The newretailerssurvivalguide


Published on

Published in: Business, News & Politics
  • Be the first to comment

  • Be the first to like this

No Downloads
Total Views
On Slideshare
From Embeds
Number of Embeds
Embeds 0
No embeds

No notes for slide

The newretailerssurvivalguide

  1. 1. The New Retailer’s Survival Guide in aDigital Age of PersonalisationWritten by Barry Moles, Retail Industry Expert at Bluefin SolutionsPreface from Cathy Barnes, Professor of Retail Innovation, Director of the Faraday Centre for Retail Excellenceat Leeds Metropolitan University
  2. 2. Table of ContentsPreface 03Introduction 04TheThree New Golden Rules of Retailing 05How to Obtain a Competitive Advantage 06The Retail LandscapeToday 08Customer-expected Innovation 09Putting theThree Golden Rules of Retailing into Practice 11“Business Intelligence”“BusinessTechnology Adoption”“Agile Business Strategy”Conclusion 12Eight Self-Assessment Questions for Retailers 12Appendix 13Barry Moles’Biography 17The Retailer’s Survival Guide 02
  3. 3. Retailersknowthatitisreallyimportanttokeepcustomershappy. The challenge that they all face is how to do thissuccessfully. This is getting increasingly tricky in ourmodern society as customers are changing the way thattheyshop.Increasingaccesstomobileanddigitaltechnologycombinedwithlowerdiscretionaryspendingiscontributingto this.In the grocery retail sector, online sales are projected to grow markedly over the next fewyears as we all become increasingly used to our weekly food arriving in a van. In addition,more of us will do regular top-up shops throughout the week, most likely at a conveniencestore. The rise of the discounters and the increasing success of premium grocery storesmeans that the range of shopping options open to customers is growing. Retailers needto listen carefully to what their customers want in order to develop and constantly refreshtheir strategies. Because customers will shop in different ways, it is essential that thesestrategies are fully cohesive across all shopping channels to maximise business benefits.The High Street is not immune from these changes in behaviour either. Shoppers nowexpect so much more from their local retail outlet. It has to deliver an experience that isworth travelling for. (If it was just about buying something, it could be done via mobiles oronline!)Todeliverthisexperience,retailershavetoreallyunderstandtheirtargetcustomersand provide a reason for them to enter their shop.Retailersthatweresuccessfulalwaysrespondedtowhattheircustomerswanted.However,wearenowonthebrinkofaretailrevolution.Thespeedofchangeinshopperbehaviouroverthe last few years driven by the economic downturn and rise in technology adoption hasmeantthatthisindustrysectorneedstobecomeevenmoredynamic.Ifpredictionsaretobebelieved, we are going to see even more change in the next few years which will impact theretail paradigms and challenge business norms.Barry Moles’ latest paper, “The New Retailer’s Survival Guide in a Digital Age ofPersonalisation,” addresses a number of complex challenges facing retailers, offeringreaders credible solutions. In the face of change, there is no other option but to listen tocustomers, and be prepared to embrace new technologies to deliver successful businessmodels of the future.Cathy Barnes,Professor of Retail Innovation, Director of the Faraday Centre for Retail Excellence, LeedsMetropolitan UniversityPrefaceThe Retailer’s Survival Guide 03
  4. 4. With the retail landscape changing fast.1it’s importantthat retailers have a clear, agile business strategy that canadapt to, and exploit, market opportunities. To ensure asustainablecompetitiveadvantage,retailersmustanalysecustomerdataandutilisetechnologytodefineacustomer-centric business strategy.This paper sets out the rationale, strategy and practical steps required for retailers toprosper in a new digital age of personalisation.Introduction1Appendix 1:The Retail landscape todayThe Retailer’s Survival Guide 04
  5. 5. Retailersareevolving,butnotquicklyenough.Recenthistoryis littered with organisations that have failed to activelyembracechange.However,successfulretailerssharecommontraitsthatotherscanlearnfrominordertoturndisadvantagesinto competitive advantages.To be digital-ready, organisations need to embrace and fully utilise customer data to makesmart,timelydecisions.ResearchconductedbyBluefinSolutionsofUKretailersrevealsthatover 80% of organisations are not prepared for the digital age. This finding is supported bytheHarvardBusinessReview,whichnotedthatwhile85%ofmajorbusinesseshaveBigDatainitiatives, only 21% believe their organisation has adequate analytic capabilities.However,insteadofinvestinginwaystobetterunderstandcustomers,retailchiefsaremorefocused on improving short-term