2014 Retail Insight: The Impact of Omni-Channel Trends for 2014 and Beyond
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Transcript of 2014 Retail Insight: The Impact of Omni-Channel Trends for 2014 and Beyond
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2014 RETAIL INSIGHT: THE IMPACT OF THE OMNI-CHANNELOCTOBER 17, 2013
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LEARN THE LATEST ON OMNI-CHANNEL RETAIL• The rise of the digital consumer
• The fundamentals of omni-channel
• Retail’s reset moment
• Findings from the Retail Insight industry benchmark survey
• Q&A
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PRESENTED BY OMNI-CHANNEL EXPERTS
Paula Rosenblum, Managing Partner, Retail Systems Research
Paula is widely recognized as one of the top analysts in the retail industry. She formerly served as Vice President of Research & Content at Retail Systems Alert Group (RSAG), and as Vice President of Aberdeen Group's Retail Research practice. Prior to that, Paula spent over 20 years as a retail technology executive and CIO.
Pete Zaballos, Vice President, Marketing,SPS CommercePete is responsible for the marketing strategy that is defining, executing and scaling SPS Commerce’s enterprise cloud services. He is a sought-after visionary focused on perfecting the power of retail trading partner relationships through the intersection of communities and technology.
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$83,000,000,000
29%13,000,000,000
68%
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OMNI-CHANNEL FUNDAMENTALS• Item Management Adaptability
• Sell-Thru Velocity
• Item Sourcing
• Frictionless Scale
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October 2013
Paula RosenblumManaging Partner
Retail Systems Research, LLC
Retail's Reset Moment: How Omni-Channel Selling Affects The
Supply Chain
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Agenda
About RSR
Retail’s RESET Moment
• Innovations On The Selling Side Affect the Supply Chain
SPS Commerce and RSR Joint Survey
• How is the Supply Chain responding?
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About RSR
Founded in 2007. Quickly became the leading source of insights for trends in retail technology, and retail ecosystem in general.
Mission: To elevate the conversation about retail technology to a strategic level within the retail enterprise by:
• Providing objective, pragmatic advice to both retailers and solution providers • Leveraging our extensive retail industry experience• Providing a deep bed of research into retailers' technology investment plans and
the business opportunities and challenges that drive those investments.
We help retailers keep their IT strategies aligned with corporate objectives.
We help solution providers align their products and messages with retailers’ needs.
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RETAIL’S RESET MOMENT
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RSR’s Take: The Retail Industry Is At A “Reset Moment”Today (As Before) Technology Is The Trigger For Major Shifts In Business And Society
Agrarian Age
Industrial Age
Information Age
Time
Participation Age
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Consumer Behaviors Are Fundamentally Changing … From This …(very orderly)
Investigate Select Pay For Fulfill
Investigate Select Pay For Fulfill
Investigate Select Pay For Fulfill
Investigate Select Pay For Fulfill
Store
Web
Catalog
Direct Sales
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…To This (Many Paths To Purchase – Chaotic Patterns)
Web
Investigate Select Pay for Fulfill
Store Store Store Store
Call Center
Call Center
Call Center
Direct Delivery
Web Web
Mobile
Anything
…and
Direct Sales
Direct Sales
Direct Sales
This is the Omni-Channel Phenomenon
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What Does That Mean to Us?
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The Retail Model Was Built On An Uni-Channel Assumption
Buy
Plan Sell
Monitor
€$£Expense
Run Better
Revenue
€$£
Sell More Stuff
€$£Margin &
Profitability
Buy Better, Turn It Faster
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But the World Has Changed Forever…
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A Worldview Designed Around This:
Or This:
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Met a Worldview Enabled by This:
A dramatic shift in the power dynamic between the retailer and the consumer.
And This:
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Omni-Channel Enables One Brand Across All Selling Channels – But That Requires Aligning Supply To Demand Differently
Buy
Plan Sell
Monitor
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Buy
Plan Sell
Monitor
The Addition Of Multiple Selling Channels Didn’t Change The Model… But Did Add InefficienciesBuy
Plan Sell
Monitor
Buy
Plan Sell
Monitor
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Buy
Plan Sell
Monitor
Cross-Channel Enables “One Brand Across All Selling Channels”, But Doesn’t Address Inefficiencies Buy
Plan Sell
Monitor
Buy
Plan Sell
Monitor
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The Question That Is Only Beginning To Be Asked Is…
“How Do We Meet These Fulfillment Requirements Profitably?”
