In today’s retail landscape, online stores serve as not just an additional sales channel but also as a rich source of customer data that can enhance the physical shopping experience. Experts Martin Granberg of Priceindx and Ole Martin N. Evensmo from Springboard Martech say Nordic brands, in particular, have an untapped potential in this area.
The data harvested from e-commerce platforms can significantly improve your physical stores. Despite the availability of this lucrative opportunity, it’s often overlooked. This article aims to highlight the various ways e-commerce data can be integrated into brick-and-mortar stores, stressing the need for closer collaboration between store managers and e-commerce teams.
Many companies employ advanced tools to monitor competitor pricing. These tools scrape data from competitors’ websites and automatically adjust pricing. While implementing dynamic pricing in physical stores was challenging due to outdated systems, recent advancements in technology have changed the game.
For instance, electronic shelf tags are now more affordable and effective, allowing physical stores to update prices in real-time to match their online counterparts. This is particularly prevalent in grocery retail due to extreme price competition and products with short shelf-lives. As technology continues to advance, other industries are also expected to follow suit.
Online platforms often use customer ratings and reviews to enhance product credibility. The advent of digital shelf tags means these reviews can now be easily displayed in physical stores, boosting customer trust and conversions.
However, the value of customer reviews is not just for online platforms. Advanced review systems can also capture data from physical stores and display it online, making it a valuable asset across the entire organization for sales, marketing, product development, and more.
Data-driven insights into trending products online can offer valuable clues for inventory management in physical stores. Companies can derive tremendous commercial value from monitoring online trends, including page views, sales figures, and search behaviors, rather than relying solely on anecdotal evidence from store employees.
Leveraging online data in a physical retail setting can start with simple steps—like optimizing shelf space based on online bestsellers or customer reviews. As you progress, more advanced applications like machine learning can help predict future buying behaviors and offer personalized product recommendations at checkout points.
There’s no reason to waste valuable retail space on poorly reviewed or overpriced items. By integrating e-commerce data effectively, physical stores can offer a more tailored and responsive customer experience.
Written by Martin Granberg and Ole-Martin Evensmo.
Unlock the potential of high-volume ratings and authentic reviews for impactful data and business growth.