Just a few years ago, the media painted a bleak picture of the future of Britain’s department store given the rise in popularity of online shopping.

While the landscape of department stores has certainly shifted, the prediction of their demise couldn’t have been more inaccurate. In fact, the current department store experience is perhaps the most exciting it’s been for shoppers in a long time. 

2015 is shaping up to be an interesting year in the world of retail. One of the most exciting developments is the launch of the very first Retail Design Expo. On the 10th and 11th of March, thousands of people from across the retail industry will descend on Olympia in London for this highly anticipated retail design exhibition.

There is little doubt that the rise of online shopping has changed the retail industry. In order to stay competitive within the constantly evolving marketplace that is modern-day retail, high street stores are almost having to reinvent themselves in many ways. New merchandising solutions are being brought in on a constant basis to keep the high street fresh, alive and competitive.

Over the last few years the retail industry has evolved rapidly, with advances in technology ensuring the marketplace is a very different thing to that of days gone by. The global domination of the internet has undoubtedly played a major role in this evolution. Online shopping now accounts for a substantial percentage of retail profits, with research revealing that consumers in the United Kingdom are due to spend in excess of 100 billion pounds online in 2014. The number of people who purchase goods on the internet has more than doubled over the past decade, with this figure no doubt boosted in recent times by the creation of smart technology. Because of smartphones and tablets, the internet can now be accessed anywhere at any time. This has led to the birth of the omni-channel retail marketplace.

Effective retail merchandising and the adoption of perceptive commercial marketing strategies are becoming ever-more important in today’s fiercely competitive retail environment. With so many brands and retailers competing for custom across the multi-channel commercial platform that defines modern day retailing, directors and planners are increasingly reliant upon the provision of accurate data and analytics to ascertain the true effectiveness of their current retail marketing charter. However, it is how that final data is actually used and implemented into the overall business plan that will determine its true effectiveness in the long term.

In today’s technologically advanced world, information is king. Not only is there perhaps a greater amount of information available than at any time previously, but the actual quality and accuracy of that data is incredibly consistent. In terms of the retail sector, big data is utilised mainly in the planning and subsequent implementation of promotions, campaigns and the distribution of new product lines. Retail software is used to report on exactly what is selling at any given time and to forecast what the next trends will be during the new season. While it is, of course, highly advantageous to have this kind of data to hand in today’s ultra-competitive multi-channel retail environment, it seems that many retailers may be missing out on an equally important reporting mechanism – InSite.