Digital capacity is a strong influencer for today’s businesses, whether that’s through data management, delivery services or in the retail landscape.
In retail, the ability to locate and target smart devices with Bluetooth enabled will help drive growth, according to a new report.
This report Digital Retail Marketing: Coupons, Advertising & Consumer Engagement 2015-2020 suggests digital retail marketing is set to increase from US$174bn in 2015 to US$362.1bn by 2020.
Several leading US retailers have now deployed so-called beacon networks, with department store chain Macy’s installing more than 4,000 in its outlets.
Juniper Research author Lauren Foye said “Beacons are set to provide a boost to retailers, as we see major players promote instore offers and deals though mobile devices, targeting consumers whilst they are shopping. Coupled with loyalty schemes and rewards, retailers have clear potential to monetise those setting foot in their stores, aiding in promoting more traditional bricks and mortar retail.”
Juniper also believes that there is significant potential for ‘out of home’ proximity advertising, with beacons starting to be rolled-out on buses, tubes and taxis, targeting locations which see high footfall.
Successful brands will be those who capitalise on the wealth of data available on consumer habits and interests, leading to the implementation of targeted advertising. There’s a shift to bespoke, individualised engagement across all brand offers, boosting customer loyalty.
So how can a franchisor ensure the value of technology is seen by franchisees across the network?
Bricks & Clicks Forum
An interactive forum enabling franchisor executives to discuss how technology is changing their business models will feature a combination of franchisor case studies and leading experts in omni-channel retail, digital marketing, eCommerce and the use of technology to improve franchisee productivity.
Organised by the Franchise Relationships Institute (FRI), the Forum takes place in Melbourne on Monday 7th June.
FRI’s founder, Greg Nathan, says franchise companies have an extra layer of complexity in how they address threats and opportunities in the digital and technology space.
“Not only do they need to make smart choices in the technology they use, they also have to bring their franchisees on the journey with them. Franchisees tend to be sceptical whenever they are asked to take on initiatives involving extra cost, inconvenience or risk, and when it comes to introducing new technology, you have all three in spades” he says.
“This can leave franchisors scratching their heads on how to proceed, as we all know the best strategy in the work will fail if it doesn’t have the support of the people who have the implement it. This issue is touching all industries – not just retail.”
- Find out more here.