Markus Braun (Wirecard), William Kim (AllSaints), Johannes Steegmann (REWE Digital) and Liz Bacelar (TheCurrent) were discussing the importance of customer data in retail.
• Bacelar: We should keep in mind that retail businesses are not just moving from analogue to digital, but the other way round as well (86% of consumers move between these two shopping models)
• The future model of retail business is customer data: addressing their needs and shopping habits (e.g. REWE provides recipes online)
• In food retail business consumer loyalty is key - existing customers are actually more important than new ones
• Kim: The world is changing so fast, we need to set business goals annually - "At AllSaints, we get everything done in 100 days"
• Looking into the future, Steegmann does not feel threatened by Amazon because online channels have helped REWE maintain their relationship with their customers: "Customers will still go to the supermarket in the future"