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EXCERPT FROM THE L2 INTELLIGENCE REPORT: OMNICHANNEL RETAIL 2015 TO ACCESS THE FULL REPORT, CONTACT [email protected]

September 14, 2015

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L2 INTELLIGENCE REPORT OMNICHANNEL RETAIL

September 14, 2015

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INITIAL PURCHASE

VALUE

RETURN/EXCHANGE

LOSSPICK-UPRECOUP

RETURNS RECOUP

NETSALES

PURE PLAY

E-COMMERCE

100% -23% N/A N/A 77%

BUY ONLINE, RETURN IN-STORE

100% -23% N/A +18% 95%

BUY ONLINE, PICKUP + RETURN IN-STORE

100% -23% +12% +18% 107%

Watch the Video

ATTRIBUTIONGoogle gave marketers the sense that all digital spend could be traced to an action. Unfortunately, the digital medium’s ROI has proved as opaque as others, and brands have had to hold their nose and spend as the next “must-do” thing (e.g., social, mobile advertising, etc.) proves harder and harder to link to stakeholder value. Omnichannel investments offer a rare, blue line path to ROI as consumers spend more when there are multiple, fluid touchpoints. While e-commerce pure plays typically net 77 cents on the dollar (due to costly returns that average 23 percent of order value), retailers that offer both in-store pick-up and returns enjoy an accretive effect–whereby shoppers walk out of the store with 107 percent of their original basket size, after exchanging merchandise and making incremental purchases (behaviors rarely seen in a digital world).1

1. “Shopping Centers: America’s First and Foremost Marketplace,” ICSC, October 2014.

RACE TO THE MIDDLEIn 2008, it was clear Macy’s was going out of business. Fast-forward to 2015 and the iconic retailer’s stock keeps setting new all-time highs2 on the heels of a sweeping reorganization that aligned channel teams. The street’s continued love affair with omnichannel has catalyzed a race to the middle, as online pure plays open terrestrial stores and traditional retailers bulk up their digital offerings. The battle for retail’s high ground is the middle, where digital serves as the connective tissue between site(s), store, inventory and consumer. Some examples in 2015:

• Outside of Luxury, more than half of retailers provide in-store inventory transparency on sites.

• Investments in in-store pick-up have increased year-on-year, while large format retailers (Nordstrom, Target, Walmart) have rolled out curbside pick-up pilots in the U.S.

• 89 percent of retailers classified by L2 as “omnichannel leaders” experienced positive same store sales from 2014 to 2015.

PULLING AWAYOmnichannel laggards will struggle to catch frontrunners, many of which made transformative capital outlays a decade ago. The cost and complexity of success in this dimension has many retailers befuddled–while 38 percent reported in 2013 that they were developing an omnichannel strategy and beginning to execute, the number fell to 32 percent in 2014.3

The winners blend channels and inventory, grow top-line revenue, and signal innovation to the market, which rewards them with a higher multiple on EBITDA. The cheaper capital, and success, provides the scant few leaders (e.g., Macy’s, Home Depot, Williams-Sonoma, Sephora, Best Buy) with the mojo and resources to ignite an afterburner that broadens the distance between them and everyone else.

2. “Macy’s Touches All-Time High After Starboard Discloses Stake,” Barron’s, July 15, 2015. 3. “Retail Insight 2015,” SPS Commerce, September 2014.

Omnichannel Retail: Net Sales Given Omnichannel Capabilities

Source: “Shopping Centers: America’s First and Foremost Marketplace,” ICSC, October 2014.




http://www.icsc.org/press/americas-marketplace.

http://blogs.barrons.com/focusonfunds/2015/07/15/macys-touches-all-time-high-after-starboard-discloses-stake/.

http://www.spscommerce.com/rsr2015/?nabe=5761189616287744:0&utm_referrer=https%3A%2F%2Fwww.google.com%2F

http://www.icsc.org/press/americas-marketplace

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Omnichannel Retail: Importance of Select Channels When Making a Purchase June 2014 ■ Digital Channels

Omnichannel Retail: Percent of Sales Influenced by Digital 2009–2021E

Source: “Navigating the New Digital Divide,” Deloitte Digital, May 2015.

Source: “Digital Shopper Relevancy Report 2014,” Capgemini, September 2014.