profitability. In doing so, they fail to recognise that if theydofocusstrategiesaroundwinningtheheartsandmindsofshoppers,thebusinessbenefitswill follow.After speaking with industry leaders, it has become apparent that retailers must embrace anew model of innovation to drive growth. Bluefin Solutions has identified the three newGolden Rules of Retailing in a digital age:1 Exploit customer data so you have a single view of your shoppers on which to basedecisions that will increase customer loyalty and sales through targeted, personalisedengagement.2 Adopt emerging technologies that integrate multiple retail channels into one go-to-market route centred on your customers.3 Develop an agile, customer-centric business strategy that enables your organisation torespond quickly to market changes and opportunities.Bluefin Solutions’ analysis of failed UK retailers reveals that they had not implemented allthree of the Golden Rules of Retailing.This is no coincidence.Today, it is not enough for retailers to just have just an online operation or a narrow strategythat is simply based on competing as a specialist. The reasoning is simple: If there is a lowcost of entry others will follow and, in the long-term, win. Jessops is a good example of aretailer having run a failed business strategy2.Three New Golden Rules of Retailing1942Co-Op opens first self-service store.COST is a competitive advantage.Traditional customer service startsto decline.1964The Bullring Centre, the first purpose-built indoor shopping complex with140 shops, opens.DIFFERENTIATION is acompetitive advantage.High Street retail starts to declinewith a reduction in the number ofindependent retailers.1971The Bretton Centre, the first UK “out-of-town” shopping complex, opens. Itoffers larger stores with more range.DIFFERENTIATION is thecompetitive advantage.Town centres and small retailersdecline with greater car ownershipallowing access to a wider rangeof stores.The Retailer’s Survival Guide 052Appendix 2: Jessops
  6. 6. How theThree Golden Rules of Retailing can Deliver a Competitive AdvantageTheThree Golden Rules of Retailing are often applied in stages, as set out below.Business Intelligence (customer data analytics):• LevelOne:Capturingcustomerdata,forexampletransactionaldata,personalinformationand on-line shopping browsing habits.• LevelTwo:Usingthecapturedcustomerdatatoengagecustomersbytargetedmarketingand (ideally) personalised marketing.BusinessTechnology Adoption:• Level One: Have an online retail offer that matches the product range found throughtraditional channels.• Level Two: Have a smart Omni-Channel Retail strategy that offers a seamless approachto the consumer experience through all available shopping channels, such as mobileinternet devices, computers and bricks-and-mortar, to deliver a personalised shoppingexperience.Agile Business Strategy:• Level One: The business strategy is designed to deliver competitive advantage, butmightnotbetotallyalignedtothechangingcustomerrequirementsormarketconditions• Level Two: The business strategy is totally customer centric is seamless irrespectiveof channel and designed to deliver competitive advantage irrespective of changingmarket conditions.The Retailer’s Survival Guide 06
  7. 7. COMET Some No Yes No No No No(POS)BORDERS Some No Yes No No No No(Online) (3rd party)JESSOPS Some No Yes No Partly No No(POS) (Focused retailer)HMV No No Yes No No No NoBLOCKBUSTER Yes No No No Partly No No(Membership) (Focused retailer)AUSTIN REED Yes Yes Yes Yes Yes No Partly(Online) (Differentiation) (Still a big gap)MATALAN Yes No Yes No No No No(Membership) (In danger zone)BHS No No Yes No No No No(In danger zone)POUNDLAND No No No No Yes No No(Cost) (Massive gap)COSTO Yes Yes Yes No Yes Yes Partly(Membership) (Used badly) (Partly) (Cost) (Still a big gap)MORRISONS No No No No No No No(In danger zone)TESCO Yes Yes Yes Yes Yes Yes Yes(Club card) (Differentiation) (Partly)AMAZON Yes Yes Yes No Yes Yes Yes(Online) (Cost) (Partly)JOHN LEWIS Yes No Yes Yes Yes Yes Yes(Some) (Differentiation) (Partly)ASOS Yes Yes Yes No Yes Yes Yes(Online) (Cost) (Partly)LEVELONE LEVELTWO LEVELONE LEVELTWO LEVELONE LEVELTWO BusinessIntelligenceCaptures Use customer Online Good Omni- Businessstrategyis Business strategy +customer data data to engage Retailer Channel Retailer designed to deliver is customer-centric TechnologyAdaptioncustomers a competitive and designed to +advantage deliveracompetitive Business StrategyadvantageBusiness Intelligence BusinessTechnology Agile Business Strategy Three Golden(Customer Data) Adoption RulesThe Retailer’s Survival Guide 07Source: Bluefin SolutionsThe table below identifies retailers that are at high risk of failing and those that have a better chance of surviving in a digital age.
