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Joe Apprendi is a general partner at Revel Partners.
Retailers and brands have both seen a tremendous shift in traditional retail dynamics, with merchants and marketplaces increasingly ceding control of the online and in-store shopping experience to the brands themselves. Democratizing access to data through new verticalized tools, however, represents a unique opportunity for retailers to leverage this trend by further transforming the retail dynamic and changing their role in the process.
Marketplaces - Sellers - Kind - Data - Spot
Marketplaces and third-party sellers have always represented a kind of data “blind spot” for brands. Both provided little visibility on customers and even less control over customer experience or satisfaction.
Verticalized tools that provide new levels of data access are changing all that. For example, b8ta is offering a Retail-as-a-Service model and software platform to brands and retailers to better manage and analyze their in-store experience. Companies like Chatter Research are capturing real-time customer feedback that can be integrated side-by-side with POS data to further improve store performance. Solutions like these enable both parties to collaborate and give brands a unified omnichannel strategy. It also provides retailers with a unique opportunity to rethink their purpose and elevate their value proposition within the retail ecosystem, while also expanding margins and driving potential new revenue streams.
Brands - Customer - Experience - O - O
Brands already own the entire customer experience through their O&O stores and e-commerce sites. Amazon has also started providing access to more robust customer and sales information through their API. This has encouraged brands to build internal expertise while increasing their desire to have greater insight into — and control over — the sales process. The impetus now is on third-party retailers and marketplaces to provide similar (or better) opportunities and insight to match what O&O and e-commerce sites now provide.
The democratization of data access is a rare bit of good news.
Retailers - Focus
Retailers are already shifting their focus to...
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Aim and timing is evereything.