E-COMMERCE ≠ OMNICHANNELOrganizations still think about omnichannel as an extension of their digital business–or as a sexier name for e-commerce–evidenced by the fact that 41 percent of executives in senior omnichannel roles (Vice President and above) come directly from an e-commerce background.1 By failing to adopt a holistic approach, retailers miss the opportunity for clicks/bricks interplay. SHOWROOM VS. WAREHOUSE VS. ASSET In 2015, digital channels will influence 64 percent of offline sales, up from 49 percent the previous year.2 While this effect is nothing new for retailers who play in highly considered categories–Auto, Luxury, Prestige Beauty, and the like–this is a tectonic shift in consumer behavior towards pre-researching more benign purchases. But stores–back from the brink of “showrooms” for Amazon–have also not been relegated to mere points of distribution (“warehouses”). Self-described digital shoppers report that traditional in-store experiences are the most important touchpoint when considering a purchase, beating all digital channels.3 OMNICHANNEL IQ = SHAREHOLDER VALUE Amid perpetual rumors that Amazon will make a transformative brick-and-mortar acquisition (mostly started by us), smaller e-tailers have begun to test the waters–in May 2015, online marketplace Farfetch acquired London boutique Browns to “develop and test new retail and omni-channel strategies.” Yet faux-omni tactics will only go so far–retailers must build these competencies in house. This report examines the efforts of retailers to drive customers from clicks to bricks and back again. L2 attempts to determine the brands and best practices that are removing organizational and technological barriers to deliver a true omnichannel experience. Like the medium we are assessing, our approach is dynamic. Please reach out with comments that improve our methodology and findings.

Regards,L2 & RichRelevance1. LinkedIn, May 2015.2. “Navigating the New Digital Divide,” Deloitte Digital, May 2015.3. “Digital Shopper Relevancy Report 2014,” Capgemini, September 2014.

Site

In-Store Technology

Email

Mobile App/Mobile Web

Social Media

Call Center

Traditional Store Experience 72%

67%

53%

48%

42%

36%

31%

0%

20%

40%

60%

80%

100%

PERC

ENTA

GE O

F IN

-STO

RE

SALE

S IN

FLUE

NCED

BY

DIGI

TAL

2009 2010 2013 20142011 2012 2015 2016 2019 20202017 2018 2021

14%

DIGITAL INFLUENCE PROJECTION

YEAR

49%

64%

36%



http://www2.deloitte.com/content/dam/Deloitte/us/Documents/consumer-business/us-cb-navigating-the-new-digital-divide-v2-051315.pdf

https://www.capgemini.com/resources/digital-shopper-relevancy-report-2014.

http://www2.deloitte.com/content/dam/Deloitte/us/Documents/consumer-business/us-cb-navigating-the-new-digital-divide-v2-051315.pdf

https://www.capgemini.com/resources/digital-shopper-relevancy-report-2014.

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EU BRANDS

A|X Armani ExchangeAbercrombie & FitchAéropostaleALDOAmerican Eagle OutfittersAnn TaylorAnthropologieBanana RepublicBrooks BrothersBurberryCalvin KleinChanelChico’sClub MonacoCoachCole HaanDesigualDiane von FurstenbergDiorExpressForever 21

GapGucciGuessH&MHugo BossJ.CrewJoe FreshKate SpadeKenneth ColeLacosteLOFTLouis VuittonMarc JacobsMichael KorsNine WestPradaRalph LaurenRebecca MinkoffSalvatore FerragamoSteve MaddenStuart Weitzman

TalbotsTommy HilfigerTory BurchUNIQLOUrban OutfittersVictoria’s SecretWhite House | Black MarketZara

AlcampoAuchanCarrefourConsumDartyDiaE. LeclercEdekaHipercorIKEAIntermarchéKauflandLeroy MerlinLidlMedia MarktMercadonaMonoprixPenny MarketReweSuper U

SPORTSWEAR

AdidasAthletaEastern Mountain SportsEddie BauerL.L.BeanLululemonNikeNorth FaceOakleyPatagoniaREIUnder ArmourVans

OTHER

AppleBoseSamsungTumi

BEAUTY

Bath & Body WorksBenefit CosmeticsKiehl’sL’OCCITANE en ProvenceLushM∙A∙C CosmeticsOriginsSephoraThe Body ShopUlta

HOME

Crate & BarrelEthan AllenPier 1Pottery BarnRestoration HardwareSur La TableWest ElmWilliams-Sonoma

BIG BOX

Bed Bath & BeyondBest BuyCVSThe Home DepotLowe’sOffice DepotPet SmartPetcoRite AidStaplesTargetWalgreensWalmart