  8. 8. Retailers that failed did not adopt each of the three GoldenRules of Retailing. These organisations paid the ultimateprice because they lacked the necessary insight into theircustomers to make smarter, timely decisions.TheseincludeMFI,Woolworths,Barratts,StationaryBox,Birthdays,Etam,Dolcis,KwikSave,Powerhouse, Adams Clothing, Zavvi, Index, Fads, The Pier, Bay Trading, Land of Leather,Rosebys, Faith Shoes, Ilva, Ethel Austin and Card Warehouse. Retailers that have not yetfailed, but are not doing well financially, include JJB Sports, Clintons Cards, Game, AlliedCarpets,Wine Rack,The Officers Club andTheWorks.“If you walk the high street today you can identify the next retailer waiting to fail”Retail CEOs are under considerable pressure to increase shareholder value. This pressurecreates dangerous short-term thinking which is further exacerbated by a combination ofdeclining margins, flat-lining sales and rising costs.Meanwhile, the rise of multichannel retailing and other customer-driven shopping trendsbrings new challenges, including the additional costs of technology adoption with adifficult-to-predictReturn-on-Investment.Nooneeversaidstayingcompetitiveischeap!Atthesametime,ahandfulofmajorretailersaretakingadvantageoftheircompetitors’lackofinvestment3, particularly in the e-commerce space. According to the Centre for RetailResearch, the UK is currently leading the world in terms of online shopping4.Historically, retailers, when under pressure to deliver profits, have focused on cost savingsby cutting employee headcount. The direct effect of this strategy5has been a steadydeterioration in overall customer service standards in the UK’s traditional retail stores(“bricks and mortar”).This has often been coupled with pressure to improve cash flow thatnormally leads to a reduction in a retailer’s core product depth or breadth.Alternatively, a retailer often introduces product range from outside its core offer to deliverimmediateshort-termsalesgrowth.Thisapproachrarelyimprovesthemedium-tolong-termperformance. Instead, it can become an expensive distraction known as core product drift.Whenaretailerreducesitsdifferentiation,orisunabletogaincostleadership,itwillstruggleto survive. This impacts, not only thousands of employees, but millions of lives acrossthe country.Thereisalargesocialimpactonsocietycausedbythechangeshappeningwithinretail6suchas increasingly vacant town centres that will only rise over the next few years. The UKGovernment is so concerned about this that it set-up the House of Commons All-PartyParliamentary Small Shops Group to investigate the issues and potential solutions. Theresulting white paper, HIGH STREET BRITAIN: 20157, predicts further changes by 2015based on Porter Five Forces8. This highlights the fantastic opportunity for retailers that areinvesting in people and technology in order to stay ahead of the competition.The Retail LandscapeToday1976House of Fraser uses first IBMcomputerised cash registersDIFFERENTIATION is acompetitive advantage.Retailers begin to rationalise rangeand stock levels.1993Membership discounter Costcoopens in the UK, taking advantageof cost benefits.COST is a competitive advantage.Consumers encouraged to buy in bulkto reduce costs.1995The Internet was commercialised,allowing the use by companiesincluding retailers, ; they investedin online related technology.DIFFERENTIATION & COST arecompetitive advantages.Start of commercial websites andthe birth of online retail.1997Internet shopping starts1997 Amazon1999 E-Bay2000 Asos.COST and FOCUS are competitiveadvantages.Store closures reach record numbers,with some shopping areas having 40%empty units.3Appendix 3: Performance comparison of three major retailers4Appendix 4: 2012 Online Share of all Retail Businesses5Appendix 5: Has the recession and the rise of the Internet damaged customer service in UK retailing?6Appendix 6:The social and economic impact of the retail evolution7Appendix 7: UK GovernmentWhite Paper called HIGH STREET BRITAIN: 20158Appendix 8: Porter Five Forces’strategic modellingThe Retailer’s Survival Guide 08
