The interview of Retail Innovations team with Ronny Max, a prominent American expert in retail analytics.
Miami / Bratislava
On April 12th, 2018, the exclusive Radisson Blu Carlton Hotel in Bratislava will become a place to meet retail professionals and all those who love retail. Get ready for inspirational performances of leading retail personalities from USA, Holand, Czech Republic and Slovakia.
The key speaker of the this year conference is the guru of customer behavior analytics – Ronny Max. The biggest players in the industry are coming to her for the advice. She was at the birth of a new branch of retail analytics. Ronny Max is the founder of Behavior Analytics Academy and director of Silicon Waves.
Silicon Waves and Ronny Max personally collaborated with more than 150 retailers, solution providers, and other commercial entities. Thanks to her strategic consulting, training course and expertise in monitoring and analyzing customer behavior, her clients have achieved significant revenue growth.
We bring you a brief interview as a trailer for the Retail Innovations Conference II:
Main topic of Retail Innovations conference is “remodelling”, the reconstruction and redesign of store to a new level. This process is very popular in Slovakia these days, the retailers expect from it a rescue from decrease in revenues and performance. Is this similar in US?
Ronny Max: There is a difference between creating “concept stores” and “remodeling”. We see a wide variety of ideas, technology, and stores. In general, the merger of online and offline retail has three core segments:
1. Traditional Retailers who have made steps to “digitalize” their stores.
2. Digital Brands who have opened a “physical footprint”.
3. Specialty Stores who have mastered their niche markets.
Since retailers have different versions of “remodeling” and history, they also have a diverse return on investment.
How would you describe the ideal process of retail shop remodelling?
Ronny Max: The ideal process for “remodeling” starts with knowing the customers. Shari Rossow, VP Operations of Best Buy, says that only 16% of retailers have a map of the customer’s journey. Stores should reflect the brand identity.
We understand that remodelling is meaningful, but must be based on data, clear strategy and must be cost efficient. What in your opinion is most neglected by retailers?
Ronny Max: Too many retailers start with technology and fixed ideas of “what works”. The question should be “what works for MY customers?”
As Jeff Bezos, CEO of Amazon, says- “I frequently get the question of ‘what’s going to change in the next 10 years?’ I almost never get the questions ‘what’s NOT going to change in the next 10 years?’ That second question is the more important of the two.”
In our region, we see that remodelling usually starts and ends with replacement of furtniture, new signage and colors, why do you think this is so?
Ronny Max: The challenge comes from seeing the “tactics” without the “strategy”.
One example is why Islands layout is better than Aisle floor plan for supermarkets. Benjamin Moore concept store is a success story because they first learned what customers want and need. This is why “remodeled” stores doubled their revenue.
Please tell us, what do you plan to present at the Retail innovations conference, what can our participants expect?
Ronny Max: In 2018, the #1 priority for retailers is personalization in physical stores. The five elements of Behavior Analytics – People, Engage, Abandon, Convert & External – provide the process to design, analyze, and optimize physical stores.
Thank you and we look forward to your performance on April 12th, 2018 at the Radisson Blu Carlton Hotel in Bratislava.
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