At NRF conference: data is the next "natural resource"
To remain relevant in 2014, retailers must use data to drive all areas of their businesses.
That was the often-repeated message in keynote addresses, sessions and on the exhibit floor at the National Retail Federation’s 103rd Annual Convention and Expo this week in New York.
More than 28,000 attendees at the Jacob K. Javits Convention Center heard speakers and exhibitors stress the importance of data for engaging customers, regardless of channel or product line, throughout the four-day event.
“(Data) is our generation’s next natural resource,” said IBM CEO Ginni Rometty during one keynote. Data will be the basis of competitive advantage, she said, citing examples of how big data will change everything from how retailers engage customers, to how they manage supply chains or even hire workers.
At one of the educational sessions, Peter Lewis, senior director, customer analytics & loyalty at Loblaw Companies, explained why personalization is now more vital than ever for retailers.
READ: Loblaw's loyalty program aims for the smartphone age
He also spoke about how Loblaw is leveraging customer data to deliver a personalized customer experience and how other retailers should pursue customer-centric approaches.
Lewis reported the company’s new personalized PC Plus program, a fully digital loyalty effort developed with LoyaltyOne that creates a customized experience for customers through personalized offers, has yielded positive results.
Since launching last May, the program has signed on more than 11,000 members per store, and members are responding to the personalized offers with a 12% increase in visits and 5% lift in basket size.
“There is no average consumer or even segments of consumers; no two customers are the same,” said Lewis. “To be successful, you need to speak to the individual.”
READ: Longo's launches personalized mobile apps
The session, called Leveraging Data to Drive Customer Centricity, also revealed recent LoyaltyOne research that showed half of shoppers say they do not receive relevant offers today from retailers and three-quarters do not receive any meaningful benefits from sharing personal information.
The Expo at NRF 2014 also included more than 520 exhibitors showcasing groundbreaking data solutions and retail technology.
Mobility continues to gain momentum, as does omni-channel and cloud technology.
But big data and analytics was at the top of the vendor messaging stack, with exhibitor after exhibitor hawking the many benefits of being able to capture and analyze ever more information on shopping behaviours, products and more.