  9. 9. Innovationthroughdifferentiationisanessentialcomponentof success.These competitive differentiators must be delivered within a clear business strategy thatincludes an investment in business intelligence – and where appropriate – an investment inOmni Retailing.Customersincreasinglyexpectablended,seamlessshoppingexperienceateveryinteractionor touch point, including:• In-store experience• Online retail• Mobile• Home delivery or variable collection points• Integrated supply chain• Targeted marketing direct to customers’SmartphoneCustomer-expected InnovationThe Retailer’s Survival Guide 09Competitive AdvantageLower Cost DifferentiationCompetitiveScopeBroadtargetNarrowtargetCost LeadershipFocusDifferentiation
  10. 10. The Retailer’s Survival Guide 10Tomorrow’sshoppingexperiencecouldnotbeeasier.It’sallaboutchoice,personalisationand accessibility.Throughout the week, your Smartphone automatically adds items from the internet you may want to buy based on your personalprofileandshoppinghistory.Thesameappalsoenablesyoutoloaditemstoyourvirtualshoppingbagyourselfbysimplyscanningthebarcode.These may be products at home that are about to run out, or items you come across whilst out and about.When you’re ready to replenish the food supply at home, you simply log into your phone, which continuously scans for the latest bestdeals, and select the food retailers that can deliver items based on your defined preferences and budget. In just one click, your fooditems have been ordered and paid for using a credit card securely stored on the phone.Your shopping will be delivered to your home atyour convenience.The next day you receive a personalised message to your phone informing you that your favourite brand jeans are on 50% markdownat a local retailer. Armed with your Smartphone, you buy it up!These shopping scenarios are becoming a reality as retailers recognise the importance of using new emerging technologies to engageand encourage an always-available shopping experience for consumers – resulting in fuller baskets that will increase the retailers’average revenue per shopper (ARPS).The ultimate in-store shopping experience will combine a mixture of excellent customer service and the creation of 3D theater forcustomers. Often customers will search and compare products online but want to ‘test’ the products before purchasing so theypurchase the productions in a traditional ‘brick and mortar’ store. The biggest advocate of 3D theaters for customers is Mary Portas,who is trying hard with the government to regenerate the traditional high street.The key for the future of retail is it will be multi-channel, it will be personalised, it will be a seamless shopping experience and it will bedifferent to how we shop today.Tomorrow’s ultimate shopping experience for consumersThese ‘no-longer-can-be-options’ are all fundamental to the future success of retailers.The next phase of the retail evolution will allow only those retailers that have a strongcustomer-centric business strategy and deliver clear competitive advantages to grow andprosper in the market.There will be a greater dependency on the capture and analysis of customer data thatprovidesactionable,real-timebusinessintelligence.Thisinsightwillenableretailerstoofferpersonalisedmarketingdirecttomobiledevicesandproactivemarketingbasedonshoppinghistory.This will be the backbone of any serious retailer’s business strategy.
