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Future of Retail Performance Monitoring Metrics

Reform value realization and capture metrics.

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  • Omnichannel retail is driving the development of new operating models. Leaders are under tremendous pressure to implement new performance monitoring metrics and capture value as the enterprise develops its channels and enhances customer experiences.
  • Implementing and delivering real-time monitoring is the most challenging responsibility at an enterprise level and requires retailers to monitor rapidly changing consumer demands.
  • Retail CIOs need a comprehensive strategy to formulate and measure value and improve core service metrics.

Our Advice

Critical Insight

As enterprise becomes increasingly integrated, there is an undeniable flow of information linking individuals, channels, communities, and ecosystems. While retail endures to evolve and adapt to changing consumer models, processes, and new technologies, it is more and more critical to develop more relevant metrics to accurately measure the value generated for the retailers across the customer touch point by evolving functional execution.

An omnichannel integrated customer-centric retail business needs to recognize:

  • In what way the customer experience vs channel engagement works to draw customers and convert them to effective sales.
  • Exactly how the advanced customer analytics tools combine customer interactions and transaction data from each touchpoint to know what the customer experienced and, therefore, help understand customer loyalty behavior.
  • Emerging technology that combines dashboards, business activity monitoring, and real-time data infrastructure to track enterprise KPIs with precise performance metrics on a real-time basis.

Impact and Result

  • Identify opportunities across your channels and functions to capitalize on monetizing real-time key customer insights.
  • Realize the effects of new functions and operating models that are being felt on all entities of the physical and digital retail ecosystem.
  • Learn how the best-in-class retailers are now reaping best practice KPI variants to leverage across retail sub-sectors.
  • Visualize the future state of retail performance monitoring metrics for maturity realization with the opportunity to design a list of initiatives to integrate into the IT strategic plan.

Future of Retail Performance Monitoring Metrics Research & Tools

1. The Future of Retail Performance Monitoring Metrics Guide – Use this guide to reform value realization and capture metrics.

Evolving business models reshape value realization and drive the need for advanced capture metrics.

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The Future of Retail Performance Monitoring Metrics

Reform value realization and capture metrics.

Analyst Perspective

Evolving business models reshape value realization and drive the need for advanced capture metrics.

As enterprise becomes increasingly integrated, there is an undeniable flow of information linking individuals, channels, communities, and ecosystems. While retail endures to evolve and adapt to changing consumer models, processes and new technologies, it is more and more critical to develop new, more relevant metrics to accurately measure the value generated for retailers across the customer touchpoint by evolving functional execution.

An omnichannel-integrated customer-centric retail business needs to recognize:

  • The need for customer experience vs channel engagement work to draw customers and convert them to effective sales
  • Exactly how the advanced customer analytics tools combine customer interactions and transaction data from each touchpoint to know what the customer experienced and, therefore help understand customer loyalty behavior.
  • Emerging technology that combines dashboards, business activity monitoring and real-time data infrastructure to track enterprise KPIs with precise performance metrics on a real-time basis.

This is a picture of Rahul Jaiswal, Principal Research Director, Retail at Info-Tech Research Group

Rahul Jaiswal
Principal Research Director, Retail
Info-Tech Research Group

Executive Summary

Your Challenge

  • Unified omnichannel retail is driving the development of new operating models. This places leaders under tremendous pressure to implement new performance-monitoring metrics and capture value as the enterprise develops its channels and enhances customer experiences.
  • Implementing and delivering real-time monitoring is the most challenging responsibility at an enterprise level and requires retailers to monitor rapidly changing consumer demands.
  • Retail CIOs need a comprehensive strategy to formulate and measure value and improve core service metrics.

Common Obstacles

  • Retailers are reluctant to implement and execute the future-state retail performance monitoring metrics for value realization, which is the key to measuring the success of the retail organization's strategy and operations.
  • Most retailers don't know how to begin. They have not taken a structured approach to execute value capture metrics for each channel of line function.
  • The right metrics, KPIs, and monitoring system are integral to the successful ongoing performance of the enterprise

Info-Tech's Approach

  • Identify opportunities across your channels and functions to capitalize on monetizing real-time key customer insights.
  • Realize the effects of new functions and operating models that are being felt on all entities of the physical and digital retail ecosystem.
  • Learn how the best-in-class retailers implement and deliver best practice metrics and KPI variants to leverage across retail sub-sectors.
  • Visualize the future state of retail performance monitoring metrics for maturity realization with the opportunity to design a list of initiatives to integrate into the IT strategic plan.

Info-Tech Insight

Enterprises need to prioritize investment in real-time monitoring platforms and analytics tools that combine dashboards, business activity monitoring, and real-time data infrastructure to track retail KPIs using precise performance metrics on an actual basis for measuring strategic priorities and improving their competitive advantage.