WATCHES & JEWELRY

Alex and AniCartierFossilMontblancSwarovskiSwatchTag HeuerTiffany & Co.Tourneau

DEPARTMENT STORES

Barneys New YorkBergdorf GoodmanBloomingdale’sJCPenneyMacy’sNeiman MarcusNordstromSaks Fifth AvenueSears

APPAREL & ACCESSORIES U.K. BRANDS

AldiArgosAsdaB & QBootsDecathlonHarrodsHarvey NicholsJohn LewisMarks & SpencerMorrison’sSainsbury’sSelfridgesSports DirectTescoWaitrose



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Methodology

FULFILLMENT/INTEGRATED INVENTORY Online Purchase/In-Store Pick-Up, Online Purchase/In-Store Return, Real-Time Store Inventory, Set Preferred Store, In-Store & Online Stock Availability, Filter by In-Store Availability, Zip Code Delivery Estimate, Curbside Pick-Up, Ship from Store

STORE LOCATOR Positioning, Use of Geolocation, Availability of Filters by Products/Services/Store Type, Availability of Store Hours/Contact Information, On-Site Mapping/Directions, Inclusion of Stockists, Send Locator Results to Email/SMS

IN-STORE EVENTS & SERVICES Promotion of In-Store Events/Services, Appointment Booking, Event RSVP Functionality

ACCOUNT Shopping List/Wishlist/Registry Tools, List Integration with In-Store Inventory, Save Preferred Store to Account

ONLINE EXCLUSIVES Pre-Orders, Exclusive Products, Customizable Products, Exclusive Sales, Free Shipping, Free Shipping Threshold, Expedited Shipping, Express Payment Options, Shopping Partners, Authorized Amazon Seller, Authorized Google Shopping Seller

CRM Earn Points Online/Outlet/Wholesale, Sister Brand Program, Tiered Structure, Credit Card Integration

DISCOUNTING CHANNELS Discount Availability In-Store Only, Online Only, Both Channels, Unspecified

IN-STORE INCENTIVES Promotion of Omnichannel Fulfillment Options, In-Store Events/Services, Store Locator Tool

POINT OF SALE Email Capture, Store Specific Email List, Signup Incentives, Zip Code/Phone Number/Birthday Capture, Email Receipt Capabilities, Apple Pay/PayPal Here Accepted

CRM Loyalty Program, Credit Card Signup, Signup Incentive, Loyalty Promotions IN-STORE CAPABILITIES Locate Out-of-Stock Items Online/Another Store, Ship from Store Capability, Order to Store Capability, Tablets for Store Associates, Digital Kiosks for Customers, Digital Fitting Rooms, In-Store WiFi Availability

MOBILE SITE Online Purchase/In-Store Pick-Up, Online Purchase/In-Store Return, Real-Time Store Inventory, Set Preferred Store, In-Store & Online Stock Availability, Filter by In-Store Availability, Zip Code Delivery Estimate, Curbside Pick-Up, Ship from Store

MOBILE APPS In-Store Mode, Floor Plans, Services/Features In-Store, Product Scanning Technology, Store Locator Functionality, In-App List-Building, Loyalty/Passbook Integration, Mobile Couponing

www. SITE EMAIL MOBILE IN-STORE



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Retail Footprint: Leaders vs. LaggardsL2 analyzed brands that scored in the top 40th percentile in terms of e-commerce and brick-and-mortar incentives, as well as those who scored in the bottom 40th percentile, to understand trends among these leaders and laggards. In their most recent fiscal year, omnichannel leaders closed, on average, 4.00 percent of store locations, while laggards closed 2.82 percent of their stores. However, even as leaders closed more of their stores (generally, a negative indicator of retail performance), the remaining stores were significantly more productive–89 percent of leaders reported positive same-store sales growth in the most recent fiscal year, as opposed to only 50 percent of laggards. In sum, the data suggests that brands excelling at omnichannel are closing unproductive locations, and using technology to facilitate higher performance in well-performing stores. Macy’s exemplifies the trend–the omnichannel trailblazer closed or consolidated 22 stores in fiscal year 2014, while doubling down on e-commerce and omnichannel fulfillment investments, including same-day delivery and ship-from-store. As a result, Macy’s and other comparable retailers no longer need to rely on square footage expansion to stimulate growth. Instead, innovation within the existing retail footprint has proved sufficient in growing shareholder value to all-time highs.1

1. “Macy’s, Inc. Reports Its Sixth Consecutive Year of Double-Digit Growth in Adjusted Earnings Per Share,” MarketWatch , February 24, 2015

Omnichannel Retail: Percent of Stores Closed Year on Year 2014 to 2015, n=16 Public Companies

Omnichannel Retail: Same-Store Year-on-Year Sales GrowthPercent of Brands2014 to 2015, n=19 Public Companies

■ ■ Positive YoY Same Store Sales ■ ■ Negative YoY Same Store Sales

Source: L2, Inc.

