Retailers, You Got This! Stay Focused on What Your Customers Want
Director of Digital Transformation, Retail and Hospitality
Digital Business, Retail, Data Center, Cloud, Security
Retail isn’t going away any time soon – but it is transforming, and at a faster pace than ever! According to MasterCard SpendingPulse, holiday retail sales between November 1 and December 24 were 4.9% higher than last year – the largest increase MasterCard has seen since 2011. First Data, which tracks spending on a million cash registers, tells us that 109 million Americans shopped online during the Thanksgiving-Cyber Monday weekend, while 99 million shopped in brick and mortar stores during that same time period.
So if the consumer is still spending, then why are there so many retailers closing stores and facing financial uncertainty?
The reason lies in their inability to transform. The truth is, consumers haven’t stopped shopping; they have stopped shopping with these retailers! The consumer’s store of choice looks very different now; it looks like a link in a Pinterest post. It looks like a speaker in an autonomous vehicle and it looks like an automatic shipment received at your front door with a prepaid return label and package for sending back the items you don’t want.
That consumer shopping experience is going to continue to evolve. Imagine what commuting in a self-driving car will look like. Car windows will be replaced by screens. Since commuters are no longer driving, they will have hours of free time to shop, meet, even eat meals in their cars. They will be able to order a pizza, and have it delivered to them in their cars at any point during their commute.
Companies like Domino’s get this. They also understand that staying focused on what their customers want is the key to success, and that technology can help. They are already piloting self-driving pizza ovens that get you the freshest, hottest pizza possible. This is the digital transformation that has turned Domino’s into the 2nd largest pizza chain in the world, and one of the top 10 e-commerce sites in the United States.
A lot of factors contributed to Domino’s share price increasing by 1,000% over the last eight years. But the number one reason they have been so successful is that they have made their customers’ experience the top priority. The second reason is that they have taken advantage of innovative technology to make their customers happy. They have engaged consumers with games, an ordering app that tells you at every step of the way what is happening with your pizza, and multiple ways for customers to interact with them, including intelligent digital assistants like Alexa. Oh yes, Alexa can now order your pizza for you. How easy is that?
Retailers, you got this. Make it easy for your customers. Give them what they want, how they want it. And use technology to figure out new ways of delighting and engaging them. It works.
For more detailed information about Domino's digital transformation, click here.