Retail Store Owners: 3 Recommendations on How to Prosper in the Digital Marketplace

With Amazon and the rise of online shopping, retail stores are quickly going out of business. As a Northwestern student studying communication studies and Integrated Marketing Communications, I have found two articles that provides tips on how to prevent retail stores from going out of business.

In the first article “Retail Trends Taking Shape in 2018,” TomMcGee, a writer for Forbes, discusses the changes in retail stores are taking to market themselves and stay in business. He believes “that 2018 is coinciding with what feels like an entire new era of retail and retail real estate, though brick-and-mortar remains a proven formula.” One of the changes McGee mentions is that retail stores are now expanding beyond just traditional shopping; they’re incorporating entertainment and other activities to attract both shoppers and non-shoppers. He also focuses on technology and its impact on the retail world. By 2020, he believes that approximately 45% of retailers will incorporate artificial intelligence into their store to enhance the customer shopping experience.

Source: medium.com

The second article is “Top 14 Retail Trends of 2018 ThatWill Redefine the Industry” written by Michael K. Spencer for Medium. This article, as the title suggests, shares current trends in the retail industry. Spencer and McGee share similar thoughts on the usage of new technology and creating more than just a shopping experience in stores. Spencer goes more in-depth into the different technology functions, such as mobile payments, QR codes, and retail robots, that will ultimately help improve and create a memorable in-store customer service experience.

Based on these two articles and my experience as a Northwestern student and avid shopper, I have developed 3 action items you should consider when revamping your retail store.

Incorporate new technology
Brands are incorporating more advanced technology and should continue to do so to enhance customer service and satisfaction and gain their attention in our digital society. 

Think entertainment
Physical stores need to be more than just a place to buy to prevent closing. They should offer other sources of entertainment to keep customers in-stores.

Stay up-to-date
Brands need to stay up-to-date with the latest trends and technology to update their stores as needed and not lag behind everyone else.

Retail stores must remember the three tips above to gain customers and prevent closure.

Grace Hong is an undergraduate student at Northwestern University majoring in communication studies, minoring in Chinese, and pursing the Integrated Marketing Communications certificate. You can get in touch with Grace via LinkedIn or Twitter.

Artificial Intelligence? It Doesn’t Seem So Fake Anymore

Artificial intelligence has been on the front lines of innovation for years, and now its making big impacts in the world of digital marketing. As an undergraduate in the Weinberg School of Arts and Sciences at Northwestern University, pursuing a certificate in Medill’s IMC program, I have found two articles on the topic of artificial intelligence it’s intersection with digital marketing that examine the importance of AI and how we can expect it to transform digital marketing.

The first article is titled How AI Will Alter the Digital Marketing Landscape, written by Jennifer Lux and published on AdWeek’s ‘Creative Disruption’ section in June of 2018. Jennifer analyzes several ways that AI has infiltrated digital marketing and shaken up the marketing landscape. She believes “AI and its related technologies will run parallel to nearly all marketing tactics in the future”, working with marketers to enhance their products. The primary function AI will serve to digital marketers will be in it’s ability to lighten the ‘cognitive load’ of employees. By automating processes that have traditionally burdened marketers, they are able to focus on higher-level projects without getting caught up in the minute details of lesser tasks.

Source: The Telegraph UK

The second article I examined, How AI Is Changing the Future of Digital Marketing, is written by Shane Baker and published on HackerNoon. Baker sees AI as a way to enhance the customer’s experience with marketing. As data has grown more accessible to marketers, AI has the power to predict consumer interests and habits, and target them with more relevant content. The algorithms behind AI are able to provide consumers with targeted recommendations and information to tailor their online experience. AI also allows consumers to interact with a brand in an almost human-like manner, conversing with chat bots in the place of human employees.

Based on these two articles and my experience at Northwestern University, I have developed 3 action items you should consider the next time you’re thinking about implementing artificial intelligence into your digital marketing strategy.

·      Create competitive advantage – adopting artificial intelligence is a surefire way to stay ahead of the competition and keeping up with the latest developments in the digital marketing world.

·      Enhance user experience – using AI will allow your business to enhance user experience with your brand, and is the best way to learn more about who you are interacting with and what they are interested in.

·      AI = Efficiency – implementing artificial intelligence will allow your employees to be freed from the burden of day to day tasks that could easily be automated, allowing them to spend their energy on more important projects.

The next time you’re thinking about artificial intelligence, remember these 3 action items to help you stay ahead of the game.

Brian Fogarty is an undergraduate student at Northwestern University in Evanston, IL. He studies Political Science and Integrated Marketing Communications. You can connect with him on Twitter and LinkedIn.