2ND RETAIL 4.0 SUMMIT: INTERVIEW WITH KEYNOTE SPEAKER MATT ROBERTS

Matt Roberts, from Formula 1, is one of the keynote speakers during the 2nd Retail 4.0 Summit. We had the chance to interview him before the summit to learn more about new technologies impacting Formula 1’s business strategies.

IN THE POST GDPR WORLD, HOW DOES FORMULA 1 PROTECT ITS CONSUMER’S DATA WHILE STILL PROVIDING PERSONALIZED FAN COMMUNICATIONS?

When Liberty Media took over F1 in 2017, we had no data so we were fortunate that we were able to prepare for GDPR without worrying about any past data points that we may have had. We worked closely with legal to provide an email opt-in and privacy policy across everything we do which ensured customers were aware of how their data was being used ( as well as giving them the option of opting out). Since 2017, we have built a database from scratch, and now have millions of fans who we are able to send personalised and targeted comms thanks to the measures that we have put in place.

PUMA RECENTLY BECAME FORMULA 1’S EXCLUSIVE RETAIL PARTNER, WHAT TECHNOLOGIES HAVE COME FROM THAT PARTNERSHIP TO HELP GROW MERCHANDISE SALES DURING RACE WEEKENDS?

We have incorporated sensor technology at our race weekends to understand how fans move around the circuit. The technology allows us to ensure that we place our merchandise stands and stores in the areas where the footfall is highest. We can also access the best areas for conversion from passerby to engaged visitors. This technology is informing our decision making and has led to a significant year on year increase in merchandise sales as well as increased satisfaction in the whole sales experience.

AUGMENTED AND VIRTUAL REALITY HAS ALLOWED FANS TO GET “CLOSER” THAN EVER TO THEIR FAVORITE ATHLETES. HOW IS FORMULA 1 EMBRACING THIS TREND?

I would say this is an area that we are still a bit behind the curve in. A few years ago, we didn’t even have a Facebook page so we have been playing catch up. However, this will be a key area for us moving forward. We know that ‘ getting closer to the sport’ is very high on spectator wish lists, and as a result, we have introduced pit lane walks and the opportunity to walk or even run on the track over certain race weekends. This has increased our fan satisfaction significantly but we know there is more we can do in this space.

Interested in learning more about the 2nd Retail 4.0 Summit, request your free brochure here!

Retail Technology That Can Boost Revenue

A few global brands may be dominating discussions around the future of retail for the moment but with retail technology constantly evolving, the conversation is also.

If businesses can master the implementation of these new technologies, they can better compete with global leaders and boost their own revenue.

We will examine a few of those new technologies here. In addition, these and other retail innovations will be discussed by leading retail executives during the 2nd Retail 4.0 Summit.

Augmented Reality

Augmented reality is one of the latest trends in mobile gaming apps but the use of this technology can spread far beyond gaming. Augmented reality is a technology that overlaps digital aspects on top of the physical world.

With digital shopping pulling some customers away from physical stores, this is a great way to engage your customer’s in-store. Augmented reality can be used to allow your customers to try on your products without the hassle of a changing room. Ikea used augmented reality to show consumers how a previous product they viewed in-store will look in their home.

These are just two examples and the global augmented reality market has great-expected growth potential through 2020. Get creative and see how you can engage customers and ultimately boost revenue with this technology.

Staff-less Store Technology

Staff-less stores might be the newest trend to influence the retail market. There are many different technology tools working together to accomplish the staff-less operation. Some of those tools are facial recognition, deep learning algorithms, sensor chambers as you exit, QR codes and more.

Amazon is the most recent company to utilize this technology in its Amazon Go store. The use of several retail technologies has allowed Amazon to create a hassle-free, grab-and-go shopping experience. Customer convenience is very important for businesses to focus on and can help to boost your ROI.

Alibaba is another company using technology to create an almost staff-less store with its Tao Cafe. They still have some staff to deliver the orders but the actual ordering process is completely automated, making it more convenient for the customer. Alibaba is also benefiting from better data capturing and an overall reduction to staff costs.

Free Wi-Fi

Wi-Fi is not a new technology by any means but the utilization of free Wi-Fi can be a new strategy for some businesses. By offering free Wi-Fi, you increase the number of visitors to your physical store and increase the time they spend in your business.

This is an especially good strategy is your target market is the younger generations. According to a study from Euclid, 53% of Gen Z consumers and 41% of Millennial consumers admit to visiting a store because it offers free Wi-Fi.

If you take this strategy a step further and make users input an email address to access the Wi-Fi, you not only increase in-store traffic but also collect valuable data. Both of which can lead to an increase in revenue.

Window Display Technology

Window displays were one of the earliest forms of advertising and they are still very important today. Advances in technology have made window displays movable, interactive and personalized.

Augmented reality, which we discussed earlier, is a great way to create attention-grabbing designs. You can utilize this technology to place your customers inside the scene of your window display or allow them to view your products on themselves before ever going in the store.

Creativity is the most important aspect of any design, no matter what technology you choose, but you also want to make sure your window display has a clear goal. It might not always be to bring in foot traffic right away; some displays go beyond the window to continue the customer journey in an app or on social media. Whether the goal of your window display is to lead to a purchase in-store or online, new technology can help to increase your revenue through this area.

We discuss a few other retail technologies and the 2nd Retail 4.0 Summit on our blog, here. Read more, then request your free brochure with the complete speaker list here!

The exclusive panel of keynote speakers during the 2nd Retail 4.0 Summit will dive into these and other technologies affecting the future of retail. Do not miss the opportunity to learn and network with executives from leading global brands.