Dec 28, 2023
4 min to read
In this last installment of the 12 Days of PXMas series, we unwrap a treasure trove of insights that span the entire spectrum of the retail experience. From the strategic prowess of product bundling to the inseparable fusion of sustainability and profitability, Akeneo's byline features dive into the depths of composable architectures, explore the metaverse's impact on digital shopping, and explain the pivotal role of AI in shaping the future of retail.
We have some unfortunate news; today marks the 12th and final day of our 12 Days of PXMas series! While we’ve loved spreading the joy of product experiences with you all during this festive season, all good things must come to an end, and as the new year approaches, it’s time to wrap a bow around this series and move on to the next big thing in PX.
But before we do that, it’s time for us to share the final (and perhaps favorite) day, and that would be a roundup of some of our articles featured in eCommerce and retail publications from this past year.
From pioneering the future of hybrid omnichannel shopping experiences to the benefits and drawbacks of composable architecture to incorporating AI and groundbreaking technology into your customer experience offering, we’ve covered dozens of interesting topics. Let’s dive in!
Deep into the holiday shopping season, retailers are looking for an edge that can serve multiple purposes: bolster sales, manage inventory, and impress customers to support loyalty and repeat business throughout the Q1 doldrums and beyond. The answer to those mandates may lie in a simple but elegant package: product bundling.
A retail strategy for decades, bundling involves combining products or services into one sales unit. Bundling can take many forms, from same-product bundles — think multiple packs of tissue paper grouped into one larger order — to hardware and service bundling, where a subscription offer includes free or discounted hardware to entice the customer.
Because there are countless forms of bundling, retailers can tailor their offerings to accomplish different goals or meet specific metrics. The holidays present a unique opportunity to kickstart bundling initiatives that can set the tone for the coming year.
Read more, published on Ecommerce Times.
Following up on a new year’s resolution to buy more sustainable clothing, I was recently on the hunt for a pair of workout pants made out of recycled material. I stumbled upon Good On You, a directory of fashion brands and retailers that provides an easy-to-understand score and in-depth analysis of the ethical and sustainability practices of these companies.
As I started using this directory and basing my browsing decisions on their associated ratings (not to mention bookmarking the site for future shopping hauls), I realized something important: incorporating and communicating sustainable practices is no longer a luxury or niche topic for many consumers, including myself. It’s a requirement.
Read more, published on Retail Customer Experience.
The retail world is no longer segregated when it comes to strategy. The physical shopping experience is becoming increasingly more digital, and the digital shopping experience is translating into real-world, in-store engagement more than ever before. This new “phygital” frontier is now table stakes for many retailers, and adopting a successful phygital strategy can pay major dividends in everything from customer satisfaction and loyalty to increased sales and decreased returns.
Read more, published on Chain Store Age.
Manufacturers and retailers have always had an important, symbiotic relationship. Given the supply chain issues caused by the pandemic, however, that relationship changed. With difficulty moving products from one place to another, many manufacturers began exploring direct-to-consumer sales as a way to maintain growth through uncertain times. In fact, D2C sales have been on a steady upswing for years, and are projected to surpass $200 billion by 2024.
Still, as the drive towards D2C continues for manufacturers — which mirrors a similar drive towards retailers entering the manufacturing space — it can’t be understated how valuable the relationship with retailers truly is. When executed successfully, and in close collaboration, this relationship can be wildly beneficial for both parties.
Read more, published on RIS News.
The customer journey that used to be a fairly simple, straight-lined process has now morphed into an ever-evolving web of online stores, social media campaigns, brick-and-mortar operations, and physical and digital retailers. In today’s competitive retail market, the customer experience has simultaneously become one of the toughest things to manage and one of the most critical factors for growth and success.
Customers simply expect more; they depend on businesses meeting them on all the touchpoints they’re naturally on, from Instagram to Amazon and beyond. A customer might start their shopping journey by researching products online, then visit a brick-and-mortar store to see the product in person before going online to purchase, leave a review, or engage with the brand on social media. They expect to find a consistent and compelling experience with consistent product information along every step of this journey.
Read more, published on Spiceworks
The digital marketplace is thriving, with consumers increasingly turning to online channels for their shopping needs. However, this shift has brought about a concerning disconnect between online perception and offline reality, leading to a surge in return rates. During the holiday shopping season, it’s crucial for retailers to address this issue to improve customer satisfaction and boost profitability, while reducing returns.
Read more, published on Total Retail.
