies have to collaborate constantly and seamlessly to achieve organization-wide goals. In today’s environment, cross functionality isn’t just about best practices. It’s a matter of corporate life and death. (Full disclosure: DAS42 has been on a mission to break down silos wherever we find them since, well, always.)
- Reshaped digital marketing is reshaping retail (again). It seems that every time you think you’re getting ahead of the digital marketing curve, a seismic shift takes you back to square one. This year, there’s the demise of third-party cookies, the rollout of Google Analytics 4, the marketing potential of the metaverse we’ve already talked about, integrated social commerce that lets people buy without leaving their social media app, and more.
A common thread in all these takeaways is your data. Effective omnichannel marketing is impossible without a robust, modern data platform. Delivering personalized experiences to millions of individual customers is all about data. Breaking down silos so your entire company can work together toward common goals requires a holistic view of your organization and a single source of truth when it comes to the numbers.
Success in retail today is built on data platforms. Are you getting the most from yours? Let’s talk.
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