S6 | 483: Omnichannel and the future of retail with Kristin Schoenstein and Elizabeth Robillard, eTail Palm Springs

Digital StrategyTechnologyConversational AI

Feb 12

About the Episode

eTail West in Palm Springs, CA is coming up in a few weeks and I’m excited to be attending as well as moderating a panel there. To get ready for the event, I have invited the two event directors here today, and we’re going to talk about some of the top trends for retailers to watch out for and certainly topics that will be discussed in much detail at the conference.

To help me discuss this topic, I’d like to welcome Kristin Schoenstein and Elizabeth Robillard from Worldwide Business Research and event directors of eTail Palm Springs, February 26-29 in Palm Springs, CA.

About Kristin Schoenstein

Kristin has been a Program Director with Worldwide Business Research since 2010 and has been producing events since 2004. She currently specializes in the retail and eCommerce sector where she heads up the eTail U.S. portfolio. She also successfully launched and grew WBR’s customer experience portfolio. In her role, she is responsible for market research, content creation, and speaker faculty management for each event. Before WBR, she produced events in the healthcare and pharmaceutical sectors. Kristin lives on the North Fork of Long Island with her husband and three daughters.

About Elizabeth Robillard

Elizabeth is a seasoned expert in the field of conferences, with nearly a decade of experience in market research and event organization in the retail and finance sectors. Since 2021, she has played an integral role in the powerhouse eTail Palm Springs team, co-producing the event alongside Kristin Schoenstein. Elizabeth thrives on engaging with industry executives, fostering meaningful connections, and relishes the opportunity to take the stage at conferences, where she excels as a panel moderator and emcee. When not immersed in the world of eCommerce conferences, she calls Queens home, sharing her space with her cat, Wednesday.

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Resources

Learn more and Register for eTail West, February 26-29 in Palm Springs, CA: https://etailwest.wbresearch.com/
Worldwide Business Research: https://wbresearch.com/
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Synopsis

Omni-channel excellence remains a top priority for retailers as customer expectations continue to rise. According to the podcast episode, retailers now recognize that providing a consistent and exceptional omni-channel experience is essential in the industry. The COVID-19 pandemic has further emphasized the need for retailers to quickly implement omni-channel strategies to meet customer demands.

The episode highlights the increasing customer expectations for quick order fulfillment, regardless of the shopping channel. This means that retailers must invest in omni-fulfillment capabilities and continuously improve their omni-channel experience to keep up with the pace of change and meet customer expectations.

Both large and small retailers face unique challenges in achieving omni-channel excellence. Smaller or upstart retailers may have an advantage in being more nimble and technology-focused, allowing them to quickly adapt and provide a seamless omni-channel experience. On the other hand, larger retailers may struggle with internal red tape and legacy systems, making it more difficult to integrate different teams and technologies.

The episode also mentions that retailers are exploring new technologies and upgrading their systems to make the omni-channel experience as seamless as possible. This includes investing in retail media networks, which enable retailers to access data and reach new, targeted audiences. Additionally, retailers are expanding into brick-and-mortar stores to complement their e-commerce presence, recognizing the importance of physical retail in providing a holistic omni-channel experience.

In summary, the podcast episode emphasizes that omni-channel excellence remains a focus area for retailers due to increasing customer expectations. Retailers are investing in new technologies, upgrading their systems, and exploring partnerships and retail media networks to provide a seamless and excellent omni-channel experience. The goal is to achieve sustainable growth and meet the evolving needs of customers in an increasingly competitive retail landscape.

The podcast episode also discusses the transformative role of AI in the retail industry. AI is being utilized in various ways, particularly in backend optimization. By leveraging AI technology, retailers can streamline backend processes, improve efficiency, and enhance overall operations. This includes real-time bid optimization, audience targeting, ad creative, A/B testing, and ad personalization in search marketing and SEO. AI enables retailers to rethink their strategies and find innovative ways to optimize their marketing efforts.

AI is also proving valuable in inventory management. With the challenges faced by supply chains during the pandemic, AI can play a crucial role in monitoring and optimizing inventory levels. By utilizing AI algorithms, retailers can gain better visibility into their supply chain, optimize warehouse operations, and ensure efficient inventory management. This not only helps meet customer demands but also reduces costs and improves overall operational efficiency.

Furthermore, AI is being used to enhance the customer experience in the retail industry. Personalized customer styling and chatbots are some of the customer-facing applications of AI. These AI-powered tools provide tailored recommendations, assist customers in their purchasing decisions, and create a more engaging and interactive shopping experience. However, it is important to note that while these applications are exciting, the focus should also be on building a robust backend technology system and ensuring clean and comprehensive data. This is crucial for unlocking the full potential of AI and delivering seamless and personalized experiences to customers.

Overall, AI is playing a transformative role in the retail industry, enabling retailers to optimize backend processes, improve search marketing and SEO, streamline inventory management, and enhance the customer experience. As technology continues to advance, retailers need to stay updated with the latest AI trends and explore new ways to leverage AI for sustainable growth and innovation.

In addition to AI, retailers are actively seeking opportunities to drive growth and innovation. Partnerships are one avenue being pursued, allowing retailers to tap into new audiences and expand their reach. These partnerships can take the form of co-branded campaigns, joint marketing efforts, or strategic alliances. The podcast highlighted a successful partnership with Target, emphasizing the importance of forming strategic alliances to drive growth and capture new opportunities.

Another trend in the retail industry is the rise of retail media networks. With the decline of third-party cookies and increasing privacy restrictions, retailers are looking for alternative ways to reach their target audience. Retail media networks provide a platform for retailers to leverage their customer data and offer targeted advertising opportunities. By participating in these networks, retailers can enhance their marketing efforts and connect with consumers in a more personalized and effective manner.

Global expansion is also a focus for retailers. As the world becomes more interconnected, retailers are looking to expand their operations into new markets. This allows them to tap into new customer bases and diversify their revenue streams. The podcast mentioned the interest in global growth and the opportunities it presents for retailers. By expanding internationally, retailers can access new markets, adapt to local preferences, and capitalize on emerging trends.

Despite the growth of e-commerce, brick-and-mortar stores still play a significant role in the retail industry. The integration of physical stores with e-commerce is a strategy that many retailers are adopting. This approach allows retailers to provide a seamless omni-channel experience for customers. By leveraging the strengths of both online and offline channels, retailers can enhance customer engagement, improve fulfillment options, and create a more holistic shopping experience. The podcast highlighted the symbiotic relationship between e-commerce and brick-and-mortar stores, emphasizing the importance of integrating these channels for sustainable growth.

In conclusion, retailers are actively exploring new opportunities to achieve sustainable growth. Partnerships, retail media networks, global expansion, and the integration of brick-and-mortar stores with e-commerce are some of the strategies being pursued. By embracing these trends, retailers can stay competitive, reach new audiences, and create a seamless and personalized shopping experience for their customers.