|Innovation (Photo: Seth1492)|
Australian retail companies generate 292 billion in revenue annually, however only 14.6 billion of that number is from online sales. The online retail sensation, which has led to about 11 times more revenue in the US then Australia, doesn't seem to be happening down under.
Online/Offline Convergence Instore
With two-thirds of Australians reporting that they prefer “brick and mortar” retail stores it would seem to an untrained eye that IT has no place in the Australian retail industry. However, this is far from the case as Australian retail firms begin to use IT innovations to create more engaging customer experiences within traditional store settings. An example of these innovations is storing customer demographic information through in-store video feedback.
Implementation of this video feedback technology will allow retailers to know who was shopping for their products and when. This kind of information could prove invaluable for advertisers seeking to directly target certain market segments. When new products are released retailers will be able to see who is shopping for those products and can use that information to target the corresponding market segments with their advertisements.
Data Mining in a Cashless Society
An additional retail innovation likely to impact market research is the replacement of the conventional cash register with point-of-sale devices capable of reading the increasingly popular mobile payment apps on smartphones. Instead of taking merchandise in line to wait for a cashier at a register, customers who decide they want to purchase something can just take out their smart phone and instantly purchase it.
This kind of cashless system, combined with technology like video feedback could place marketers even deeper into the mind of consumers. When consumers have the ability to make purchases at will, and marketers have the chance to actively observe how they do it, the result could be the perfect product.
The Art of the Explorers
To further explore the implications of innovative technology, social and big data, emerging methodologies and how they will shape the future of market research, we invite you to join us at The Future of Consumer Intelligence event taking place on May 14-16, 2013 in San Francisco, California. It will be a gathering of the entire "consumer culture" collective traversing common ground across roles and industries to translate behavioral information into business opportunity together.
Jeffrey Marino is a contributing writer concentrating his focus on Business Administration, Management Information Systems, and Tech Innovations. He blogs at Fordham Nights and can be reached at JMarino@iirusa.com.