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The economic backdrop is tough, and the consumer is cautious. These are not auspicious conditions for 2018. Discounters such as Aldi, Lidl and B&M continue to open new stores and increase the pressure. Meanwhile the big four collectively have got stronger, with the laggard Asda showing signs of getting its mojo back. Click here to read the rest of Tim’s article in The Grocer, in which he reflects on major retail industry events of 2017 whilst providing his thoughts on 2018 and the opportunities for retailers to create data-driven customer journeys through omni-channel data collection.
Among the recent news about leading UK retailer John Lewis, you couldn’t miss the Partnership rebrand and bringing together of its ‘My John Lewis’ and ‘myWaitrose’ loyalty schemes. John Lewis chairman Sir Charlie Mayfield confirmed plans to trial a combined loyalty scheme across its two retail banners as part of its move towards an integrated corporate brand identity.
Loyalty programs have solidified themselves as cornerstones of many business’ customer engagement and retention strategies. It’s not difficult to understand why: loyalty programs are a channel through which to reward your best customers, incentivize incremental spend from all participating customers, and generate valuable behavioral and transactional customer data.
If industry events are anything to go by those held most recently underline the fact retailers have realised the strategic importance of digital transformation: it was a major theme from the Retail Week Tech. event held in London this week, for example. Facing increased economic uncertainties and pressures, retailers could perhaps be forgiven for looking for cost savings and efficiencies first from any digital technology investment.