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Choosing how to prioritize the technical and innovation pipeline

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Presentation from NRFtech 2018
Brendan Witcher, VP and Principal Analyst, Digital Business Strategy, Forrester Research

Published in: Retail
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Choosing how to prioritize the technical and innovation pipeline

  1. 1. © 2018 FORRESTER. REPRODUCTION PROHIBITED.
  2. 2. 2© 2018 FORRESTER. REPRODUCTION PROHIBITED. 2© 2018 Forrester Research, Inc. Reproduction Prohibited What is the value of a shopping cart?
  3. 3. 3© 2018 FORRESTER. REPRODUCTION PROHIBITED.
  4. 4. 4© 2018 FORRESTER. REPRODUCTION PROHIBITED. Commonalities in underlying themes of innovation Retailers are focusing on tech investments that align with today’s customer expectations. › What’s old is new › Looking for tech that solves specific customer pain points › Deferring investments that are too ahead of the customer
  5. 5. 5© 2018 FORRESTER. REPRODUCTION PROHIBITED. #1: Next Generation Personalization
  6. 6. © 2018 Forrester Research, Inc. Reproduction Prohibited 6 True & Co. learns from every returned item to fine tune each customer’s individual store
  7. 7. 7© 2018 FORRESTER. REPRODUCTION PROHIBITED. View of the Customer . Engagement Product/PriceFulfillment Customer’s path to purchase is a connected journey Customer can buy anywhere and fulfill orders anywhere Customer sees consistent content and price/promotions Company has enabled identification of the customer across all touchpoints #2: Omnichannel Commerce
  8. 8. 8© 2018 FORRESTER. REPRODUCTION PROHIBITED. Wal-Mart’s main message this past holiday season was buy online, pickup in store
  9. 9. 9© 2018 FORRESTER. REPRODUCTION PROHIBITED. Profile Sentiment Affinity Behaviors Attitudes Content Context Identity Accounts/IDs Tech ownership/use Demographics Preferences Disposition Memberships/ networks Affiliations Feedback Ratings/opinions Interactions Transactions Marketing responses Testing responses Time/location Environment Situation Journey/activity Social media Applications Files Public records #3: Advanced Data/Analytics
  10. 10. 1 Fabletics builds customer journeys to both add value and collect customer data
  11. 11. 11© 2018 FORRESTER. REPRODUCTION PROHIBITED. #4: Digital Store Experiences & Operations
  12. 12. 12© 2018 FORRESTER. REPRODUCTION PROHIBITED. Sephora puts digital right at the heart of the customer’s in-store experience
  13. 13. 13© 2018 FORRESTER. REPRODUCTION PROHIBITED. #5: Artificial Intelligence Evaluate Integrate
  14. 14. © 2016 Forrester Research, Inc. Reproduction Prohibited 14 1 Coca-Cola uses AI to create operational efficiencies in restocking vending locations
  15. 15. 15© 2018 FORRESTER. REPRODUCTION PROHIBITED. What future developments in commerce tech must you begin to address now that will impact your ability to compete beyond 2018?
  16. 16. 16© 2018 FORRESTER. REPRODUCTION PROHIBITED. Conversational Commerce Augmented/Virtual Reality Image of something related to the solution the company is delivering REMOVE THIS BOX BEFORE FINALIZING Automated Checkout Customer-Facing AI
  17. 17. 17© 2018 Forrester Research, Inc. Reproduction Prohibited • Culture • Organization • Technology • Metrics
  18. 18. 18© 2018 FORRESTER. REPRODUCTION PROHIBITED. “We recently made some changes to the innovation portfolio to refocus our efforts on supporting our core business, both in stores and online, and delivering against our strategic priorities.”
  19. 19. 19© 2018 FORRESTER. REPRODUCTION PROHIBITED. Recommendations › Be customer-obsessed, not company obsessed – identify, assess the gaps, and build a plan to use digital to solve your customer pain points. › Your stores don’t need robots, they need digitized, personalized, omnichannel, and value-added shopping journeys that at least meet customer expectations. › Living side by side with your tech roadmap, a roadmap for change management is the only way to assure you are able to move from digital dinosaur to digital master.
  20. 20. FORRESTER.COM Thank you © 2018 FORRESTER. REPRODUCTION PROHIBITED. Brendan Witcher bwitcher@forrester.com Twitter: @BrendanWitcher

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