The term 'Deep Retail' isn't new but it does appear to be having something of a resurgence.  With the pandemic's effects in the UK starting to show positive signs of genuine improvement, demonstrated ably today by many non-essential Retailers re-opening their doors, the prefix 're-' seems pertinent to many retail activities.

Dictionary.com defines 're-' as "a prefix, occurring originally in loanwords from Latin, used with the meaning “again” or “again and again” to indicate repetition".  Retail's re-opening, re-boot, re-launch, re-ignition, re-engagement, re-emergence - however one wishes to term it, the sector is having to undergo change coupled with well-established operational practices by taking huge, all-but blind steps of faith, not knowing how customers will react to once again being able to take to the high streets.  The anxious, uncertain challenges are massive but, I would argue, so are the opportunities for those Retailers willing to adopt a Deep Retail approach to understanding customers and their past vs. future behaviours.

Let's throw in another 're-' word: Renaissance.

KPMG's Retail Trends report was published in early 2019 as a forward-looking analysis of the likely potential of certain identified course shifts in the industry.  The organisation highlighted Deep Retail as a key trend with the propensity to lead to Hyperpersonalisation.  As the report states, this is "the use of behavioural and realtime data to create highly contextual products, services and communications relevant to a specific individual in a particular situation".  As I discussed in last week's article about the importance of Customer Segmentation, so both Deep Retail and Hyperpersonalisation rely profoundly upon data, the use of Analytics to transform it into information and thereafter, the confluence of business and technology to surface that information in an insightful way through business value-led presentation layers.  Fundamental shifts in consumer purchasing patterns and habits will require flexibility and agility by Retailers as they grapple with whatever emerges as the New World and my advice:

Don't see technology in isolation as the answer - ensure that it underpins your business-focused tactics and ultimate strategy but don't forget that it is only an enabler; use the collated data to better understand your customers but leverage Analytics to provide the best options for the business insight and outcomes needed to survive and grow.

Today, June 15 2020, is re-opening/re-boot/re-launch day - use it as an opportunity for a Retail renaissance.