With guest Sucharita Mulpuru, Retail Industry Expert; Adrien Nussenbaum, CEO, Mirakl.
The retail graveyard is growing faster than expected. Store closure and layoff headlines are bleak. It’s no longer debatable - Retailers are getting Amazon’ed.
Every retail annual report showcases risk factors - and making the wrong investments, or not making the right investments fast enough is on everyone’s mind. Retailers are struggling to identify the right opportunities that will create growth & profit.
We’ve assembled an expert panel of leaders who will openly discuss Amazon’s dominance, and what retailers need to focus on to stay alive. Join Sucharita Mulpuru, retail industry expert, and Adrien Nussenbaum, Co-founder & CEO of Mirakl to learn what investments need to be made today to compete with Amazon.
Attendees will learn:
What technical fads to avoid that won’t deliver near-term results
How to connect the dots across your marketing, merchandising, and eCommerce teams to identify investments with cross-functional impact
How launching your own marketplace allows you to fight fire with fire
5. How Retailers Can
Survive Being
Amazon’edSucharita Mulpuru
Former Forrester VP & Principal Analyst (Retail)
6. 1. How customer experience expectations have changed in Amazon’s favor
2. Emerging opportunities to compete against Amazon
3. Choosing the right investments that deliver near-term results
Agenda
8. 1. Marketplaces as a service
2. Radical transparency
3. Even more value for money
4. Continuous partial attention
5. Service as a service
6. Shopper self-direction
7. Co-creation with customers
The customer experience is
changing in many ways
14. Distributed commerce is an attempt to
address this, but it’s not very good yet
1. Your data
2. Their ingestion of your data
3. Their presentation
4. Consumer comfort and familiarity
Buried shopping link
Missing key information
20. In the midst of all this, it’s
easy to get distracted
21. Most of these are hyped technologies
which won’t affect retail in the near term
VR/AR
• Best use cases are in gaming
• Possibilities for simulation training but quality of content is not true to life
Drones
• Regulation for commercial delivery unclear
• Infrastructure needed for receivers, not only senders
Driverless cars
• Promising but still years away from mass adoption
• Greatest near-term benefit for commercial trucking
• Replacement cycles for cars are getting longer not shorter
• eCommerce deliveries still need a human or robotics to manage final steps
Wearables
• Use cases are often limited and adoption has been modest to date because they rarely replace or are
superior to phones (yet)
• Certain health benefits are promising (e.g., monitoring heartrate, other vital signs)
IoT/sensors • Promising possibilities for managing inventory and store assets and associates but ROI is unproven
23. Marketplaces address all of these trends
Trend How marketplaces now are addressing CX changes Marketplace examples
Ubiquity of marketplaces
Lowers barriers to entry for small merchants; lowers search costs for
buyers
Farfetch; Airbnb; Etsy
Radical transparency Ratings, individual prices, location-based details Uber; Lyst
More for less Choice gives shoppers inexpensive options Amazon; eBay
Continuous partial
attention
One-stop shopping; frictionless buying Amazon; eBay
Services as a retail
adjacency
On-demand solutions for shopper needs Taskrabbit; Styleseat
24. Marketplaces are powerful
They provide enormous
choice for consumers
They can create a superior
experience for consumers
They are pure capitalism with
(when web-enabled) minimal
information search costs
They can be very profitable for
the provider of the marketplace
25. Retail will be significantly
different as a result of
marketplaces
• There will be fewer monobrands; mature vertically-
integrated brands will need to integrate products
from other companies and brands
• “Open to buys” will be irrelevant in the future
• Merchants will still need to edit assortments but will
have fewer constraints; there are over 200MM
items in retail and virtually nothing sold online will
need to be purchased as inventory
• New functions will emerge which will be cost centers
(e.g., photography for creative consistency,
copywriters, customer service, data and insights
teams)
• Margins for brands and manufacturers will go down
as “merchant princes” disappear and the best
products thrive; investment in innovation becomes an
imperative
• Store associates will need to be much more versatile
as physical stores will need to be more creative
managers of their physical space to survive
Offer More
Quickly expand your product selection by bringing 3rd party seller products onto your site.
They sell, ship, and service their products.
You take a commission on marketplace sales.
Learn More
With increased offer, attract new buyers & more share of wallet from current to learn what your customers actually want.
Bring those products in-store or into owned inventory.
Sell More
Increase offer and price competitiveness with many sellers.
Increase transaction volume online.
Train store employees to use the marketplace for endless aisle.
A revolution is on the way || ongoing. Like every revolution, it can drive tremendous incremental growth, both in customers and in revenues.
And like every revolution, the ones who will embrace it will benefit, and gain an important lead.
But unlike most revolutions, it doesn’t have to be painful or brutal, because Mirakl is here to help power your digital, organizational & business transformation.