The specialty retail industry has experienced rapid evolution in recent years, with the emergence of new technologies and changing consumer expectations. In an era where seamless omnichannel experiences are paramount, the 2023 Unified Commerce Benchmark for Specialty Retail report serves as a valuable resource for understanding industry trends, best practices, and benchmarks.
This blog post provides a concise summary of the report's key findings, shedding light on the state of specialty retail and offering insights for retailers looking to thrive in the dynamic market landscape.
- The Rise of Unified Commerce: The report highlights the increasing importance of unified commerce, a strategy that integrates online and offline channels to provide customers with a seamless and consistent shopping experience. It emphasizes the need for retailers to adopt a holistic approach, breaking down organizational silos and leveraging technology to deliver personalized experiences across touchpoints. The findings underscore that successful specialty retailers have embraced unified commerce as a key driver of growth and customer loyalty. See how Bravo provides a unified commerce experience by fulling integrating in-store, online and mobile retail channels.
- Mobile Commerce Dominance: Mobile commerce continues its upward trajectory, with the report revealing that a significant portion of specialty retail sales are now made through mobile devices. Retailers must prioritize mobile optimization, ensuring their websites and apps are user-friendly, responsive, and capable of delivering frictionless experiences. Furthermore, the report highlights the growing importance of mobile payments, underscoring the need for retailers to offer secure and convenient mobile payment options. Check out Bravo's mobile apps for specialty retailers here.
- Personalization and Customer Engagement: The report underscores the significance of personalization and customer engagement in specialty retail. Retailers that leverage customer data effectively and employ advanced analytics to gain insights into individual preferences and behaviors are better equipped to deliver tailored experiences. By leveraging artificial intelligence and machine learning, retailers can provide personalized product recommendations, targeted marketing campaigns, and relevant content that resonates with customers, fostering long-term loyalty. Learn more about Bravo's marketing solutions here.
- Inventory Management and Fulfillment Efficiency: The report emphasizes the crucial role of efficient inventory management and fulfillment processes in specialty retail success. Retailers must strive for real-time inventory visibility across channels, enabling accurate stock information and reducing the risk of out-of-stock situations. Additionally, implementing flexible fulfillment options such as ship-from-store and click-and-collect services can enhance customer convenience and satisfaction while optimizing inventory utilization. Bravo Point of Sale Enterprise Management provides retailers with powerful, real-time inventory management across channels and between store locations for multi-store operators.
- Cybersecurity and Data Privacy: As the retail landscape becomes increasingly digitized, the report sheds light on the importance of robust cybersecurity measures and data privacy practices. Specialty retailers must prioritize safeguarding customer data and ensuring compliance with evolving regulations. Implementing encryption protocols, conducting regular security audits, and transparently communicating data privacy policies are key steps in building trust and protecting customer information. Learn more about Bravo's technology stack to see how we help our protect our customers' data.
The 2023 Unified Commerce Benchmark for Specialty Retail report provides valuable insights into the evolving retail landscape. Specialty retailers can leverage the report's findings to assess their current strategies, identify areas for improvement, and capitalize on emerging opportunities. By embracing unified commerce, prioritizing mobile optimization, personalizing customer experiences, optimizing inventory management, and safeguarding cybersecurity, retailers can position themselves for success in the ever-changing world of specialty retail.
Ready to see the power of Bravo's all in one, fully integrated point of sale?
About the Author
Kathleen Owen has spearheaded the development and growth of marketing and sales teams at several B2B SaaS companies spanning different industries throughout her career, including pawn, wealth management, payments, eCommerce and insurance. In her role as Bravo's VP of Marketing, Kathleen loves helping companies scale, improve operational efficiency and drive bottom-line results through strategic implementation and adoption of new technology platforms.
Kathleen attended the University of Wisconsin - Milwaukee where she earned a B.A. in Communication, as well as a Masters Degree in Communication and Rhetorical Studies. During her time at UW-Milwaukee, she was a member of the Division I swim team and taught Public Speaking & Argumentation as a teaching assistant.
.jpg)
.jpg)
.jpg)
