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Digital Transformation in Retail

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Find out what retail CEOs are doing in order to stay relevant and prevent their business from being disrupted.

Publié dans : Commerce de détail, Technologie

Digital Transformation in Retail

  1. 1. CEOs are startled by the rising expectations of a digital customer. Here is what they expect http://visual.ly/could-new-technology-be-saving-retail-industry http://www.bidnessetc.com/business/big-data-analytics-revolutionizing-the-way-retailers-think/ http://www.businessinsider.com/nordstroms-pinterest-in-stores-plan-2013-11 http://newsroom.cisco.com/release/1200551/Self-Service-Shopping-Grows-in-Popularity-According-to-Cisco-Study http://www.dr4ward.com/dr4ward/2014/02/how-do-social-media-influence-consumers-purchasing-decisions-infographic.html http://venturebeat.com/2014/01/15/ibeacon-retailers/ http://www.bidnessetc.com/business/big-data-analytics-revolutionizing-the-way-retailers-think/ http://iphone.appstorm.net/roundups/lifestyle-roundups/15-retail-restaurant-apps-that-are-actually-useful/ http://multichannelmerchant.com/ecommerce/case-study-ibm-helps-lindt-personalization-23012014/ http://digiday.com/brands/15-retail-stats/ http://digiday.com/brands/13-alarming-stats-about-retail-in-digital/ http://newsroom.cisco.com/release/1200551/Self-Service-Shopping-Grows-in-Popularity-According-to-Cisco-Study http://www.forbes.com/sites/barbarathau/2014/01/24/why-the-smart-use-of-big-data-will-transform-the-retail-industry/ http://blog.mojn.com/ecommerce-personalization-stats/ http://visual.ly/could-new-technology-be-saving-retail-industry http://iphone.appstorm.net/roundups/lifestyle-roundups/15-retail-restaurant-apps-that-are-actually-useful/ http://blogs.sap.com/innovation/cloud-computing/cloud-computing-and-fashion-giant-zara-029092 http://blog.fusioncharts.com/2013/10/9-ways-we-use-predictive-analytics-without-even-knowing-it-predictive-analytics-part-6/ http://www.forbes.com/sites/barbarathau/2014/01/24/why-the-smart-use-of-big-data-will-transform-the-retail-industry/ http://iphone.appstorm.net/roundups/lifestyle-roundups/15-retail-restaurant-apps-that-are-actually-useful/ http://blogs.sap.com/innovation/cloud-computing/cloud-computing-and-fashion-giant-zara-029092 http://blog.fusioncharts.com/2013/10/9-ways-we-use-predictive-analytics-without-even-knowing-it-predictive-analytics-part-6/ http://www.gxs.com/resources/webinars/how-tesco-uses-the-cloud-to-work-with-its-suppliers http://www.cnet.com/news/target-picks-microsofts-virtualization-software/ http://www.amadeus.com/msite/collaboration2020/index.html http://www.amadeus.com/msite/collaboration2020/index.html Companies combining the 3 pieces together just the right way Macy's has improved customer engagement by using Apple's iBeacon technology to send promotions and deal alerts in-store via the mobile application. 80% of consumers said they would use retailer apps more often while shopping in a store if those apps delivered sales and promotion alerts 61%Burberry has achieved a digital transformation by using in-store digital experiences to drive 17% growth. Burberry's flagship store is integrated with high-level engaging technology such as virtual mirrors and digital signage. global consumers are willing to shop in an omni-channel, self-service, completely automated store 78% Nordstrom changed their customer engagement strategy by using social media to build customer engagement. They have increased to 4.5 million hits on their Pinterest page daily. This has helped them with inventory management and has given the sales associates the ability to feature the top pinned products . Consumers feel that companies social media posts impacts their purchasing 70%Walgreens has adopted a "mobile first" approach to attract more customers. The app features personalized deals and promotions, a medication tracker, a store locator, rewards points which can be redeemed either in-store or online. Smartphone shoppers use a store locator on their phone to plan their shopping trip. 75%Lindt has digitalized their service by using a cloud-based e-commerce site to launch campaigns and promotions that promote highly-targeted offerings. They have successfully doubled their conversions and tripled their revenue. Consumers like it when brands personalize messaging and offers 49%Vera Bradley has transformed customer relationships by using their data to understand the expectations through digital marketing strategy that is more segmented and personalized. Consumers are comfortable with providing personal information when shopping in exchange for more personalized recommendations and customer service. CEOs are responding with 3 power moves Customer Experience Digitizing Operations Business Transformation Companies are changing the way they run their businesses by embracing new technology. They are currently transitioning from physical to digital products and expanding into new geographies. Companies realize the value