Retail's Reset Moment

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Information about Retail's Reset Moment
Education

Published on March 12, 2014

Author: spscommerce

Source: slideshare.net

Description

Everyone's talking about omnichannel. Retailers and suppliers must now create a consistent brand experience across every shopping channel, whether in-store or online. Learn more about the omnichannel era by exploring this e-book.

1 RETAIL’S RESET MOMENT PREPARING FOR THE OMNICHANNEL ERA INFINITE RETAIL POWERTM

I N F I N I T E R E TA I L P O W E R ™ Everyone’s Talking About Omnichannel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Consumers’ Expectations Are Driving Radical Changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 The Digital Consumer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Shopping Behavior Has Changed Forever. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Your Consumers Are Calling The Shots. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 The Omnichannel Phenomenon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 You Can’t Ignore This Massive Impact On Your Bottom Line. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 The Solution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Sourcing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Item Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Analytics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Are You Ready?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 TABLE OF CONTENTS This e-book is published by SPS Commerce, a leader in enterprise retail cloud services. Find more resources at www.spscommerce.com @sps_commerce

I N F I N I T E R E TA I L P O W E R ™ RETAILERS AND SUPPLIERS MUST NOW CREATE A CONSISTENT BRAND EXPERIENCE ACROSS EVERY SHOPPING CHANNEL, WHETHER IN-STORE OR ONLINE EVERYONE’S TALKING ABOUT OMNICHANNEL 2. Retail’s Reset Moment

I N F I N I T E R E TA I L P O W E R ™ 3. Retail’s Reset Moment CONSUMERS’ EXPECTATIONS A R E D R I V I N G R A D I C A L C H A N G E S TRADING PARTNERS MUST BE MORE EFFICIENT COMPETITIVE KNOWLEDGEABLE ABOUT THEIR CUSTOMERS TO WIN A NEW BREED OF SHOPPER.

I N F I N I T E R E TA I L P O W E R ™ 4. Retail’s Reset Moment >> Equipped with knowledge about competitors, pricing and products >> Expects immediate access to limitless options >> Demands speed and accuracy >> Armed with the tools to buy anytime, anywhere THE DIGITAL CONSUMER

I N F I N I T E R E TA I L P O W E R ™ 1. RSR Retail Insight Report: The Impact of Omni-Channel Trends for 2014 and Beyond, October 2013. 2. IDC Retail Insights, “Business Strategy: At Hand Versus In Hand,” November 2012. 3. Vision Critical, “From Social to Sale,” July 2013. M O B I L E : P O W E R I N T H E I R H A N D S >> Retailers and suppliers predict that > 10% of sales will come from mobile in 20141 >> By 2017, 78MM shoppers will see and touch product in store, then search for better deals via mobile2 S O C I A L M E D I A: S E E K I N G D E A L S A N D I N F O >> Two-thirds of Facebook users like brand pages to receive offers3 >> Social drives online AND in-store purchases — at equal rates SHOPPING BEHAVIOR H A S C H A N G E D F O R E V E R 5. Retail’s Reset Moment

I N F I N I T E R E TA I L P O W E R ™ 6. Retail’s Reset Moment YOUR CONSUMERS A R E C A L L I N G T H E S H O T S THEYEXPECT IMMEDIATE AVAILABILITY 85% THEYEXPECT IMMEDIATE SHIPPING 85% THEYEXPECT COMPETITIVE PRICING 82% 65%THEYEXPECT MORE PRODUCTVARIETY 60%THEYEXPECTTO BUYONLINE AND RETURN IN-STORE

I N F I N I T E R E TA I L P O W E R ™ 7. Retail’s Reset Moment Consumers research, compare prices and shop on different platforms, but expect your brand to deliver a seamless experience. THE OMNICHANNEL PHENOMENON

I N F I N I T E R E TA I L P O W E R ™ 4. RSR, “Omni-Channel 2013: The Long Road to Adoption,” 2013. After the economy, consumer purchasing expectations are the biggest external force impacting retail businesses in the next five years. YOU CAN’T IGNORE THIS M A S S I V E I M P A C T O N Y O U R B O T T O M L I N E 47%OF RETAILERS SAY MULTI- CHANNEL SHOPPERS ARE MORE PROFITABLE THAN SINGLE-CHANNEL4 THE GOOD NEWS? 8. Retail’s Reset Moment

I N F I N I T E R E TA I L P O W E R ™ TRANSACTIONSSOURCING 9. Retail’s Reset Moment THE SOLUTION INVEST IN TECHNOLOGY THAT SUPPORTS THE FOUR PILLARS OF OMNICHANNEL RETAIL… AND THRIVE IN OUR NEW CONSUMER-DRIVEN WORLD. ITEM MANAGEMENT ANALYTICS

I N F I N I T E R E TA I L P O W E R ™ 10. Retail’s Reset Moment RETAILERS AND SUPPLIERS NEED TO QUICKLY FORM TRADING PARTNER RELATIONSHIPS THAT ALLOW THEM TO DELIVER ON CUSTOMER DEMAND. RETAILERS SUPPLIERS 1 SOURCING

I N F I N I T E R E TA I L P O W E R ™ 11. Retail’s Reset Moment TO WIN IN OMNICHANNEL AND MEET CONSUMER DEMAND FOR THE ENDLESS AISLE, RETAILERS NEED COMPREHENSIVE AND UP-TO-DATE PRODUCT INFORMATION FROM THEIR SUPPLIERS. ARE FLEXIBLE AFFORDABLE CENTRALIZED SERVICES ITEM MANAGEMENT 2 ITEM MANAGEMENT

I N F I N I T E R E TA I L P O W E R ™ 12. Retail’s Reset Moment ELECTRONIC, IMMEDIATE COMMUNICATION WITH TRADING PARTNERS IS PROVEN TO OPTIMIZE INVENTORY AND FORECASTS MINIMIZE DISRUPTION AND 3 TRANSACTIONS

I N F I N I T E R E TA I L P O W E R ™ 13. Retail’s Reset Moment WITH CONSUMER BEHAVIOR DRIVING YOUR BUSINESS, REAL-TIME INSIGHT INTO SALES AND INVENTORY DATA IS MORE CRITICAL THAN EVER. 4 ANALYTICS

I N F I N I T E R E TA I L P O W E R ™ 14. Retail’s Reset Moment A R E Y O U R E A D Y F O R THE ERA OF OMNICHANNEL? Twitter YouTube LinkedIn | P. 612-435-9400 | spscommerce.com LE A R N H OW TO B U I L D A M O R E NIMBLE SUPPLY CHAIN AND WIN WITH TODAY’S CONNECTED CONSUMER Read RSR Retail Insight: The Impact of Omnichannel Trends for 2014 and Beyond

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