IRCE 2015 Trends - Part I

Recently, I attended IRCE 2015 in Chicago with some colleagues from DIG360.  The trends and key takeaways from other attendees have started to roll in.  Here’s what some experts saw as trending at the show.  Our observations (at end of this post) honed in on some very different observations.

Some offered their predictions

Coming into the show, Write2Market – a tech PR firm – suggested these are some trends to watch for at IRCE 2015:

• Trend #1: Going Mobile – 41% of retailers say they are not successful at mobile marketing
• Trend #2: EMV (Europay, MasterCelerantTech2card and Visa) – “smart chip” technology will, for many, require costly new POS hardware.  But the risk of being at fault by not following regulations means ‘git-er-done’ is the only option.  Note:  the US is playing catch up on this compared to other countries such as Canada.
• Trend #3: Customer Experience (CX) – expect a plethora of CX providers offering new and better ways to interact with customers.

What we actually saw...

Yes, lots of talk about the mobile adoption hockey stick and retailers playing catch up.  Not so much about EMV other than, well, ‘git-er-done’.  And in terms of CX, a better experience still seems to be a lie for many; it is amazing at how many innovators continue to create apps and services designed to grab the customer’s data for the retailer without really understanding why that customer would give a heck about that app or service in the first place.  Early days indeed.

Others shared their key take aways 

MARKETING TRENDS FROM IRCE 2015

JUNE 8TH, 2015 | BY CURRAN BOOMER

• Trend #1: Personalization Is the Next Great Digital Challenge
• Trend #2:Social Is So Much More Than Facebook
• Trend #3:  Video Is the Content of the Future
• Trend #4:[Demand for] Next-Generation Affiliate Programs

As shared by Acceleration Partners – a marketing services provider specializing in customer acquisition.  See more at: http://www.accelerationpartners.com/blog/marketing-trends-irce-2015#sthash.4bJP9bvt.dpuf

Our take...

On ‘personalization’ in particular, I don’t agree with Mr. Boomer that it’s the next great digital challenge.  This one has been around for a while.  I do agree, however, that retailers continue to struggle with how to implement personalization effectively.  Last fall at Shop.org 2015, it was refreshing to hear from REI that they are still holding off on implementing personalization as doing it poorly can be damaging to the brand.  For some retailers, there may be greater returns, for both the business and the customer, in getting segmentation right before embarking on major personalization initiatives.

What about last year?

As another point of comparison, let’s look at what was trending a year ago at IRCE 2014:  video commerce, mobile shoppers, and personalization.  In other words, the trend continues.

http://intersog.com/blog/ecommerce/irce-2014-recapping-ecommerce-trends-and-challenges-part-2/

What DID catch our eye at IRCE 2015?

Here’s a taste:

• Trend #1:  Influenced revenue has emerged as a legitimate measure – with analysts suggesting digital channels will influence over $2 Trillion in brick-and-mortar sales in 2015, it was encouraging to see a several speakers using this metric as a key performance indicator.
• Trend #2:  Storied product sells – with no end in sight to adding more product to the endless aisle it is more important that ever to give context to your goods.  What we’re seeing that’s so exciting is the product side of the business really starting to drive that story.  That means new and innovative changes to product information management (PIM) and how retailers capture and convey context.  Think ‘no story, no shelf’.  Watch for newcomers like Christian Hassold and CatalogSync to help pave the way on the PIM-side of the equation.

What else we saw...

• ·      The lure of luxury – living the lie.  Big numbers for retailers catering to aspirationals wanting a taste of luxury.  Rapid growth in 'faux' luxury.  But when will the bubble burst?
• ·      The tail is wagging the dog – eTail is starting to drive strategy and organizational change faster that brick-and-mortar.  That's where the growth is.  For some, that's where big decisions are being made.
• ·      The Internet of Things (IoT) makes your home a harbor for a fleet of Trojan Horses – yet another hook to create storied product across its entire life, in the context of the consumer’s life and lifestyle.  Powerful.

Want to hear more?  Want to weigh in?  Give us a shout.  Comment below.