Between October 26 and 27, 2016, at the Sheraton Hotel in Bucharest, the fourth edition of the retailArena conference took place, dedicated to multichannel trade and organized by wall-street.ro.
Titled “Marketing & Innovation Day” and “Omnichannel Day”, the 2 days of the event brought to the fore the latest retail trends, with a focus on strategies and business stories built locally and successfully multiplied internationally.
The speakers of this edition drew the portrait of the generation of consumers called “must have”, pointing out complex elements that define it, such as sustainability, card and online payment or real-time communication. Generation millenials (Y – born after 1980) are consumers who are difficult to retain, behave differently in terms of consumption, have different types of purchase compared to their parents. For example, according to the studies presented in the workshops, they are impatient, they are informed online, they are influenced by the interaction with brands, approximately 49% give up advertising, considering it irrelevant (eg unsubscribe from the newsletter), and 68% find online advertising annoying.
The world of retail, in a continuous change, imposes new tendencies in order to retain the consumer, as its decisions are largely based on emotional criteria and not rational ones.
Traditionally, the main advantages of online shopping are considered price, time saving and variety in choices. In-store shopping, on the other hand, offers a better face-to-face experience and the opportunity to go home with the product immediately. The main factor that determines the purchase of in-store products is that people can see and test the products before buying them. However, buyers get information online and also buy from physical stores.
In Romania, traditional trade and modern trade have almost equal proportions (54% modern, 46% traditional), while in the entire Eastern Europe region, modern trade has 69%, and traditional trade – 31%, according to data provided by Euromonitor .
Another important point debated was how retailers choose to build a solid relationship with the millennial generation. Interpersonal communication facilitated the application and retail implementation of customized loyalty programs. New specialized solutions for retail, such as the platform SmartCash Fidelity 2.0 , offers merchants creativity in developing and implementing loyalty programs in physical stores.
During the workshops, held at the end of the two-day debates, participants were able to learn practical tips on how to build a business that performs across borders.
As at every edition, the event also had networking areas, but also an exhibition area where demonstrations of retail innovations took place.
Magister Software was represented by Mr. Albert Budica, Business Consultant.
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