Source: L2, Inc.

Everyone has a fear of Amazon but retailers have made significant inroads to selling to their customers from anywhere. A robust omnichannel foundation requires real-time data visibility in four out of five areas: users, inventory, pricing, product and payment. This enables a truly seamless customer experience.” MAHESH TYAGARAJANCPO, RichRelevance

“

89%11%

LEADERSScored in Top 40% for E-Commerceand Brick & Mortar Incentives

50%50%

LAGGARDSScored in Bottom 40% for E-Commerceand Brick & Mortar Incentives

Scored in Top 40% for E-Commerce and Brick & Mortar Incentives

Scored in Bottom 40% for E-Commerce and Brick & Mortar Incentives

4.00% 2.82%LEADERS LAGGARDS



http://pressroom.macysinc.com/press.aspx?catid=0&pcatid=0&mkid=360&pid=17078

http://pressroom.macysinc.com/press.aspx?catid=0&pcatid=0&mkid=360&pid=17078

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Free ShippingRetailers’ attitudes towards free shipping are bifurcated. At the Mass pricepoint, all eight retailers tracked in L2’s 2014 and 2015 Omnichannel Retail studies continue to offer regular free shipping in some capacity–the price of entry for big box players competing head-to-head with Amazon. On the other end of the pricing spectrum, free shipping also remains ubiquitous across the Luxury subset, proving that consumers now equate complimentary shipping with high-touch customer service. However, data suggests that brands at both Aspirational and Prestige pricepoints have pulled back, with several brands no longer offering “always-on” free shipping. Among the Aspirational brands tracked year on year, just 66 percent offer regular free shipping, down from 75 percent in 2014. Similarly, free shipping is offered regularly by 72 percent of the Prestige brands tracked, down from 76 percent in 2014 and 84 percent in 2013. Only one brand, Michael Kors, was observed launching regular free shipping in the last year. For those brands offering free shipping on orders of a minimum value, thresholds are also on the rise. Across four categories, the average free shipping threshold increased between $4 (Big Box) and $42 (Watches & Jewelry), suggesting brands are taking back control of their shipping policies, with an eye towards profitability.

Omnichannel Retail: Brands Offering Regular Free Shipping, by Region and Pricepoint March 2013 vs. May 2014 vs. June 2015

■ 2013 ■ 2014 ■ 2015

Omnichannel Retail: Average Threshold Amount for Free Shiping, by Category March 2014 vs. June 2015, n=85 Brands with Threshold-Based

Free Shipping (U.S.)

■ Average Threshold 2014 ■ Average Threshold 2015

N/A

75%

84%

92%

N/A

100%

75%

76%

N/A

100%

U.S. Mass, n=8

U.S. Aspirational, n=32

U.S. Prestige, n=25

U.S. Luxury, n=13

EU Brands, n=52

25%

100%100%

72%

66%

+$42

+$4

+$7

+$4

Watches & Jewelry, n=9

Apparel & Accessories, n=41

Sportswear, n=10

Big Box, n=7

Department Stores, n=8

Beauty, n=7

Home, n=3

$59 $63

$40 $47

$36

$40

$39 $39

$33 $33

$20 $20

$166 $124

Source: L2, Inc. Source: L2, Inc.



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In-Store Technology Successful omnichannel brands synchronize a single view of the customer across online, in-store, and mobile channels. Retailers report that creating a complete consumer view leads to higher customer satisfaction, order values, and shopping frequency, while also improving employee satisfaction.1 Yet only six percent of retailers currently report the ability to identify customers via their smartphones when they walk into a store, and even those that do are arguably doing very little to action this data and drive store performance.2 Use of beacons also remains under-penetrated, suggesting brands have yet to unlock real value from the heavily hyped technology–in part, due to the difficulty of analyzing the data returned to the retailers. Just eight percent of brands are testing the technology, while 10 percent have written it off completely and 31 percent are in wait-and-see mode.3 Given slow adoption and customer disinterest, beacons seem unlikely to make a sizeable impact on the retail market in the next few years.

