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RETAIL RETOLD:IS IoT IS CHANGING THE FACE OF OMNICHANNEL RETAIL?
Technology Evaluation Centers and Microsoft present:[Retail Retold:
Is IoT is Changing the Face of Omnichannel Retail?
Speakers:
Raluca DrutaResearch Analyst at
Technology Evaluation Centers
Duncan TaylorGlobal Retail Industry MarketingDirector for Microsoft Dynamics
Predrag JakovljevicPrincipal Analyst at
Technology Evaluation Centers
Omnichannel Retailing: The seamless environment that allows consumers to use various devices and channels for both buying and other transactions, such as returns, whether in a store or online.
Main Challenges of Omnichannel Retailing[“Omnichannel retailing is about more than a slickwebsite with a shopping cart in the corner…”
• Keeping pace with the rate of technological change
• Ensuring consumers experience consistency across all channels
• Managing social media
Micro-level Challenges of Omnichannel Retailing[“A customer doesn’t think about what channel they are using; they care about a consistent and seamless experience with the brand…”
• Stock inventory and allocation management
• Handling of returns and exchanges
• Shipping
• Promotions and discounts
Having a unified commerce engine can merge back office, front office and channel processes
Opportunities Inherent to Omnichannel Retailing[“Research shows that cross-channel shoppers are more profitable for retailers”
• Big CRM data -- customer base, buying behavior, promotional effectiveness
• Opportunity to meet or even exceed customer expectations
• Employee empowerment/engagement
• Increased profitability
Opportunities Inherent to Omnichannel Retailing[
“Gallup research shows that companies who engage both their employees and their customers
gain a 240% boostin performance-related business outcomes…”
The Internet of Things[“The IoT is a revolution already underway,with a growing number of internet-enabled devicessharing data on an ever-growing network…”
[“One pragmatic way for retailers to start thinking about the Internet of Things is as an Internet of Their Things”
The Internet of Things
IoT – Challenges [“Retailers using IoT for any particular purpose have to be mindful in the age of social media..”
• Consumer privacy versus targeted marketing
• How to make Big Data manageable, meaningful and actionable
Internet of Things and Big Data[Now, data comes from everywhere and is unlimited in scope and specificity...
[How can retailers manage Big Data?
• Establish a supporting infrastructure that collects, consolidates, and analyzes data
• Develop a “data culture” where information is accessible and useable by everyone
Internet of Things and Big Data
Four Key Ways Big Data can Help Retailers:[1. Reduce costs (optimize order fulfillment)
2. Make internal and external processes more efficient
3. Detect risks & fraud
4. Arm the right people with the right information to better understand customers’ needs
[“We can now make strategic decisions about the entire customer cycle”
A few examples:
• Track foot traffic to optimize store layout and product placement
• Easily analyze factors such as gender, age, and time of day in shopping behavior
• Use geo-location to enable targeted promotions
With so much data at our fingertips, there are infinite ways that Big Data could be used to enhance consumers’ buying experience…
Internet of Things – Opportunities
Internet of Things – Opportunities [
Omnichannel Retailing in the Age of IoT[• More choices...
• More flexibility...
• Exponentially more data...
But it’s still all about the customer experience
Q & A [
Thank you[Thank you for attending this edition of ERP Conversation Live!
Your speakers today have been:
P.J. Jakovljevic, Principal Analyst at Technology Evaluation CentersRaluca Druta, Research Analyst at Technology Evaluation Centers Duncan Taylor, Global Retail Marketing Director for Microsoft Dynamics