Retail & Consumer Industry Innovation in 2021

How retailers are applying the lessons of 2020 to accelerate their digital transformations in 2021

The retail industry continues to be hit hard by the global pandemic, but the disruption of 2020 also forced retailers to innovate faster. In short order, retailers reinvented themselves to address rapid changes in consumer habits and local safety restrictions. Many of those changes will likely become permanent. And now, retailers are focused on gaining traction in their digital transformations to meet the demands of the fully digitized consumer. Leading retailers are focusing on better managing customer data (especially first party data), better integrating ecommerce and brick-and-mortar to provide the best retail customer experience possible and improving retail marketing via data-driven approaches.

Find out which customer data strategies retailers are prioritizing for a successful 2021, for example:

• At least 60% of respondents will:
  • Analyze customer preference data
  • Leverage their stores as edge warehouses and fulfillment centers
  • Use more demand signals to anticipate local demand
• Making real-time holistic customer profiles available to associates is the top data strategy for approximately a third of respondents
• Over 50% of retailers plan to prioritize clienteling data in 2021

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