of their customer's personal data across all touch points, which earns them customer loyalty as well as gaining them more business from their existing client base. This is done through a predictive analytics approach and knowledge acquired from social outlets. Companies are moving towards building digital products by bringing agility in platform building and digitizing the process to easily roll out new ideas, innovation and new features to market. Connecting data and cloud to navigate the transformation MOBILE FIRST CHANNEL ENGAGEMENT SCALE WITH THE CLOUD Design Apps to personalize the travel experience across multiple points of the journey. Merge customer data from all sources to build a comprehensive view of every customer. Use predictive analytics to understand customer behavior and create highly targeted offers and personalized service. Support your digital programs by building enterprise class applications and scalable infrastructure with the cloud. PERSONALIZATION SINGLE VIEW OF CUSTOMER 1 3 4 52 “I don’t want to wait in a queue”. Digital carts that automatically scan the products keeps the customers from waiting in long lines, saving them time and inconvenience. “I want to see the most frequently pinned products”. The integration of social media both in-store and on mobile enables the customer to browse reviews on the products they wish to purchase. “I want you to recommend products based on my last purchase”. Personalized guides and recommendations saves customers time and accelerates decision making. “I want to redeem rewards points from my mobile app”. Mobile applications are the biggest trend in the retail industry. Apps are used to redeem rewards, compare products, find store locations, and check the availability of products. “I want to see information of products around me”. Interactive Touch Points give product information and details in real time to customers, allowing them to make more informed decisions. RESOURCES Companies who are struggling, are getting stuck with Mobile app and big data analytics are not a focus Lack of Social Presence Old technology and platforms Companies that are not using mobile applications and analytics as their marketing strategy are missing out on new customer opportunities. Companies that are not using social media are missing out on a chance to know their customers better. Companies that are still using old technology may miss an opportunity that could have led to a winning streak. They may also find it difficult to roll out new features and innovation to market. The cloud is the pipeline 01 0302 04 05 Tesco, the third-largest global retailer, is using private cloud services to enable improved purchasing practices. As a result, Tesco has reduced the time needed to set-up and approve new suppliers by 66%. Zara has been able to fulfill customer preferences effectively by using cloud technology. Store managers are able to connect in real-time with marketing specialists and provide data on the type of products the customers are viewing; the information is then sent to the designers and in no time the product is ready for shipment. Whether provisioning new machines or deploying apps across devices, the cloud makes it easy to build highly available, infinitely scalable apps and APIs. Target has been able to roll out 15000 virtual machines using the cloud technology across the country. This has helped them manage inventory, point-of-sale and supply chain management. Compute The ability to manage high output, low-latency data on the cloud helps to scale predictive analytics and leverage machine learning. Analytics The cloud helps in creating Event Notification Hubs to ingest, process, and orchestrate notifications to scale. Web Scale Virtual Machines and Load Balancing capabilities help companies automate and stay agile Agile Infrastructure Encode, stream and store rich media and deliver them across millions of end points Media Storage and delivery What’s Keeping CEOs of Retail Companies Awake At Night? Amazon’s recommendation engine is one of the best cases of predictive analytics. Based on customer’s past browsing pattern, preferences and behavior the recommendation engine does an analysis to provide personalized offerings . Data is the new “Oil” in the retail industry Kohl’s uses customer data analytics to track their customers. They are testing personalized offers in five different stores . For instance, customers receive coupons in- store for products they browsed online but never bought however, they are likely to respond to offers in store. Walmart is driving 1B in sales through data science. They have mastered the art of applying data mining and analytics to customer data across online channels to clearly understand their customers preferences. STORES CRM & TRANSACTIO N AL DEMAND INVENTORY SOCIAL MEDIA M AR KETING CAMPAIGNS PRODUCT WEB CLICKSTREA M SUPPLYCHAIN & FULFILLMENT LOW MEDIUM VELOCITY VARIETY VOLUM E HIGH HOW ARE CEOs NAVIGATING THIS DIGITAL TRANSFORMATION? PROBLEMS CEOs ARE FACING TO NAVIGATE DIGITAL TRANSFORMATION