  11. 11. “Business Intelligence” (customer data)Vision: The quality of, and accessibility to, customer data defines the success of retailers.This business intelligence must be collected, analysed and utilised to engage customers inreal-time.Current strategies: Many retailers have captured large amounts of data but have failedto exploit its business potential by not being able to tap into insight to formulate strategicbusiness decisions.Top three business intelligence tips1 Modelyourbusinessfromcaptureddatatounderstandwhatyourcustomersreallywant.2 Exploit all available channels to market your product (and brand) to customers.3 Personalise the customer experience by using data to tailor marketing campaigns andinfinitives.“BusinessTechnology Adoption”Vision: The timely adoption and integration of new technologies to deliver a blendedexperience for customers underpins a retailer’s ability to engage and win-over shoppers.Current strategies: Many retailers have only focused on point-of-sale solutions. This is aone-dimensionalstrategywhichonlycreatesshort-termvalue.Thereasonisthattechnologyencourages a one-off transactional relationship with customers.Top three business technology adoption tips1 Use technology to capture and enhance a single view of customers so you can respondfaster to changes in shopping attitudes and behaviours.2 Exploit new technologies to offer consumers a personalised shopping experienceregardless of channel.3 Integrate technologies into your customer-centric business strategy to make smarter,better informed strategic decisions.“Agile Business Strategy”Vision:Thebusinessstrategymustbedesignedaroundtheneedsofcustomers.Indoingso,retailers will realise competitive advantages.Typicalcurrentstrategies:Manyretailershaveadoptednarrowlookingbusinessstrategiesfocused only on driving shareholder value and the delivery of short-term results. Retailershave been neglecting to fully embrace technology and customer data opportunities.Top three agile business strategy tips1 Recruit and train employees on new skills that will enable you to transform yourorganisation so it can respond with agility to customer and market trends.2 Engageallchannels(OmniRetailing)tomarketyourproducts(andbrand)throughsmarttechnologyadaptionandintegration,includingmobile,onlineandin-storepoint-of-sale.3 Collect,captureandanalysecustomerdatatodeliverapersonalisedseamlessshoppingexperience.Putting theThree Golden Rules of Retailing into PracticeThe Retailer’s Survival Guide 11HEALTH CHECKRetailers have the ability towrite their own future.Try the retail health check,on page 16, to see if yourbusiness is evolving orheading for extinction.
  12. 12. Retail is changing faster than at any time in history and itis not just because of the world recession or the growth ofonline retail. It is in the next phase of retail evolution.Tosucceed,executivesneedtopositiontheircompaniestocompetefortheheartsandmindsof customers. It’s not just about embracing Omni-Retailing.This one dimensional strategy, ifadopted, will lack the solid foundations to create a sustainable, competitive advantage.Instead, retailers need to embrace all three of the new Golden Rules of Retailing outlined inthisreport.Historically, retailers have underestimated the value of technology, business intelligence(customer data) and the need to have a customer-centric business strategy. These are thetriedandtestednewbestpracticeswithintheretailspaceinadigitalageofpersonalisation.The first step is for retailers to investigate and identify the gaps in both how they engagecustomers and how they operate including how decisions are made, based on what insightand when. Once this initial analysis is conducted, making amends based on the three newGolden Rules of Retailing to develop a common, forward looking vision centred on providinga trusted, long-term relationship with customers is next.Conclusion“To ensure a sustainablecompetitive advantage,retailers must analysecustomer data and utilisetechnology to define acustomer-centric businessstrategy”Barry Moles,Retail Industry Expert, Bluefin SolutionsTo help business and IT leaders prepare for the future, here are a few questions todetermine what steps are required to prepare your organisation for a digital age