Enterprise resource planning (ERP) tools are often colloquially referred to as the central nervous system of your tech stack, conjuring up images of product information pumping through a wide-reaching network of best-in-class tools all expertly connected through the nerves of the ERP solution. Organizations often turn towards implementing an ERP tool with the hopes of quickly and easily connecting all their existing technology through this nervous system and unlocking immediate growth benefits from this enhanced connectivity.
Read more, published on Built In.
With the help of ChatGPT and Bard, the hype around generative AI has soared over the past few months, with experts shouting daily from the mountaintops about its potential to revolutionize the retail industry.
From generating product descriptions and dynamic pricing to improving data quality and automating redundant tasks, AI has been monikered as the magical fix-it-all technology that promises to slash time-to-market, quadruple employee productivity and deliver larger-than-life customer experiences.
And while these claims may technically be possible, there’s an implicit caveat that AI bandwagoners can often gloss over: both your product information and technology stack need to be optimized and up-to-date before you can start to take full advantage of generative AI.
Read more, published on Retail TouchPoints.
Once a futuristic buzzword, the metaverse is now a real player both in popular culture and in the retail landscape. In 2022, the global metaverse market stood at over $65 billion, and is projected to hit $82 billion in 2023. And by 2030? Just shy of a trillion dollars.
Major brands have been generating revenue within the metaverse for a few years now. Global fast-fashion retailer Forever 21 has virtually tested products in its metaverse storefront and released a real-life fashion collection based on popular virtual items created in the metaverse.
Not only does the virtual playground of the metaverse offer brands an additional revenue stream and a way to test products without having to create them physically, but it also opens businesses up to test and sell those products with a global market of real, authentic users.
But with great opportunity always comes great risk. So the question becomes: How can brands take full advantage of all that the metaverse has to offer without risking the loss of consumers or providing a subpar customer experience?
Read more, published on TotalRetail.
While e-commerce has represented a transformational difference for shoppers and retailers, it comes with its own set of downsides. Sure, the volume of sales and ability to provide personalization at scale has revolutionized the online shopping experience. However, the way consumers shop now has created logistical pressure and added costs for businesses.
The issue is mainly related to returns.
Read more, published on Ecommerce Times.
It’s no secret that Amazon is a behemoth in the digital marketplace. With over 300 million customers globally, Amazon snuck away with almost 40% of the US market share this past year, and there’s no indication that it will be slowing down any time soon.
However, it may be time for Amazon sellers to heed the advice of investment experts everywhere: Diversify, diversify, diversify. In order to have a less heavy reliance on one of the biggest retail markets on the planet, the best thing these organizations can do is to meet their customers on other channels.
Because as ubiquitous as it may seem, your customers aren’t just using Amazon to search and purchase products. Maybe they’re using a traditional Google search and landing on Amazon, but they may go to Instagram to see what their favorite influencer is using.
Activating your product story on social commerce channels, direct-to-consumer sites, or through other online retailers enables you to provide a compelling experience to your customers regardless of where they search or shop, enabling not only a better experience for your customers, but also diversifying your product offering. Win-win.
Read more, published on Chain Store Age.
In today’s rapidly evolving retail landscape, adaptability is key. Retailers must stay ahead of changing market dynamics and shifting consumer behaviors to remain competitive. To achieve this, they require robust and flexible retail systems that can seamlessly adapt and scale. This is where composable architectures come into play, offering a transformative solution that empowers the next generation of retail.
Composable architectures, with their emphasis on modularity and scalability, have revolutionized the way retailers approach their technology infrastructure. Gone are the days of rigid all-in-one solutions or custom homegrown systems that hinder agility and innovation. Instead, businesses are embracing a more flexible and strategic approach. And the great news is that going composable isn’t an all-or-nothing proposition.
Read more, published on Total Retail.
As we bid farewell to the 12 Days of PXMas series, it becomes evident that the retail landscape is not just evolving—it’s undergoing a profound metamorphosis. From the power of product bundling to the imperative fusion of sustainability and profitability, and the groundbreaking intersection of AI and composable architecture, our journey through the year has been marked by innovation, adaptability, and a keen understanding of the pulse of the retail industry.
As we look to the new year, it’s clear that success lies in the delicate balance of tradition and innovation, sustainability and profitability, online and offline realms. The metaverse and AI are no longer a distant concept but a tangible playground for brands seeking new horizons, and the call for adaptable, composable architectures resonates as retailers strive to stay ahead in an ever-changing market.
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