The opportunities presented by analyzing social media data are unprecedented. The data can be free of cost and is fully accessible; many tools are available to drive analysis. Retailers that leverage the social media opportunity will be able to use the insights gained to build and enhance customer relationships, develop more effective products and promotions, and drive improved business results in this highly competitive retail environment.
"Omnichannel" has held center stage as a trend and buzzword for retailers for the past year or so. Aided by the recovering economy and a more engaged consumer base, it's important to understand what retailers have learned from their omnichannel efforts to move beyond mere "buzz" to truly effective execution across channels.
This holiday season is an extraordinary convergence of calendars and opportunities as the economy seems to have thawed for most retailers. However, with Thanksgiving falling on the first day of Hanukkah, the Christmas season is shorter than ever, forcing retailers to launch holiday promotions before Halloween, much to the dismay of many consumers. So how can leading retailers extend the shortened shopping season to take advantage of the great opportunities this holiday season presents? In short, rethink showrooming.