4 New Year’s Resolutions for Retail
Every year, millions upon millions of Americans celebrate the New Year by setting New Year’s resolutions. The New Year is the perfect time to reflect back on what we’ve accomplished in 2017 and look forward to how we can better ourselves in 2018.
In the spirit of new beginnings, here are four New Year’s resolutions for retail brands to follow for success in 2018 and beyond.
1. Put the shopper first
It may seem obvious, but the shopper must be at the center of every decision in retail. The idea of being shopper-centric is nothing new, which means it can be easily overlooked in the face of change, competition and adversity.
Focusing on the shopper will benefit the shopper while also helping your team meet goals and grow. If you understand how your decisions impact shoppers then you will understand how to better serve shoppers and generate repeat business.
2. Continuously learn and improve
It’s very easy to assume what worked in the past will continue to be successful, but today’s retail environment is changing so rapidly and comprehensively that past successes will not guarantee future results.
That’s why this is as good of a time as any to commit to testing new innovations, researching the latest trends and predicting the future of shopper behavior in your category. In order to maintain category leadership, you must look beyond simple sales data to leading metrics like behavioral metrics and conversion rates to truly understand your brand and category’s strengths and weaknesses.
3. Use data, not hunches, to measure success
Most brands are using data to measure success in today’s retail environment, but it still bears repeating. Because of the sprawling, diverse nature of the retail landscape, it can be difficult to find data that accurately portrays the real effects changes in the store and at the shelf impact shopper behavior.
To complicate things further, the emergence of online shopping and the blurring of channels means that data must translate across many different environments to fully show how a brand performs in an omnichannel world.
Brands that continue to innovate—whether through packaging changes in-store, direct-to-consumer shopping online or entering new markets via mergers and acquisitions—must be able to measure and analyze results across all channels and quickly react to changes in shopper preferences.
4. Be prepared for more change
2017 has shown the power of movements and how quickly perceptions can shift. This has affected many different industries in one way or another, but the low-margin, high-competition world of retail is particularly susceptible to the impact of these movements.
Beyond these broader trends—and more specifically related to retail—we’ve seen the continued blending of online and physical channels through huge acquisitions and new retailer initiatives. We’ve seen c-stores expand their online reach and online retailers enter the c-store business. We’ve seen new grocery concepts that blend the lines between grocery, convenience and quick-serve restaurants.
Many of these trends will persist into 2018. Big retailers will continue to expand their reach. Channels will continue to blur. Omnichannel retailing will continue to be a “must-have” reality. But there will also be new trends—whether from within the retail industry or from a broader movement—that will be completely unpredictable yet have far-reaching effects on retail.
What’s certain, through all this change and unpredictability, is that the brands that invest in analytics and intelligence to more completely understand their business will be the best equipped to adapt to any changes thrown their way.
VideoMining is celebrating a decade of providing shopper behavior analytics for retailers and CPGs. From channel-wide MegaStudies for the convenience and grocery channels, to retailer-specific insights and custom research in any retail environment, VideoMining’s ShopperImpact platform is the most robust solution for deep in-store shopper behavior analytics. Contact us to learn more and make 2018 your best year yet!