At IRCE this week Gregg Throgmartin, Fabletics President and General Manager, flipped the retail script and pointed to stores as the secret to the brand’s explosive Ecommerce growth. Fabletics is actively using their 18 and growing store footprint to change the digital store front of their website.
It’s a strategy that Throgmartin is calling “Brick Mining,” taking the contextual data from the store and what is happening in the store. It’s an idea that traditional brick and mortar retailers should embrace. Stores are filled with highly valuable data that can be used to measure the temperature of your consumers and trending patterns operating just like little weather stations for your retail operation.
Not only are sales a rich source of data, but the connection that Fabletics customers have with those stores drives greater revenue as well. In markets where they operate stores, sales are higher, a fact that flies in the face of the current trend of closing stores.
Leveraging this highly valuable and contextual data from the stores is easier said than done, Throgmartin pointed out there is a significant chasm for retailers especial those that are not digitally native like Fabletics is. The chasm may not be as large as Throgmartin thinks though: while traditional retailers might struggle with the machinery to monetize their contextual data, they have a far larger surface area of stores to mine in.
If you’re interested in learning how Radius8 can help you start “Brick Mining” data from the physical stores that you have, reach out to me or a member of the Radius8 team and we will schedule a demo to show you just how powerful the data in your stores really is!