Retail technology is evolving and consumer expectations are becoming more sophisticated. To succeed in such a challenging environment, retailers need to create personalized shopping experiences that engage and fulfill customer needs throughout the buyer journey to be successful.
That’s the conclusion of a just released report, titled “Accelerating Retail Personalization at Scale,” created by consulting firm Deloitte in collaboration with Oracle Retail and MIT Technology Review Insights. The report addresses how cloud-based platforms and emerging uses of technology help retailers to break down traditional “silos” and place the customer at the heart of processes.
“Whether they are shopping online, in-store, or the spaces in-between like pop-ups, customers increasingly expect a more personalized, omnichannel experience from retailers,” said Jeff Warren, VP, Oracle Retail. “The rise of Artificial Intelligence (AI) and cloud technology offer a huge opportunity to not only analyze consumer behavior, but also put that insight into action to provide online shoppers more relevant offers and suggestions and empower store associates to deliver a higher value, more informed customer experience.”
In shifting from traditional merchandising to a customer-centric strategy, retailers face several hurdles, the report notes, including navigating legacy technology, labor shortages and pandemic-induced supply chain and delivery disruptions.
“Technology has the power to augment the customer experience and anticipate industry trends — but none of that is possible unless you can shift core retail processes and re-examine organizational structures,” said Rudy Kulas, Managing Director, Oracle Retail, Deloitte Consulting LLP. “It’s crucial that retailers find balance between caring for your customer and their preferences, while also ensuring the AI-generated recommendations and personalized messaging match the customer’s actual needs and add real value to the overall shopping experience.”
Click here for more from the report.
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Closing With Confidence: How Bailey's Fine Jewelry Achieved Outstanding Results With Wilkerson
When Trey Bailey, President and CEO of Bailey's Fine Jewelry, decided to close the Crabtree location in Raleigh, North Carolina after 15 years, he knew the decision needed to be handled with intention and professionalism. The goal was clear: exit the location while maintaining financial strength and honoring the store's legacy.
Having worked with Wilkerson successfully in the past, Bailey understood the value of their comprehensive approach. "They understood both the emotional and financial sides of the store closing sale," Trey explains. "Their reputation for professionalism, results and care made it a very easy decision."
The results exceeded expectations. Wilkerson helped Bailey's sell through significant inventory while maintaining the dignity of the closing process. "They don't just run a sale, they help close a chapter in the best way possible," Bailey says, strongly recommending Wilkerson to any jeweler facing a similar transition.
