50 Retail Innovation Stats That Prove The Power Of Customer Experience – Forbes

Let me begin by acknowledging that I’m a full-fledged data geek. With that in mind, these are my favorite articles. Forbes has just published a consolidated list of 50 Retail/CX stats. Plus, the data is from top-tier sources. This is literally gold when it comes to developing a business case for capital funding.

Check out the Forbes site for the full list, but here are a few of my favorites:

  • “In 2018, 51% of e-commerce brands offered same-day delivery, up from 16% in 2017. Experts predict that within the next two years, 65% of retailers will offer same-day delivery. – BRP Consulting
  • 87% of consumers begin their shopping journey with digital, a jump from 71% in 2017. – Salesforce
  • 48% of shoppers have left a brand’s website and made a purchase from a competitor because of a poorly personalized experience. – Marketing Dive
  • 87% of customers will abandon their online carts if the checkout process is too difficult. – PRWeb
  • 82% of consumers consult their phones while they’re in a store deciding what product to buy. One in 10 of those people end up buying a different product than they had planned. – Think With Google
  • By 2020, more than 40% of data analytics projects will relate to customer experience. – Gartner”

https://www.google.com/amp/s/www.forbes.com/sites/blakemorgan/2019/05/21/50-retail-innovation-stats-power-customer-experience/amp/

Social data and sentient AI

  • “We live in a world peppered with countless digital interfaces, devices and platforms, which makes our online and offline space a behavioral-data-goldmine. Further development of cutting-edge technologies – from 5G to deep learning and ubiquitous computing – means the ability to gather and decipher behavioral patterns and anomalies in real-time and real-space will be boundless.
  • ‘We can write equations about it. We can predict it. We can influence it.  We can engineer it,’ says Alex (Sandy) Pentland – an MIT professor, data scientist, author and social physics pioneer.”

https://www.futurithmic.com/2019/04/11/social-data-sentient-ai/

SAP retail chief: Why more retailers need to harness data differently

  • “Yet with SAP’s 2018 Digital Transformation Executive Study finding just 3 per cent of retailers have completed digital transformation projects, most of which focused on efficiency and cost cutting, there’s clearly still a long way to go before brands successfully harness digital for more disruptive innovation in the retail experience.
  • Again, however, only a small percentage of data is being used by retailers in decision making. While these organisations tend to collect as much data as they can, squirrelling away for future use, they’re still not able to ascertain its significance, Schneider agreed.
  • An example is Adidas in Russia, which used existing cameras plus RFID readers and RFID tags on garments and products to improve real-time inventory accuracy in its physical store from 60 per cent to 99 per cent. Adidas is now looking to rollout the approach globally.”

https://www.cmo.com.au/article/659103/sap-retail-chief-why-more-retailers-need-harness-data-differently/

Seizing change in seas of change: a 2019 compass for AI in banking

  • “Despite their heroic work to date, financial services firms will face the same competitive and regulatory challenges in 2019 as in the past years.
  • Navigating around the three-headed beast—competitive disruption from other established firms, fintechs and new digital-only banks—represents another big issue.
  • Thus the overarching mission for at least the next year involves digital transformation. Enter artificial intelligence (AI), which promises to forever transform banking and propel the industry deeper into the digital age.
  • Less analytically mature organizations are just catching up to traditional “big data” challenges
  • At the same time, consumers are becoming more savvy and cautious regarding the use of their data.
  • Banks will continue to adopt AI and machine learning technologies in 2019. Why? Perhaps the most urgent reason centers on “in-the-moment speed.” Despite having plenty of customer data, banks by and large lack the capacity for instant analysis and interpretation.
  • Inexpensive technology to process billions of transactions is commonplace—but extracting value and insights from that data remains difficult.”

https://www.bai.org/banking-strategies/article-detail/seizing-change-in-seas-of-change-a-2019-compass-for-ai-in-banking

One common data management theme has emerged in 2019: that data equals the new energy source that runs modern businesses

DATA’S GROWING ROLE IN SCALABLE ECOMMERCE​

    • “In the US, for example, ecommerce currently accounts for approximately 10% of all retail sales, a number that’s projected to swell to nearly 18% by 2021.
    • Financial analysts predict the retail giant (Amazon) will control 50% of the US’ online retail sales by as early as 2021,
    • In order to shift ecommerce from a product-centric to a customer-centric model, ecommerce companies need to invest in unifying customer data to inform internal processes, and provide faster, smarter services.
    • Data becomes valuable as it provides insights that allow companies to make smarter decisions based on each consumer
    • Data holds the key to this revolution. Instead of trying to force their agenda upon customers or engage in wild speculations about customer desires, ecommerce stores can use data to craft narratives that engage customers, create a loyal brand following, and drive increasing profits.
    • With only about 2.5% of ecommerce web visits converting to sales on average, ecommerce companies that want to stay competitive must open themselves up to big data and the growth opportunities it offers.”

    https://dataconomy.com/2019/03/datas-growing-role-in-scalable-ecommerce%E2%80%8B/