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As follow-up to the workshop session on "Real-time Retail: It's What Customers Demand” moderated by Ken Morris, principal at Boston Retail Partners, we summized topics discussed during this session. Whether you had the opportunity to attend this session, or not, I think will find the recap document to be insightful with interesting opportunities and perspectives of real-time retail. This workshop recap encapsulating the ideas and comments that retail industry leaders debated and discussed in this session, including: - Real-time Retail - Personalized Selling - Interactive CRM - Monitor & React - Task Management - Nimble Execution
Citation preview
Real-time Retail: It’s What Customers Demand
Omnichannel Retail Executive Forum Workshop Recap
July 16, 2014
©2014 Boston Retail Partners. All rights reserved
Table of Contents The Evolution of Retail Technology 3 Why Real-time Retail? 4 Industry Trends 5 Real-time Retail Platform 6 Real-time Retail Enablers 7 Workshop: Real-time Retail Opportunities:
Sales – Personalized Selling 8 Sales – Virtual Closet & Clienteling 9 Marketing – Interactive CRM 10 Marketing – Events 11 Operations – Monitor & React 12 Operations – Task Management 13 Merchandising – Nimble Execution 14 Finance – Loss Prevention 15 Supply Chain – Order Management 16
Wrap-Up 17 About BRP 18
Boston Retail Partners conducted the Real-time Retail: It’s What Customers Demand workshop at the RetailConnections Omnichannel Retail Executive Forum in New York on July 16, 2014. The workshop brought together more than 25 retailers for a discussion on real-time retail. This document is a recap of the workshop discussions.
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©2014 Boston Retail Partners. All rights reserved
The Evolution of Retail Technology How did we get here?
The evolution of retail technology has taken more than 100 years and
evolved to where we are today because of a lack of technology 45
years ago! Networks were not evolved – they were unreliable,
slow and expensive – so a decentralized store technology
model was created. Networks can now support a centralized model to
enable real-time retail and personalize the customer
experience.
Banking in the 90s transformed itself
through networks – ATMs were born. Now it is the retail industry’s turn…
advanced networks will completely transform retail as we know it!
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Evolving networks
©2014 Boston Retail Partners. All rights reserved
Why Real-time Retail?
Today, the customer is the new focus in the retail systems universe. We need to focus on my daughter, not my mother... always
online, active on social media, and has an app for everything.
We should be selling to the next generation of customers with new technology and not
be handicapped by the past.
The Customer is the Center of the Universe
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©2014 Boston Retail Partners. All rights reserved
Industry Trends
28%$
16%$
3%$
62%$
63%$
72%$
0%$ 20%$ 40%$ 60%$ 80%$ 100%$
Use$Mobile$Marke6ng$
Have$Real<6me$Retail$from$POS$
Iden6fy$Customers$Walking$in$Store$
Today$ Plan$in$5$Yrs$
Within 5 years, 75% of retailers plan to identify customers when they
walk in the store.
Know your customer: The Personalized Shopping
Experience
5
©2014 Boston Retail Partners. All rights reserved
Real-Time Retail Platform
Most retailers have begun the process of integrating
the components needed to enable customers to find the product they want instantly. And retailers can deliver it in
a seamless, safe and integrated solution… leveraging real-time
analytics… leveraging a real-time rules engine.
Real-time Retail Makes it Possible
6
©2014 Boston Retail Partners. All rights reserved
Real-Time Retail Enablers
Technology Enables Access to Customer Data
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DRAFT
Today’s technology enables retailers to access
data like never before. Providing them unique knowledge about each
customer, and their shopping trends.
©2014 Boston Retail Partners. All rights reserved
Sales – Personalized Selling
Opportunities
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Pairing the best associate with
customers coming through
the door
Matching employees to
customers based on fit
and specialty
“Create personas, or example users, as tools to represent the needs, desires, skills and environment of one or more classes of real users.”