1. “The Omnichannel Challenge: Strategies That Work,” Oracle, October 2014.2. “CRM/Unified Commerce Survey,” Boston Retail Partners, March/April 2015.3. FitForCommerce, February 2015.

Source: “The Omnichannel Challenge: Strategies That Work,” Oracle, October 2014.

Source: “CRM/Unified Commerce Survey,” Boston Retail Partners, March/April 2015.

Source: FitForCommerce, February 2015.

Benefits of Synchronized Customer Information Across All Channels n=124 Retailers, October 2014

Identifying the Customer via Smartphone In-Store Ability to ID Customers When They Walk In, By Implementation Status March/April 2015 ■ Implemented ■ Implement within 2 years ■ Implement in 3-5 years ■ No Plans/Longer Term Time Horizon

Beacon & Geotargeting Technology Implementation Status February 2015

Testing In-Progress

Not Being Considered

Not Applicable

Wait-and-See

32%

8%10%

31%

6% 39% 14% 41%

Improved Customer Satisfaction

Increased In-Store Basket Size

Increased Online Basket Size

Increased Shopping Frequency

Improved Employee Satisfaction

54%

58%

42%

41%

19%



http://www.retailtouchpoints.com/features/special-reports/the-omnichannel-challenge-strategies-that-work



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9% 11% 14% 7% 5%

17%

11%

12%

8% 11%

9%

Chief MerchandisingOfficer

Chief StrategyOfficer

Chief CustomerExperience Officer

Chief DigitalOfficer

Chief Analytics/Data Officer

Chief InnovationOfficer

Chief OmnichannelOfficer

Chief TransformationOfficer

39% 33% 20% 20% 19%

New Leadership Domains In October 2014, 61 percent of retailers reported that they had added or changed C-level roles in the past two years, and another eight percent planned to do so in the future.1 New functions have focused largely around customer experience, with popular new titles including Chief Customer Experience Officer and Chief Transformation Officer. By early 2016, 20 percent of retail executive teams are expected to include a Chief Omnichannel Officer.2 Retailers should be careful not to conflate these new leadership domains with a silver bullet solution for omnichannel success. Establishing senior omnichannel leadership has worked well in some organizations, including Macy’s, where Chief 1. “Changing Roles in Retail,” Retail TouchPoints, October 2014.2. Ibid.

Source: “Changing Roles In Retail,” Retail TouchPoints, October 2014.

Omnichannel Retail: New C-Level/Executive Roles in Place at Organizations October 2014, n=167 ■ In Place ■ Adding in Next 18 Months

Omnichannel Officer R.B. Harrison brings to the table his experience as the former President of Stores. In other cases, brands have re-engineered titles to establish roles that are more holistic. At Target, the former President of Multichannel recently joined the executive leadership team as Chief Strategy and Innovation Officer; his former role has not been re-assigned. American Eagle Outfitters promoted its former SVP of Omnichannel E-Commerce to Chief Digital Officer, a role that includes “responsibility for digitally enabled customer experiences across all channels and touchpoints.”3

3. LinkedIn.



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BRAND LIST

METHODOLOGY

SITE INTEGRATION 7 Inventory Visibility

8 In-Store Inventory Filters

9 In-Store Pick-Up

11 Uncovering Best Practices

12 FLASH OF GENIUS American Eagle: Reserve, Try & Buy

13 FLASH OF GENIUS Nordstrom, Sears & Kmart: Curbside Pick-Up

14 SPOTLIGHT EUROPE Click-and-Collect

16 FLASH OF GENIUS John Lewis: Click-and-Collect

17 FLASH OF GENIUS Carrefour: Click-and-Drive

18 Online/Offline Drivers

20 Retail Footprint: Leaders vs. Laggards

SHIPPING & LAST MILE 21 Free Shipping

23 Goliath Battle Lines

25 FLASH OF GENIUS Walmart: Not Backing Down

5

38

6

39

26 SPOTLIGHT EUROPE Fulfillment Priorities Vary by Market

28 FLASH OF GENIUS Trunk Delivery

29 Same-Day Delivery

30 Last Mile Solutions

IN-STORE & MOBILE

31 In-Store Technology

32 FLASH OF GENIUS Joe Fresh & Neiman Marcus: App Experiences

33 POS Systems

34 Mobile Payments

THE OMNICHANNEL ORGANIZATION

35 New Leadership Domains

3 6 FLASH OF GENIUS Macy’s: Omnichannel Leadership

37 FLASH OF GENIUS Neiman Marcus: Channel Unification

THE TEAM

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