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.”

US consumers love online shopping. Hate poorly design carts – Roy Edwards

I love this type of post…it’s a data goldmine.

  • Ecommerce in the US has grown rapidly. In 2017 Americans spent a total of $435 billion shopping online, according to the Ecommerce Foundation. With an annual growth rate of over 15%.
  • Even though Amazon is clearly the leading online retailer in the US with a market share of over 50%, followed by Walmart (14%) and Apple (6%)
    US consumers like to be informed about deals. 96% of shoppers report seeing recommendations while shopping, but only 17% of them find these suggestions relevant.
  • A recent Deloitte Insights survey found that more than 60 percent of shoppers prefer online channels.
  • According to a new Gartner forecast, “Global retail sector technology spending will grow 3.6 percent to reach almost $203.6 billion in 2019, with similar growth rates for the next two years.
  • What US consumers buy online?
    • Fashion (clothes, accessories, shoes) 74%
    • Travel (flight, hotels, tours) 56%
    • Digital goods 48%
    • Entertainment experiences (tickets for concerts) 47%
    • Groceries and consumer packaged goods 47%
    • Furniture 29%
    • Financial products (insurance, loans) 22%