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The Payoff? Beyond Any Doubt
Don't Know/Can't Tell
Less Profitable Than Single Channel Customers
Equally Profitable
Slightly More Profitable Than Single Channel Customers
Significantly More Profitable Than Single Channel Customers
17%
10%
7%
28%
38%
18%
3%
3%
29%
47%
Multi-Channel Customers Are:2013 2012
RSR Research, June 2013
But how much profit are we leaving on the table?
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The State of the Union: RSR & SPS Commerce Asked YOU
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How We Structured the Survey:RSR’s BOOT MethodologySM
B O O
T
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How We Structured the Survey:RSR’s BOOT MethodologySM
A simple, yet powerful modelPuts technology in the context of business
issues
B O O
T
Business Challenges
Opportunities Organizational Inhibitors
Technology Enablers
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Who You AreTotal of 306 Respondents.
• 71% Vendors/Suppliers
• 21% Retailers or Distributors
• 8% Logistics providers (LSPs)
Executive Management 40%
Marketing 6%
Merchandising 2%
Procurement/Product Development 3%
E-Commerce 4%
Information Technology 9%
Business Development 7%
Supply Chain 7%
Logistics 7%
Warehouse 4%
Finance 9%
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The State of the Union at a Glance
OVERVIEW
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Overview
• The omni-channel imperative and how we got here
• A 360 degree viewpoint
• A Supply Chain still bullish on the future
• Retailers lagging suppliers in buy-side readiness
• Budgets reflect a willingness to spend, but some lack of clarity on what to spend it on
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In The Next 18-24 Months, Retail Will Move To Address How To Profitably Serve Anytime/Anywhere Shopping
2010-13 2013 2014 2015-16
The Impact of the massive adoption of
consumer technologies
(mobile, social) on the retail selling
environment
The harmonization of the digital and physical selling
environments
Next Generation of Sales & Marketing
Next Generation Supply Chain
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Bullish on the Future
These percentages almost identical to last year’s survey.
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A Sorry State of Affairs
RSR Research, September 2013
Retailers lag… likely needing a champion (as marketing was for sell-side).
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… and It’s Not About the Money
RSR Research, September 2013
“Bearing in mind that an equal number of respondents reported budget increases last year, we can assume that those whose budgets rose continue to keep those increases intact. The ecosystem
recognizes that it is behind, has some headroom for growth, and is continuing to invest.”
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Bad Memories Die Hard
BUSINESS CHALLENGES
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Business Challenge Headlines
• Optimism colored by painful memories
• Meeting customer expectations remains a key challenge• The Amazon Effect
• Demanding customers across the entire supply chain
• Transparency informs decision-making• Wanting broader assortments • Loyal to valued partners
• What if the future looks like the past?
• Fear of economic and supply chain shocks color our world• Regulations and politics shape our decision-making• Consumer preferences constantly shifting
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The Economy and Customer Color our Worlds
RSR Research, September 2013
Customer expectations increase pressures on the entire ecosystem“The Amazon Effect”
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Man…These People Are Demanding
Loyal to brands
Loyal to retailer
Looking for variety/broader assortments
Knowledgeable on products
Seeks information from social networks before buying
Knowledgeable on pricing
Knowledgeable on competitive offerings
Requires immediate availability/shipping
17%
11%
67%
78%
33%
72%
79%
84%
37%
23%
63%
65%
63%
74%
77%
77%
35%
37%
65%
76%
82%
82%
84%
85%
How has your customer changed vs. 2 years ago?"They are more likely to...."
Retailers Vendors LSPs
RSR Research, September 2013
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Man…These People Are Demanding
Loyal to brands
Loyal to retailer
Looking for variety/broader assortments
Knowledgeable on products
Seeks information from social networks before buying
Knowledgeable on pricing
Knowledgeable on competitive offerings
Requires immediate availability/shipping
17%
11%
67%
78%
33%
72%
79%
84%
37%
23%
63%
65%
63%
74%
77%
77%
35%
37%
65%
76%
82%
82%
84%
85%
How has your customer changed vs. 2 years ago?"They are more likely to...."
Retailers Vendors LSPs
RSR Research, September 2013
Glimmers of good news
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The Future Brings More of the Same
RSR Research, September 2013
The economy, the customer and political climate will drive us.
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Meeting Customer Demand Wherever It Comes, but Driving Traffic to Stores
OPPORTUNITIES
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Some Differing Points of View
Retailers are pragmatic
• Fulfill customer orders from inventory, regardless where order is generated
• Drive increased traffic to stores
Vendors deliver mixed messages
• Top priority is to drive customers to retailer stores• Following closely behind: selling direct
Their approaches differ… as we’ll see.
