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 Technolo...
©2014	
  Boston	
  Retail	
  Partners.	
  All	
  rights	
  reserved	
  
The Evolution of Retail Technology
How did we get ...
©2014	
  Boston	
  Retail	
  Partners.	
  All	
  rights	
  reserved	
  
Why Real-time Retail?
Today, the customer is the n...
©2014	
  Boston	
  Retail	
  Partners.	
  All	
  rights	
  reserved	
  
Industry Trends
28%$
16%$
3%$
62%$
63%$
72%$
0%$ 2...
©2014	
  Boston	
  Retail	
  Partners.	
  All	
  rights	
  reserved	
  
Real-Time Retail Platform
Most retailers have begu...
©2014	
  Boston	
  Retail	
  Partners.	
  All	
  rights	
  reserved	
  
Real-Time Retail Enablers
Technology Enables Acces...
©2014	
  Boston	
  Retail	
  Partners.	
  All	
  rights	
  reserved	
  
Sales – Personalized Selling
Opportunities
8
Pairi...
©2014	
  Boston	
  Retail	
  Partners.	
  All	
  rights	
  reserved	
  
Sales – Virtual Closet & Clienteling
Opportunities...
©2014	
  Boston	
  Retail	
  Partners.	
  All	
  rights	
  reserved	
  
Marketing – Interactive CRM
Opportunities
10
“…the...
©2014	
  Boston	
  Retail	
  Partners.	
  All	
  rights	
  reserved	
  
Marketing – Events
Opportunities
11
Dynamic promot...
©2014	
  Boston	
  Retail	
  Partners.	
  All	
  rights	
  reserved	
  
Operations – Monitor & React
Opportunities
12
Sens...
©2014	
  Boston	
  Retail	
  Partners.	
  All	
  rights	
  reserved	
  
Operations – Task Management
Opportunities
13
A on...
©2014	
  Boston	
  Retail	
  Partners.	
  All	
  rights	
  reserved	
  
Merchandising – Nimble Execution
Opportunities
14
...
©2014	
  Boston	
  Retail	
  Partners.	
  All	
  rights	
  reserved	
  
Finance – Loss Prevention
Opportunities
15
Real-ti...
©2014	
  Boston	
  Retail	
  Partners.	
  All	
  rights	
  reserved	
  
Supply Chain – Order Management
Opportunities
16
W...
©2014	
  Boston	
  Retail	
  Partners.	
  All	
  rights	
  reserved	
  
Wrap-up
17
Real-time retail changes everything and...
©2014	
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  Retail	
  Partners.	
  All	
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About BRP
18
§  Retail experts with retail backgr...
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RetailConnections Real-time Retail Workshop Recap 7-16-14

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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

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RetailConnections Real-time Retail Workshop Recap 7-16-14

  1. 1. Real-time Retail: It’s What Customers Demand Omnichannel Retail Executive Forum Workshop Recap July 16, 2014
  2. 2. ©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. 2
  3. 3. ©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! 3 Evolving networks
  4. 4. ©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 4
  5. 5. ©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
  6. 6. ©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
  7. 7. ©2014  Boston  Retail  Partners.  All  rights  reserved   Real-Time Retail Enablers Technology Enables Access to Customer Data 7 DRAFT   Today’s technology enables retailers to access data like never before. Providing them unique knowledge about each customer, and their shopping trends.
  8. 8. ©2014  Boston  Retail  Partners.  All  rights  reserved   Sales – Personalized Selling Opportunities 8 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.
  9. 9. ©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.
  10. 10. ©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
  11. 11. ©2014  Boston  Retail  Partners.  All  rights  reserved   Marketing – Events Opportunities 11 Dynamic promotions driven by events (weather, holidays, natural disasters, etc.)
  12. 12. ©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
  13. 13. ©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
  14. 14. ©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)
  15. 15. ©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
  16. 16. ©2014  Boston  Retail  Partners.  All  rights  reserved   Supply Chain – Order Management Opportunities 16 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
  17. 17. ©2014  Boston  Retail  Partners.  All  rights  reserved   Wrap-up 17 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.
  18. 18. ©2014  Boston  Retail  Partners.  All  rights  reserved   About BRP 18 §  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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