Brick-and-mortar retailers often gripe that they are at a competitive disadvantage against online retailers because of their relative inability to map a more complete view of who their customers are and their traffic, browsing and purchasing behavior.
As malls, department stores and other retailers struggle to drive traffic, some players are considering sharing data.
Mall developer Westfield, the owner of 35 shopping centers, is seeking to persuade retailers, brands and even competing malls to share data such as what consumers have just bought to allow partners/rivals to better target potential customers for related sales.
“In order for us to be successful we have to collaborate across different partners and partner with competitors too,” said Lindsey Thomas, who heads marketing at Westfield’s newly rebranded OneMarket unit, formerly known as Westfield Retail Solutions. “Seamless integration is what we are preaching. If you want to get a well-rounded view of consumers, you need to know the ins and outs about the consumer.”
Data sharing isn’t the only mission of this OneMarket network. The idea is also to get the participants to invest in tech initiatives from natural language to AI, with the goal of becoming more competitive with digital leaders and keeping up with consumer expectations.
Read more at: https://retail.emarketer.com/article/collaboration-shore-up-brick-and-mortar-retail/5a0b811aebd4000570c897be?ecid=NL1014