Many commerce pros will remember the four P’s around which retail revolved in the not-so-distant past: product, price, promotion, and placement.
You used to create a product, do a little market research to find out what price consumers would be willing to pay for it, use advertising to promote your product on a few channels, and place it where customers could buy it.
And buy it they would.
But today, the internet has flipped that dynamic on its head.
Consumers are educated, driving demand, and now that around-the-clock connectivity has become the norm.
They’re shopping on every imaginable channel and device — ALL. THE. TIME.
Modern shoppers have high expectations for retailers.
And if you can’t meet them, you can say buh-bye to:
The trifecta hurt.
But it’s not impossible to get it right.
If you want to be competitive and not only win but keep awesome customers, it’s time to use omnichannel analytics to efficiently deploy and track inventory, keep customers happy, and get your budget back in the black.
Here’s the plan.
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