Unified omnichannel in retail is bringing businesses closer to the customer by understanding their needs

Omnichannel

Business

Increased Reach (Customer Ecosystem)
  • Nike's loyalty integration with Dick Sporting Goods allows the retailers to team up with 79 million engaged customers and offer them access to exclusive products, experiences and offers. (Verry, 2021)
  • Amazon Go store leveraged a combination of computer vision, deep learning, and sensor fusion technology to automate the payment at checkout on the Amazon Go app.
  • Narvar's chatbot aids over 400 retailers in streamlining post-purchase shipping. The bot replies to questions about tracking and delivery.
  • Burberry's social store experience is centered around a custom WeChat mini-program to reward shoppers for engaging with the brand online and in-store. The store's computer system identifies the items the customer has viewed online.
Operational Efficiency
Drive Sales and Traffic
Integrate Digital Touchpoints

Customer

Seamless Experience
  • Starbucks Odyssey app, launching in late 2022, is going to be built with blockchain and web3 technology. It aims to offer a new experience and combines the loyalty program with an NFT platform, allowing consumers to redeem and purchase digital assets that reveal exclusive experiences and rewards. (TechCrunch, Sep 2022)
  • Starbucks members, upon completing gaming challenges, redeem NFT collectibles "journey stamps." from virtual espresso martini-making class access to unique merchandise and artist collaborations, or even get a paid NFT offer to a complete travel package to Starbucks Hacienda Alsacia coffee farm in Costa Rica. (TechCrunch, Sep 2022)
  • Statista reports that by 2026, consumers are projected to download 143 billion mobile apps from the Google Play Store, up by almost 30 percent from 111 billion apps downloaded in 2021. (Statista, Annual global mobile app downloads 2021-2026, by store; Published by L. Ceci, Jul 5, 2022)
Across Channels
Improved Engagement

Source: Infotech Research Group Analysis

With customers using numerous channels, digital & physical are being increasingly viewed as one channel, forcing retailers to respond accordingly

Retailer outlook

  • Business concerns
    • Unified omnichannel management across the organization and marketplaces
    • In-store picking
    • 360-degree view of customers. Integrated pick-up.
    • Customer support and personalization for customer retention
    • Omnichannel principles for loyalty management and execution
    • Omnichannel Returns
    • Integrated re-stocking and inventory optimization
  • Technology concerns
    • Cohesive product information and order management systems
    • Integrated distributed order management systems and real-time inventory
    • Cohesive enterprise order, supplier management system
    • Unified and context-aware CRM systems
    • Dynamic pricing/ promotion management systems
    • Auto replenishment and fulfillment systems

This is an image of the Customer outlook, categorizing concerns into Digital Channel, and Physical Channel. The concerns are as follows: Digital Channel Concerns: 2. Search Online (search engine optimization); 3. Place an order online(consumer website); 4. Select the preferred location at check-out; 6. Get AR-based care at home (contact center); 8. Choose a preferred store to return and generate QR code; 9. Receive personalized offers(push notifications). Physical Channel: 1. Search in store; 5. Collect items in store/locker(BOPIS, BOPAC, BOPIL); 7. Customer helpdesk support; 10. Receive a refund in store (returns management); 11. Scan new offers using QR, AR/VR (gamification)

Source: Infotech Research Group Analysis

Future of Retail Performance Monitoring Metrics preview picture

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Author

Rahul Jaiswal

Search Code: 100251
Last Revised: December 19, 2022

TAGS:

Retail, Strategy, Performance Monitoring, value Realization, Retail Metrics, Retail KPIs, Capture Metrics, Retail Performance Monitoring Metrics, IT Strategic Plan, eCommerce, Reference Architecture, Retail Reference Architecture, IT Strategy Blueprint, Customer Experience, Change Management, Omnichannel, Advanced Capture Metrics, Integrated Retail, Real-Time Monitoring, Service Metrics, Monitoring Systems, Digital, Physical, Channel, Multi-Channel, Web-Centric, Traditional Commerce, Customer Centric, Cross Channel Visibility, Customer Engagement, Single Customer View, 360-Degree View, EBIT, ROI, NPS, Sales, Margin, Predictive Customer Scores, Customer Acquisition Cost, Customer Lifetime Value, First Response Time, Quality of Customer Support, Service Levels, Referral Rate Tracking, Net Promoter Score, Customer Loyalty, Bounce Rate, Customer Retention Rate, Customer Satisfaction Rating, Return on Invested Capital, ROIC, Return on Marketing Investment, ROMI, Measuring Channel Performance, Regional Comp Sales Growth, COGS, Customer Sentiment Analysis, Social Listening Stats, Real-Time Customer Advocacy, Customer Effort Score, Cart Abandonment, Click Through Rate, Retargeting, New vs Returning Customers, Page Conversion Rate, Site Traffic, Avg Time Spent, GMROF, GMROI, Marketing, Merchandising, Supply Chain, Store Operations, Partner Management, Information Technology, KPI Variants, Customer Segmentation, Next Best Action, NBA, Next Best Offer, NBO, Survey Analytics, Video Analytics, Social Media Analytics, Reach & Impressions, Geo-Fencing, Instore Traffic, Non-Intrusive Footfall, Audio-Visual Quality, Mobile Engagement, Mobile Conversion Rate, Shopper Dwell Time, Contextual Offers, Loyalty Analytics, Churn Rate, Retention Rate, Market Basket Analytics, Return on Investment, Product Affinity, Media Mix Analytics, Return on Advertising Spent, UX Affinity Mapping, Shelf Space Optimization, Predictive Analytics, Campaign Management, Conversion Rate by Channel, Return on Marketing, Insights, Personalizing Customer Experiences, Omnichannel Experiences, Consumer Products, Analytics as a Service, AaaS, Revenue, Performance Driven Enterprise, Measure, Data Analytics.
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