Everyone knows that the retail industry is being forced to face unprecedented change head-on and is evolving at a rate so fast that it’s nearly impossible to keep up.
Technological advances – from mobile shopping to virtual fitting rooms – and radically changing consumer behaviors have combined to create both serious challenges and serious opportunities.
So while technology is vital for driving growth and customer engagement, one of the greatest challenges for retailers has been to determine how to meaningfully integrate technology into their brick and mortar stores to maintain their relevance and create unique in-store experiences for their customers.
In this new landscape, many retailers have fallen behind, while others have seen success by experimenting with new business models, operations, and store management, as well as capitalizing on new technologies.
The retailers that have seen the most success in 2014 are those that have been using customer data to bridge the divide between in-store and online shopping and to develop a better understanding of their customers’ wants and needs in order to serve them more efficiently and effectively.
So as the year comes to a close, it’s once again time to share the list of the top 25 North American retail brands of 2014 ranked by their brand value, as published by Retail Info Systems News.
Top 25 Retail Brands of 2014
- The Home Depot
- Sam’s Club
- Dollar General
- Victoria’s Secret
- Tiffany & Co.
- Best Buy
- Whole Foods
- Bed Bath & Beyond
Moving forward, the key to success for retailers will be to focus on understanding who their customers are, what their customers’ needs and expectations are, and the ways they can best address those needs.
And as the retail industry finds itself in the wild west of development and change, savvy retailers will continue to turn to customer analytics to provide them with the customer insights responsible for streamlining operations, enhancing productivity, refining merchandising strategies and customizing marketing initiatives.
So, as you finish your 2015 brand planning, talk to us about how customer analytic strategies can play a key role in driving your growth in today’s environment.