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Retail Week and The Smart Cube form strategic partnership to help UK retailers leverage analytics to adapt to the changing sector landscape
LONDON – 10 June 2020: The Smart Cube, a global provider of strategic research and analytics solutions, has formed a new partnership with RWRC by Ascential – the home of Retail Week and World Retail Congress – to help UK retailers better leverage data and analytics to adapt to the rapidly evolving retail landscape.
The partnership brings together RWRC’s long heritage in retail, strong industry connections and unparalleled sector understanding, and The Smart Cube’s decades of experience in providing analytics and research solutions to retailers, ranging from leading high street fashion and grocery businesses to e-commerce startups.
New report addresses retail challenges during the COVID-19 crisis
The first initiative launched under the partnership brings timely, relevant insights and thought leadership to the UK retail sector, during this period of extreme disruption.
The Coronavirus Consumer Pulse monitor pulls together data from a multitude of sources to better understand consumer behaviour and sentiment, track how that is changing alongside government actions, and establish the businesses that are emerging online as winners during the crisis.
Key insights for UK retailers today
Retail Week and The Smart Cube have combined their machine learning and sector expertise to analyse online search trends, website traffic, app downloads and use, social media posts, physical mobility data and government actions to paint a picture of the current retail environment – and explore what it might mean for the future of the sector.
The report will be refreshed bi-weekly, to provide UK retailers with up-to-date data and intelligence to inform their strategies. Future editions will offer early indication of what trends could emerge in the weeks and months ahead as the UK gradually moves out of lockdown.
A new benchmark for UK retailers
A second initiative in the pipeline is a composite UK retail benchmark focused on customer centricity, for which RWRC and The Smart Cube identified a gap in the market. Having validated the concept with market leaders, the organisations are working together to develop CX360, a multi-channel customer experience benchmark, which goes beyond current indicators that are primarily either digital or physical.
CX360 will comprise a new set of performance KPIs to measure a retailer’s customer centricity in the multi-channel world, covering their digital engagement prowess, multichannel capabilities and the overall shopping experience, providing a holistic view of performance. It is expected to be launched in Autumn 2020.
Rachit Khare, VP, Analytics & Data Science, The Smart Cube, commented: “Amid the coronavirus crisis, it has arguably never been more important, nor more difficult, for retailers to understand their customers. By combining The Smart Cube’s analytics expertise with Retail Week’s sector knowledge, we are providing timely, actionable intelligence to help UK businesses navigate this turbulent time and adapt their strategies.”
Luke Tugby, editor of Retail Week, added: “As retailers grapple to understand evolving consumer trends, Retail Week’s new partnership with analytics specialist The Smart Cube, aims to answer the most pertinent questions, and provide insights into the future shape and state of commerce in the UK.”
Notes to editors
The two Coronavirus Consumer Pulse monitor reports published to date can be accessed here:
About RWRC by Ascential
RWRC is the home of Retail Week and World Retail Congress. For three decades, we have helped the leaders of some of the world’s most famous retail businesses to shape their strategy.
We have created the ecosystem in which retail’s great insights, great ideas and great personalities are brought together to navigate digital transformation and make the industry stronger.
Senior retail and brand leaders rely on us for:
- Accurate analysis of the current landscape
- Data-driven trend analysis, guidance and market forecasts
- Access to our unique network of peers, suppliers and partners
Tens of thousands of retailers and brands interact with our content every single day, with strong C-Suite coverage of the top 100 UK retailers, as well as the top 250 global retailers.