Artificial Intelligence

By Chris Donnelly, managing director, Accenture Retail

Ahead of the holidays, 56% of U.S. consumers told us that they expected to ‘showroom’ as they bought gifts this year — underlining the threat of online pure play retailers to the success, and even existence, of traditional retailers. However, traditional retailers can compete and even win this battle.

Total losses attributed to retail shrinkage hit $34.5 billion last year, “positioning retail crime as the largest form of property crime,” according to Dr. Richard Hollinger, professor of criminology, law and society, University of Florida, Gainesville, Fla. And it shows no signs of easing anytime soon. Indeed, the rate of shrink remains on a five-year climb, according to the Loss Prevention Research Council (LPRC), Gainesville, Fla.

Generally speaking, I’m not big on trend forecasts. Maybe it’s because there are so many of them, particularly at this time of the year. They all seem to blend together into a mass of predictions and statistics.

Getting closer to the customer has always been important to retailers, but never more so than it is today. Chain Store Age spoke with SAP’s Lori Mitchell-Keller about the transformational shifts that are shaking up the retail model.

All the buzz today is about how retailers need to get closer to the customer, but what exactly does it mean?

From mobile payments to mining big data for customer insights, savvy retailers are using all the tools at their disposal to engage and connect with shoppers and provide relevant, convenient and personalized shopping experiences across all channels.

As retailers competitively position themselves for growth in 2013 and beyond, there are a number of hot buttons or key considerations that will be driving their strategies. Here is a look at some of the top ones:

Marketing and IT collaboration

Some are merchants, with long careers in brick-and-mortar stores. Others are tech trailblazers, using new media to match merchandise and buyers. Others are influencing retail in less direct, but no less significant, ways. All share an ability to create new opportunities and, in their own way, are looking to reinvent the shopping experience. And all wield a great deal of influence in today’s complex retail landscape.

By Adam Stern, [email protected]
 

WALTHAM, Mass. — Profitect, a provider of retail software, has appointed Mike Mitchell as its new director of global professional services.

Mitchell will lead the company’s project management and business consulting efforts. Prior to joining Profitect, Mitchell served as VP of customer service for Agilence, Inc., overseeing all product implementation, support and professional auditing services.