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Retailer Pragmatism
RSR Research, September 2013
Provide more detailed product information
Deliver a consistent cross-channel experience for your customers
Build a social community around our company/brand
Fulfill customer orders with inventory, regardless of channel originating order
26%
26%
34%
34%
42%
50%
58%
Retailers' Top 3 Omni-Channel Oppor-tunities
Retailers presume that consumers can find detailed product information on their own, yet interest in “endless aisle” grows.
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Vendor Mixed Messages
Support new order management models for retail customers, especially drop-ship
Increase direct sales from our company’s e-commerce site
Provide more detailed product information
Drive increased traffic to retail stores
35%
35%
38%
42%
Top Vendor-Identified Opportuni-ties
Sales made through vendor eCommerce sites
Sales made through retailer eCommerce sites
17%
53%
22%
78%
The Rise of Vendor-DirectVendors Report:
A new world of frenemies:
Private Label vs. Vendor Direct
RSR Research, September 2013
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What Do Retailers Want?
Size of company
Digital assets
Drop ship experience
Years of business
Visibility to sales and order status
Item assortment
Compliance with trading requirements
Brand recognition
Item availability
Price
4%
5%
25%
14%
22%
50%
32%
36%
76%
81%
7%
14%
18%
18%
21%
29%
32%
46%
71%
75%
Top 3 Vendor Capabilities That Retailers Value
Retailers' POV Vendors' POV
RSR Research, September 2013
Vendor perception on assortment depth value far outweighs retailers’.
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Management and Employees Hold the Key
ORGANIZATIONAL INHIBITORS
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Internal Forces Affect Change
• Strong leaders a must
• The next generation of employee emerges across the Supply Chain
• Technically savvy• Good interpersonal skills
• Vendors anticipating retailers’ future needs
• Retailers are very slow in synchronizing
• Mixed messages on “product information”
• In a world where we’re used to sharing documents, is it time to think about sharing all kinds of structured and unstructured data?
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The Visionary Leader and The Empowered Employee
Employees’ use of social media
Mobile workforce
Mergers or acquisitions
Employee interpersonal skills
Employee technical skills
New technology adoption
Management’s vision/strategic planning
9%
11%
25%
24%
34%
55%
86%
11%
13%
27%
31%
52%
62%
91%
Top 3 Internal Forces Impacting the Business in the Next 5 Years
2013 2012
RSR Research, September 2013
All the technology in the world will not help if people cannot use it.
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Retailers Lag, Vendors Waiting
User ratings/reviewsVisibility in social media conversations
Images/videoAccess to helpful employees
Breadth of product assortmentPromotions
Product availabilityProduct information
Pricing
31%
12%
26%
27%
22%
39%
72%
55%
84%
17%
17%
31%
35%
38%
41%
62%
66%
69%
Cross-Channel ExpectationsVendors vs. Retailers
Retailers report "Fully Cross-Channel" Vendors report "Important to our retail customers"
Retailers lack of omni-channel capabilities also reported in other RSR’s 2013 reports.Vendors generally doing a better job anticipating customers’ omni-channel needs.
Example: Cross-channel price synchronization. Retailers struggle. Vendors recognize it’s important to their retail customers; retailers just have to make it work.
RSR Research, September 2013
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WHERE IS ALL THAT BUDGET MONEY GOING?
TECHNOLOGY ENABLERS
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Tech Enabler High Notes
• LSPs focus on warehouse improvements
• All others making investments “across the board”
• Can EDI drive visibility? And why aren’t retailers planning to invest in the most important tool in their omni-channel toolkits?
• Can retailers use the data they get?
• How many item attributes are enough?
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A Harmonized Omni-Channel Environment: Wishes vs. The Budget
Source: RSR Research, June 2013
20%
30%
40%
50%
60%
70%
80%
90%
Omni-Technology: Current Status vs. Perceived Value
Implemented "Very Valuable"
?#1#2#3#4#5
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Then How’d We Get Here?
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Then How’d We Get Here?
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The World of Product Attributes
• Generally, vendors provide more than retailers use
• Vendors expecting to provide more in the next year
• Most currently provide mundane, but necessary attributes
Are we setting our sights too low?
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The Rise of Drop Ship?
FINAL THOUGHTS
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Vendor Direct With or Without the Retailer
• All agree drop ship volumes will rise• Vendors shipping on their own behalf• Also shipping on retailers’ behalf• LSPs supporting both
• A reliance on the empowered employee• Dated means of communication may slow the process• Further shifts coming. The wise company will invest in
improving product information capabilities and supply chain
efficiencies
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Thank You!
Paula Rosenblum, RSR [email protected]
Further Information on Products & Services: [email protected]
www.rsrresearch.com
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THANK YOU FOR ATTENDING TODAY’S WEBINAR