This week I was able to attend an event in New York called Luxury Interactive, which focused on networking and sharing insights into challenges and opportunities in digital, online and store Retail.
Day one opened with an inspiring discussion with Mary Beech (Kate Spade – CMO). She described the importance of a brand knowing their customer and telling their story but also enlightening and inspiring customer acquisition through authenticity.
Throughout the rest of the day we heard from fantastic leaders (Robert Willey – CMO – Spring, Tara Brannigan – Head of Marketing – Cadillac, David Olsen – CEO Cosbar, Giudo Campello – CEO – Cosabella) who described:
- The importance of innovation
- Courage to bring in new technologies
- Being customer obsessed
One leader, new in his role, even spoke of a wall in his office dedicated to describing the type of customer who is buying his product. Every time he learns something new about a customer, he puts it up there.
One of our clients, Nieman Marcus, discussed how they are bringing in fitting room innovations and new technology that will allow for more customized experiences for their customers.
Charlie Cole – Chief Digital Officer – Tumi, discussed the importance of data collection and being able to draw insights from data. In his example, he knew that 20% of all online sales were from women. He also knew that of those sales, most women were buying black luggage but in the women’s section of the website, there was no black luggage. So they took out the women’s section from the main navigation page and just hand general tabs, their conversion rate went way up.
Day Two and Three were equally interesting. There was a wonderful presentation given by FIT researchers examining the future of brands, discussing ways to create more experiential retail. For example, how organizations like Nordstrom would benefit from taking the store experience to a much more local level, bringing in area artisans and décor that felt indigenous to the location.
There was also a lot of conversation around what millennials want. While many brands had major success among this group, others were challenged to bring in that younger customer base. Key components to success among millennial discussed were:
- Knowing and properly telling your story
- Standing for a larger cause
- Being authentic
- Creating sharable fresh content
- Providing a unique experience
So take advice from these successful leaders – don’t stick your head in the sand, be bold, take risks and have the technology in place to allow you to gather the insight you need to delight your customer!
Our solution gives you access to the insights you can use to delight your customer, determine trends and plan for the future.
For more information on our Planning and Forecasting solution’s click here