6 Steps To Keep Pace With The Omnichannel Consumer

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Today’s consumers are jumping from one channel to another to browse and buy. As a result, these savvy shoppers are demanding more unified retail experiences, and expect inventory, pricing, offers and marketing messages to be consistent across all channels. To keep pace with empowered consumers, retailers must transition to omnichannel operations. During the webinar, titled: 6 Steps To Keep Pace With The Omnichannel Consumer, Heidi Chapnick, CEO of Channalysis, will discuss the key challenges retailers face as their customers become more educated and hyper-connected. Chapnick also will share her blueprint for creating a winning omnichannel strategy.

Transcript of 6 Steps To Keep Pace With The Omnichannel Consumer

  • 1. 6 Steps To Keep Pace With The Omnichannel Consumer Webinar Sponsored by #omnichannel
  • 2. Welcome Webinar A5endees Type ques:on here #omnichannel
  • 3. Follow This Webinar On Twi5er #omnichannel #omnichannel
  • 4. About Retail TouchPoints Launched in 2007 Over 26,000 subscribers To provide executives with relevant, insightful content across a variety of digital medium Free subscription to our weekly newsletter: WWW.RETAILTOUCHPOINTS.COM/SIGNUP #omnichannel
  • 5. Panelists MODERATOR Heidi Chapnick Debbie Hauss CEO Editor-in-Chief Channalysis Retail TouchPoints#omnichannel
  • 6. Technology Invades The Shopping Experience Nearly of consumers use some of shoppers use three or type of technology when more technologies while they shop. shopping. Source: Winning Over the Empowered Consumer: Why Trust Ma5ers, IBM #omnichannel
  • 7. Social Media Facilitates More Ecient Shopping of shoppers believe they can save Lme by using social media recommendaLons to help them make purchasing decisions. Source: Winning Over the Empowered Consumer: Why Trust Ma5ers, IBM #omnichannel
  • 8. Steps To Achieving Omnichannel Retail Success Retail leaders are taking the following strategic acLons to provide similar brand experiences across all channels: Ensure product availability across all channels (50%) Develop an omnichannel markeLng and promoLons plan (31%) Establish omnichannel performance metrics (25%) Source: 2012 Omni-Channel Retail Experience, Aberdeen Group #omnichannel
  • 9. The Omnichannel Retail Leader Macys, Saks and other leading retailers are assigning senior management to Omnichannel Ltles. Keith Campbell, SVP of Merchandise Planning for Saks, has been named Group SVP for Merchandise Planning. He will: lead the omnichannel vision for merchandise planning and allocaLon to maximize inventory across channels and drive protable volume growth. Source: Saks Chairman and CEO Stephen Sadove, in a Womens Wear Daily arLcle #omnichannel
  • 10. Lets Hear From The Experts C-level execuLves are saying omnichannel and using it in their vocabulary, but they really dont It is no longer ecient to leverage know how to truly achieve disparate prices, products and omnichannel, Chapnick said. They policies. I dont think you can draw dont realize that they need to those lines around channels change their infrastructure and get anymore because it alters the the right skill sets in place to obtain customer experience. a single, cohesive view of all content and commerce across all - Larry Freed, Foresee Results channels. - Heidi Chapnick, Channalysis #omnichannel
  • 11. OMNI Channel Six Steps To Success From Cross Channel to MulL Channel to Omni Channel the buzz word may change, but it is all about INTEROPERABILITY Heidi Chapnick/Retail TouchPoints 11
  • 12. The Six Steps: Cri:cal Path Towards OMNI Success Heidi Chapnick/Retail TouchPoints 12
  • 13. Execu:ve Engagement In rowing, if everyone is not aligned to the same direcLon, youll be o course quickly The fundamental pillar of pivoLng towards success is to have ALL employees operaLng in unison, based on the strategy set by the execu:ve team Do you Have Execu:ve Alignment In Your Organiza:on For OMNI? q Does the mission and vision statement of your enterprise menLon dierent channels? q Are the corporate goals and bonus structures focused on OMNI? q Do you have a fully integrated work stream or are you siloed by funcLon or department? q Do you need to restructure your organizaLon for success? DO IT q Does your cap-ex funding and resources reect the future of OMNI capabiliLes? Heidi Chapnick/Retail TouchPoints 13
  • 14. The Science of ROI & Analy:cs If every decision is not based on data, you are in trouble. How are you using data? q What analyLc programs are you using to capture data? q Do you have an analyLcs team? q How do you know what good looks like? q Do you have a single view of the customer data between all channels? q What acLons are you taking based on your data? q How are you measuring changes? Do You Know How To Use The Data? q Needs assessment next criLcal step q External landscape analysis by channel q Create acLonable steps to use data to drive decisions Heidi Chapnick/Retail TouchPoints 14
  • 15. IT Engagement Modeling Invest in the integra:on of your backend to create a single view of the customer across all systems Are All Of Your Systems Integrated Across All Touch Points? q How are IT work eorts prioriLzed? q Be transparent - ImplementaLon and IntegraLon should not be dirty words q Invest in the integraLon of your back end. Customer service, databases and storage of customer informaLon q Balance high ROI iniLaLves with customer demands (which may have lower ROI) and prioriLze phased implementaLons Create Governance Processes q Become a collaboraLve team with intense focus on process ,procedure and approvals q Collaborate and develop a roadmap that outlines key prioriLes across the enterprise q Manage what you create (you may need internal or external resources) Heidi Chapnick/Retail TouchPoints 15
  • 16. Opera:onal Execu:on / Employee Engagement Opera:onal Execu:on: q Strategy is already set now land the dismount with perfect execuLon q Failure to execute will dilute results q How are you measuring and monitoring progress? Employee Engagement: q Do you have the right talent in place? q Provide support and on-going training to stay on top of changing landscape q Engage all channels to support OMNI q Create OMNI channel goals across the enterprise q Develop incenLve programs that focus on OMNI channel iniLaLves and results Heidi Chapnick/Retail TouchPoints 16
  • 17. Marke:ng Develop marke:ng plans that are fully inte