ofpersonalisation:1 Who is my customer today, and what are they likely to be buying tomorrow?2 What can I do to ensure my business can react to changing customer behaviours?3 How can I use available data to give my customers the shopping experiencethey expect?4 What can I do to capitalise on the increasing use of mobile and interactive devices?5 How does social media impact my business objectives?6 HowcanIprovidecustomerswithasingleshoppingexperienceacrossallchannels?7 Do I have the right business partner for the personalised, digital age?8 How agile is my business strategy?Eight Self-Assessment Questions for RetailersThe Retailer’s Survival Guide 12
  13. 13. Appendix 1:The Retail LandscapeTodayThe retail landscape is changing rapidly, and while this has definitely been accelerated bytheeconomicclimate,itisnotthesolecause.It’struethatmanyconsumerstodayhavelessmoneyintheirpocketsduetotherecession,whichhasleadtoalong-termdropinconsumerconfidence. However, consumers have not simply traded down and purchased cheapervariants of the same product. They have been more selective about how and where theyspend money.Some value retailers such as Aldi and Poundland have done well during the recession. Andso have some premium retailers. John Lewis, for example, with a reported rise in sales by13%, is bucking the trend. One retailer that currently occupies the squeezed middle marketis Tesco. Tesco is showing strong December 2012 sales performance based upon its retailstrategywhichincludesOmniRetailing.OnemayarguethatthisapproachiswhyJohnLewisisdoingwell.ThePartnershipunderpinsitspremiumbrandpositionwitha‘wewon’tbeknowinglybeaten on price’ customer promise alongside a strong online presence. It’s therefore littlesurprise that John Lewis reported in December 2012 (five weeks) that sales rose by 13%.Appendix 2: JessopsJessopswastheestablishedleadingUKspecialistphotographicretaileroperatinginanichemarket. Some general merchandise retailers entered the photographic market becausethere is a low cost of entry. The competition then proceeded to use greater buying andmarketing capability to take marketshare, especially selling the low-end products, wherevolumeretailingispossible.Then,retailersaddedinstorephotoprocessingwhichreducedthe need for the customer to visit a specialist photographic retailer. Jessops appeared torespond like deer in the headlights and didn’t appear to know how to adapt to the evolutionthat was taking place.Appendix 3: Performance Comparison ofThree Major RetailersComparing the year on year sales performance from December 2012 of three retailers whoare currently adopting different retailing strategies is very enlightening and demonstratesthe advantage of having an Omni Retailing strategy. The diagram projects the compoundeffect if the current strategies do not change:AppendixThe Retailer’s Survival Guide 132011 2012 2013 2014 2015A-12-10-8-6-4-202468BCRetailerA:Isanestablishedtraditionalbricksretailer with no online operation who doesnotusesophisticatedbusinessintelligence.RetailerB:Isanestablishedtraditionalbricksretailer with an online operation who usessomesophisticatedbusinessintelligence.RetailerC:IsanestablishedtraditionalbricksretailerthatischangingintoanOmniRetailerwho uses very sophisticated businessintelligence.
  14. 14. The Retailer’s Survival Guide 14Performance Comparison ofThree Major RetailersThe state of independent Rivalry Supplier Threat of Outlook for 2015retailing in 2015, by sub-sector Power SubstitutesConvenience Stores / Grocers High High Low Unlikely to surviveNewsagents High High High Very unlikely to surviveRural Shops Low Low Low Likely to survivePharmacies High Moderate Low Moderate chance of survivalPetrol Forecourts High High Moderate Very unlikely to survivePost Offices Moderate Low High Moderate chance of survivalBakers Moderate Low Low Likely to surviveAppendix 4: 2012 Online Share of all Retail BusinessesThe UK is leading the world in terms of amount of online retail sales in retail sales in 2012.2012 online share of all retail business(%)0 2 4 6 8 10 12UKGermanySwitzerlandDenmarkNorwayFranceSwedenNeth/Bel/LuxSpainPolandItalySource: Centre for retail researchAppendix 5: Has the recession and the rise of the Internet damaged customer service inUK retailing?
