On 8th October, Judopay HQ was host to another fabulous event with great speakers discussing how tech is changing the future of retail as we know it.
The reality is that the world of retail is changing. Last year Britain’s top high streets lost a record net of 2,481 shops. Consumer expectations are evolving, and tech is moving at such a rapid pace that it’s enabling a completely new customer experience. Our four experts in retail took a deep dive into what’s next for the retail industry and how technology will shape its future.
POQ: James Springham
POQ is a platform that enables retailers to launch apps. James’ talk discussed how mobiles and more importantly mobile apps will define a retailer’s success.
92% of the time we spend on our phones is in apps – we’re living in a native world. While most brands are now app native, James was quick to point out how retail has been slow to adapt. Winning retailers are the ones who are app first – Missguided, ASOS, Pretty Little Thing (to name a few) – and that’s because shoppers are not only shopping more on apps rather than desktop, but they’re spending more on them. So, want a stronger relationship with your customers? You really need an app.
James went on to cover how shoppers interact with apps. Sunday is surprisingly the day when most of us are downloading apps. When it comes to the most important periods for retailers, like Black Friday and Christmas, it’s imperative retailers are front of mind – push notifications help with this. James disclosed that in November retailers send 23% more push notifications to app users and because of this there is a 13% increase in app open rates – with 64% of these push notifications leading to sales.
Closing on a deep dive into Black Friday itself, James showed us how daily app revenue throughout Q4 is highest on Black Friday – six times higher than any other day. Across the all important Q4, consumers spend 5x more time in-app than they do on desktop and app shoppers give retailers over 3x the amount of revenue per month than desktop shoppers do.
Ultimately an app shopper is worth more to your business than a desktop one.
Outside In-novation: Jonathan Vaux
Jonathan’s talk focused on the voice of the customer. He kicked things off by stating that often in retail there is far too much focus on tech and not enough on the outcome. He identified how times have changed. We’re witnessing the race to the interface – if there’s not a good reason for the customer to come to you then they won’t.
“Retail will change more in the next five years then it has in the last fifty – and it will be technology that shapes this.”
The good news is that tech will bring more choices and capabilities but what the retailer really needs to look at is, ‘What can technology do for your customer?’
Jonathan advised retailers to understand the moments in the journey that matter for the customer. Ensure the interface is fit for purpose, what’s best for the customer – desktop or mobile?
Look at the role of your retail space. Empower your staff – how can they add value? Jonathan discussed the inevitable rise in spend when a customer feels a connection with a sales person in store.