Lessons from Shoptalk — Strategies for Transforming CommerceBy Joe Johnston
If you missed out on Shoptalk, don't worry! We've got you covered with some key takeaways from the event. Over 100 panels and fireside chats discussed everything from a shift towards direct-to-consumer (DTC) models, loyalty programs that reward behavior to the surge in online shopping, and the importance of data and insights to provide personalized experiences.
Here are five key themes from Shoptalk that highlight the future of retail, and can help define your evolving digital product roadmap:
1. Direct-to-consumer (DTC) transformation
Companies are moving towards DTC models to connect directly with customers and provide personalized experiences.
Levi's, YETI, Champion, and PepsiCo are all seeing growth in their DTC sales and exploring deeper layers of personalization to differentiate targeting and content based on individual preferences and behaviors.
YML has worked with YETI over the last three years, driving their transformation from a little known wholesaler to a leading D2C brand for outdoor enthusiasts everywhere. Explore how we helped engineer and design their latest campaign, Year in Preview, now a Webby-nominated digital experience.
For Champion, YML was tapped to help evolve the iconic brand for a new generation of social savvy friends. See how we reimagined Champion digital flagship experience to increase every key metric.
2. Behavior-based loyalty programs
To gain a deeper understanding of customer behavior, companies are shifting towards loyalty programs that reward behavior rather than just transactions.
VitaminShoppe and NYX are just a few examples of companies that have successfully implemented this approach.
3. Cross-channel data and insights
Combining data and insights across channels is crucial to providing a seamless customer experience. Jenny Oh is the Head of PepsiCo Labs, and shared how her team is building central customer data platforms to gain a holistic understanding of the consumer. While Craig Brommers, CMO at American Eagle, emphasized the importance of personalized experiences across all touchpoints.
4. Unified retail experience
All companies are pushing for a unified retail experience that seamlessly integrates online and in-store shopping.
According to Jennie Weber, Best Buy's CMO, Best Buy's virtual store and use of associates as micro-influencers are just a few examples of how companies are reimagining what retail will look like in the future.
Retaining customers through personalized experiences and loyalty programs is becoming more important than ever. Ulta's success in getting in-store customers to shop online highlights the importance of a unified retail experience, while American Eagle's use of emerging social media platforms shows the power of engaging with Gen Z audiences.
Gaining an edge in retail means leveraging insights and building solutions into a digital product roadmap. Look no further than our Wyrkshops! YML's quick and effective learning experiences are designed to help you stay ahead of the curve in the rapidly-evolving world of retail. Get in touch to learn more.
By joining our Wyrkshops, you'll have the opportunity to learn from YML's industry experts and gain actionable takeaways that you can apply directly to your own business. Don't miss out on this invaluable opportunity to learn and grow. Sign up for our Wyrkshops today and take the first step towards retail success!