2019 all about data and do-gooder goods, Infosys Consulting
We’re already seeing retailers use advanced analytics to examine past purchase behaviour, in an attempt to protect their existing customer base and win market share. But in 2019, data will come to define much more than customers.
That’s the view of Manu Tyagi, Associate Partner for Retail and Consumer Goods at Infosys Consulting. “Everything from merchandise planning for different store profiles, in-store vs online listings, as well as the promotions and discounts on standalone and bundled offerings will be informed by data-led insight,” he says.
“Data will also be crucial as retailers compete with online-only stores, by optimising the fulfilment and supply chain side of operations, reducing the bottlenecks and delays that are often the difference between an excellent and a substandard customer experience.”
He also predicts that 2019 will see the rise of do-gooder goods. “Iceland’s palm oil advert has thrown up more than just retweets, leading consumers across the UK to become much more aware of environmental and food safety issues. As such, they will demand greater accountability from supermarket chains. Pushing own-brand products means that retailers have much greater control over their supply chains, so it’s no wonder companies like Iceland are prioritising them – and we can expect to see big spending on their promotion,” he comments.
“As consumers become increasingly aware of their shopping’s impact on the environment, we will also see grocers and other retailers make even greater efforts to improve their sustainability and ‘traceability’ of their products, including efforts to incorporate technologies such as blockchain and product lifecycle management, which assure customers of their products’ provenance. Expect to see blockchain in retail hitting the headlines in 2019,” Tyagi concludes.
