Social media platforms may be able to provide retailers with further insight into consumer demands, said Joel Teitelbaum, chief executive of the iStore electronics chain, at a recent Retail Council of Canada panel.
At the event, which centred on strategies for adapting to modern sales trends, Teitelbaum emphasized the importance of social media marketing in measuring consumer demand and assessing product trends. He also discussed the use of artificial intelligence technologies, such as image recognition, to help retailers further determine the preferences of their customers.
“When we are too vendor-driven we often miss out on those opportunities,” added Teitelbaum. “The vendor may have their own agenda, their own particular set of circumstances that was causing them to develop certain products or push a certain product onto retail customers … It is about shifting that risk back into the supply chain, which helps you have a better view of what customers really want.” CJ