Analyst Insights and Announcements
Duggal Field Trip + Planning Session - Brooklyn Navy Yard
The biggest questions we look to answer is how we capture, integrate and use the customer data from in-store or pop-ups, as we integrate, and get new lift from our commerce platforms. Partners like OSF Commerce and Salesforce are working in collaboration to help us solve for these challenges.
We brought a group of retailers and partners together for a day of planning and inspiration. One of our retail leaders noted that when she launches her new product, it would lend itself to a pop-up strategy. The product solves a problem, and a live experience to educate would be ideal, but the business would need a firm way to measure the data. We are solving this business challenge.
A another theme that came up in this session, is that your greatest asset is the information you already have. This feels like sage advice for those of us who always look ahead. One retailer noted that pop-ups can be good for companies with regional strategies, where you can move the display from place to place.
We are starting to see pop-ups staying up for longer periods of time, so the investments have paths to be justified. Whether a pop-up or in-store strategy, you can tell a rich story through engaging interactive means. However, it is important to think about what you want to do with the information, and what you want to do with the data before you begin, so the outcome stays focused.
Embellishing the in-store experience, Vengo Labs, has a vending machine, for samples, that our brands could use in their in-store or pop-up strategy to create awareness around new product launches. They can also run advertising on the machine adding potential commerce value. Look to see it showcase at our iLab in September.
Trying to connect commerce with in store elements can be challenging, that is why we have brought OSF Commerce to the table. As we identity cool hardware and technology, we need to understand the integration challenges, as well as, privacy and security issues, as we solve ways to pull in and use the data.
Another great partner, Moonshot, has a voice strategy practices they are bringing to the community. We are working with them, to build a pilot, using Alexa to schedule and book appointments for any retailer or brand with services as a skill. Voice will be a strong player in the future of retail as we educate, entertain and transact with the modern buyer.
What has become most apparent is that the data must be captured and all the triggers must be realized for the POS to happen. Success is when, through the transaction, we compile enough data to get superior and growth-oriented results. This is a self-earned journey that requires a solid strategy for any retailer or brand. Look to join us at our iLab this Fall to experience all of the solutions.
In October, following our Flagship Community Day, we are planning one of our Field Trips to Hudson Yards. On this excursion, you will learn about the advancements and innovation in this ‘best of the best’ shopping destination. Keep an eye out for details.
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