Retail marketing is changing - are you keeping up?
Custobar, Sniffie Software and Woolman engaged retail trade leaders in an event on changes in retail marketing yesterday, on the 29.8. The event was a first in a series and was brought on by the rapid and vast developments that are currently ongoing in retail technology (#retailtech). These changes call changes in retail marketing into play as well.
There were several key takeaways, but these three were the most prominent:
- What are the 5 most important changes in retail marketing right now?
- How to turn pricing into a competitive edge?
- How to drive sales with taking the most out of customer data.
In addition to these important topics, there was a keynote speaker from Google who also addressed retail marketing changes, more specifically the 4 forces that drive retail in Finland.
We are not answering the above questions here, but rather giving you a sneak peek to an upcoming series of blog posts on each of the event’s presentations. So, here’s a brief recap in the order of yesterday’s presentations:
Tatu Kuivalahti, the CEO of Custobar, talked about the importance of making the most with our customer data in customer specific, segmented customer communications and in building audiences. There is a valid reason why customer data platforms (CDPs) are one of the most critical categories in software innovations in marketing technology to date.
Sniffie Software’s co-founder and CEO Tomi Grönfors convinced the audience that prize optimization is indeed an important part of marketing strategy. Sniffie’s Tinder-like, automated prize monitoring mobile app got us downright salivating.
Mikko Rekola, a Growth hacker from Woolman, enthused about Flash Sales - and with good reason! A successful Flash Sale is a lesson in agile execution. It brings tons of visibility and data, not to mention a spike in sales.
Fedor Babkin, an Industry Manager at Google, hit the audience with many solid numbers, percentages and hard facts about Finnish retail’s next wave. The participants now know how to win in 2020s. Don’t worry, you will, too, once our series of upcoming blog posts will get that far.
As is usual, the audience added to the offerings with some astute questions and comments, such as:
- Will customers be identified with AI and face recognition in retail in the future? Is this already a reality?
- How to recognize if a product’s overall market price is going down because of a competitor’s campaign or a glitch or if there really is a genuine decline in a product’s value?
- Are Flash Sales Guerilla marketing gone online/into ecommerce because of the technological advances?
Sorry, you have to wait for the upcoming blog posts to find out more and to get answers to the questions above.
Our heartfelt thanks go to all of the participants. If you missed the event, you will get another chance in the next event on November 21st. There we will take a look at the latest Slush innovations and their meaning to retail marketing.
Are you ready to play? Join the #retailtechFI conversation! We even set up a Retail and eCommerce Tech group on LinkedIn - check it out!