It’s about context. Not just knowing your customer, but knowing
where they are and what they are doing in real-time and how that impacts the retailer or
the sale.
©2014 Boston Retail Partners. All rights reserved
Sales – Virtual Closet & Clienteling
Opportunities
9
“A Virtual Closet is a deconstructed online view of EVERYTHING you own.”
“Retailers are anticipating when a customer’s baby is ready for the next size of
diapers, and ready for formula.” Customer
intimacy and real-time is the key to the future.
©2014 Boston Retail Partners. All rights reserved
Marketing – Interactive CRM
Opportunities
10
“…the identification of the real-world geographic location of an object, such as a mobile phone, tablet or an Internet-connected computer terminal.”
Real-time data gives us visibility to cross channel
behaviors Real-time
analytics are becoming essential
Real-time promotions triggered by customers’
proximity to store
Geo-location
©2014 Boston Retail Partners. All rights reserved
Marketing – Events
Opportunities
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Dynamic promotions driven by events
(weather, holidays, natural disasters, etc.)
©2014 Boston Retail Partners. All rights reserved
Operations – Monitor & React
Opportunities
12
Sensing what is happening, and
reacting in real-time
Sale $$
Adjusting product availability and
variable prices at the best possible time for increased sales
to the right customer
©2014 Boston Retail Partners. All rights reserved
Operations – Task Management
Opportunities
13
A one-day sale at a department store is more than just one-day. There are many key tasks with
dependencies
Utilizing big data, we can simplify today’s complex chain by
creating a one store view to see the entire enterprise all at once (what was previously
invisible)
We need to automate our workforce
management in real-time, so we can see the right levels as variables fluctuate
Automated workflow of
store exceptions
©2014 Boston Retail Partners. All rights reserved
Merchandising – Nimble Execution
Opportunities
14
Real-time inventory coupled with geo-location:
Know when your customer is on the way, and have their product picked and ready
Compelling customers to compete against
themselves or others for points and rewards
Today, we markdown all items at once, but with
real-time merchandising, we can trigger rules at a
much more granular level (store, size or color
break)
©2014 Boston Retail Partners. All rights reserved
Finance – Loss Prevention
Opportunities
15
Real-time video surveillance &
big data analytics
Catch theft as it happens!
Monitoring perpetual inventory
©2014 Boston Retail Partners. All rights reserved
Supply Chain – Order Management
Opportunities
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With real-time demand sensing, you can get the
right product to the right place at the
right time!
Cross-channel availability using real-time visibility
Omni-channel availability made
possible by automated routing
©2014 Boston Retail Partners. All rights reserved
Wrap-up
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Real-time retail changes everything and puts the customer at the center of the universe, which means retailers need to sell to the next generation of customers, not just today’s customer. We are at a strategic inflection point where the network is taking center stage. The network enables an integrated world where consumers drive self-checkout on their smart phone, interact with their friends in real-time on purchase decisions and receive discounts and personalized pricing as they are shopping to create a cohesive customer experience. Your brand is unique and your customer experience should be tailored to your brand and the needs of your customer.
©2014 Boston Retail Partners. All rights reserved
About BRP
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§ Retail experts with retail backgrounds
§ Built with unique professional profile u Managed by industry-recognized leaders u Recruit experienced retail professionals with process, technology
and operations skills u Recognized expertise in all facets of strategy, selection and
deployment of Customer Engagement/Point of Sale, Unified Commerce, CRM/Loyalty, Order Management, Merchandising and Supply Chain solutions
§ Trusted advisors of acknowledged industry leaders
" No exclusive partnerships or alliances with software or hardware
providers
Ken Morris Principal Boston Retail Partners 617.880.9355 kmorris@bostonretailpartners.com www.bostonretailpartners.com
u Chanel u TJ Maxx u Family Dollar
u ABC Fine Wine & Spirits u Sports Authority u Coach
u Tire & Battery Corp u Brooks Brothers u Michaels Stores
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