Elastic Path Software, an ecommerce company helping the world’s biggest brands generate more revenue, will showcase a prototype store of the future where digital technologies are infused into every aspect of a physical retail experience.
The concept store will be unveiled at Luxury Interactive, the premier luxury branding and digital marketing summit, Oct. 13 – 15 in New York City.
Anchored by Elastic Path commerce technologies, the “Retail Store of the Future” was built together with technology partner Adobe. The demo will show how marketers can use personalized pricing, iBeacon-driven messaging, and smartphone and wearable technology apps to engage customers and then guide them through a personalized shopping experience. The same technologies can help in-store sales staff to cross-sell and upsell in one seamless shopping transaction.
Mobile Drives Digital and Physical Shopping to Converge
Mobile is the primary driver of web sales growth for many online retailers. Last year, the fastest-growing 50 m-commerce players expanded their total e-retailing sales by 31%, nearly double the North American e-retailing growth rate of 17%, according to Internet Retailer.
With total retail sales in the US reaching $3.6 trillion by 2017 and purchases influenced by the web or a digital experience accounting for US$1.8-trillion, according to Forrester, many retailers are putting mobile at the forefront of their web strategy.
“Millennials and today’s more demanding shoppers expect brands to deliver a highly personalized, unified shopping experience regardless of whether the customer initiates the process on his laptop, from a review on his tablet, or after clicking an ad on his smartphone,” said Matt Dion, Vice President Marketing, Elastic Path Software. “This mobile-driven shift in behavior has caught many brands off guard.”
New Technologies Critical to CMOs and Digital Marketers
According to Gartner, a CMO will be spending more on technology than the CIO by 2017. CMOs now spend more time developing the brand, not just managing it, yet many are trying to solve modern marketing challenges with nearly obsolete tools. The Retail Store of the Future will show marketers how their current and future challenges can be solved today, with commercially available technologies.
“Brands need to future-proof their commerce and marketing infrastructure to quickly integrate with the latest technologies when they come into play – whether it’s a smartwatch or new payment system yet to be released,” said Dion. “Our commerce solution is the glue enabling brands to add and manage hundreds of customer channels, while giving marketing a single view of the customer.”
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