  15. 15. The Retailer’s Survival Guide 15Appendix 6:The Social and Economic Impact of the Retail EvolutionOver the next few years 30,000 more stores across the UK will close, with over 30,000people being made redundant. The effect will be considerable because many town centreswill need to be regenerated into housing and leisure as the shop front retailers continue todisappear from the high street.Currentlytheoverallshopvacancyratesintowncentresisaround14.5%against5%in2008.There are some regional variations with the entire top ten worst-performing large centres(+400 shops) being situated in theWest Midlands and the North.Many experts predict that landlords will need to offer rent payment terms to incentiviselargerretailerstoretaintheirexistingnumberandsizeofstoresinsteadofmovingtosmallerformatsthatsupportstheironlinebusiness.Areportfromthelocaldatacompanyindicatesthathighstreetsarebeinglessusedandunitsareinlessdemandwithfewerenquiriesabouttown centre units in the last quarter of 2012.Rising unemployment will add to the virtual circle of reducing spending power of thecustomer, which will increase the pressure directly on some retailers with a fall in sales.There is also likely to be indirectly additional costs being generated by local and centralgovernment to off set the additional costs of rising unemployment.Appendix 7: UK GovernmentWhite Paper called HIGH STREET BRITAIN: 2015Appendix 8: Porter Five Forces’strategic modellingPorters five forces is a well known and used strategic modelling tool, which considers thethreats from rivalry (competition), supplier power, and threat of substitutes (alternativechannel supplying the same product or alternative product).Potential Entrants(Threat of Mobility)Industry RivalrySuppliers(Supplier Power)Buyers(Buyer Power)Substitutes(Threat of Substitutes)‰‰‰‰
  16. 16. The Retailer’s Survival Guide 16Retail Health CheckQuestion 1Do you collect customer data atPoint of sale?RetailersthatfailtocapturecustomerdataatPointofSale(fromofflineandonlinesources)areatthegreatestriskoflosingmarketsharetoretailersthatcaptureandusecustomerinsighttoimprovesales.BluefinSolutionsrecommendsyoudevelopaPOSstrategythatcouldincludescreatingaloyaltycardschemeoranothermechanismtocapturecustomerdatasuchasname,contactinformation,etc.NO ‰YES‰YES‰Question 2Do you have a Business Intelligencestrategy that exploits the value ofcustomer data?Retailersthatcapturecustomerdatausingtherightsoftwareareabletoobtainreal-timebusinessinsightswhichcanimprovesupplychainefficiencies,merchandiserangeandtargetedmarketing. BluefinSolutionsrecommendsyoudevelopaBusinessIntelligencestrategywhichwillprovideyourorganisationwithasingleviewofthecustomerinordertobasedecisions.NO ‰Question 3Does your business have a multi-channel (shops, online, mobile, mailorder) strategy?You need to develop a multi-channelstrategy to de-risk and grow yourbusiness. Bluefin Solutionsrecommends you define a multi-channel strategy that is relevant toyour customers.NO ‰ NO ‰Question 3aDo you have a high costof entry?YES‰YES‰Question 4Is your business currently usingtechnology to its full potential?NO ‰You need to embrace technology to deliver other business benefits such as costsavings, supply chain efficiencies, and much more.YES‰Question 5Are you currently an Omni Retailer?You will probably join the growing listof failed retailers that didn’t embracethethreenewGoldenRulesofRetailing.NO ‰ NO ‰Question 5aDo you aspire to be an OmniRetailer?YES‰YES‰Congratulations you are leading theretail industry. Bluefin Solutionssuggests you improve the level ofcustomer personalisation acrossthe organisation.You recognise that Omni Retailing is the future for the industry. Bluefin Solutionsrecommends you develop an agile business strategy using technology to captureand analyse customer insight to drive growth and innovation.Source: Bluefin Solutions
  17. 17. www.bluefinsolutions.comLondon OfficeBuilding 4, Chiswick Park, 566 Chiswick High Road, London W4 5YE+44 (0)870 233 0404 | @bluefinsolutionBarry Moles is a recognised retail industry expert, having spent more than 20 years innumerous managerial and operational roles including merchandise, supply chain, financeand marketing. He brings a unique hands-on perspective to advising clients having himselfworked in every retail category (food, electrical, clothing, telecoms, pharmacy, charity)across all consumer channels (out of town, online, shopping centres, department stores,concessionsandoutletvillages)formajorretailersintheUnitedKingdom.BarryhasanMBAfrom Henley Management College and CIPD qualification.About Barry MolesBluefin Solutions is a leading global management consultancy that helpsorganisationsradicallyaccelerateperformanceandinnovation.Ourindustryexperts are sought after for providing independent strategic advice tobusinessandITleaders.Weworkwithclientstoco-createnewcompetitiveadvantagesthroughagilebusinessstrategiesandcutting-edgetechnologies.Read our latest insights at (0)870 233 0404 | Bluefin Solutions