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From Innovation To Execution: Best Practices For Retailing In The Age Of The Customer #RIC15
From Innovation To Execution: Best
Practices For Retailing In The Age
Of The Customer
Adam Silverman, Principal Analyst
June 17th, 2015
@AdamKSilverman
© 2015 Forrester Research, Inc. Reproduction Prohibited 3
“The pace of change is accelerating
faster than anticipated a year ago.”
Blake Nordstrom,
President of Nordstrom
April 2014
© 2015 Forrester Research, Inc. Reproduction Prohibited 4
Mobile connects us wherever we go
Base: 38,146 US online adults (18+) who personally use a smartphone to go online
*Base: 23,511 US online adults (18+) who personally use a tablet to go online
Source: Forrester’s North American Consumer Technographics® Online Benchmark Survey (Part 1), 2014
98%
of guests
shop digitally
Source: http://www.mytotalretail.com/article/inside-targets-digital-revolution/
© 2015 Forrester Research, Inc. Reproduction Prohibited 6
Agenda
›  The Emergence Of The Connected
Customer
›  How Digital Technology Creates
Opportunities In Retail
›  Recommendations
© 2015 Forrester Research, Inc. Reproduction Prohibited 7
Where the transaction occurs is irrelevant
© 2015 Forrester Research, Inc. Reproduction Prohibited 8
of store sales
are influenced online
52%
Sources: Forrester Research US Cross-Channel Retail Sales Forecast: 2014 To 2018, The State of Retailing Online 2015. Base: 41 retailers. media.pathfinder.gr/cman_img_f/9549445219531437587.jpg
of online sales now from
mobile & tablet
28%
From Innovation To Execution: Best Practices For Retailing In The Age Of The Customer #RIC15
© 2015 Forrester Research, Inc. Reproduction Prohibited
73% - expect to click and collect
86% - expect to return online orders in the store
89% - expect to view the in-store inventory of
products online
Customers have high expectations
when it comes to channel integration
A commissioned Forrester study with Purolator, May 2014
© 2015 Forrester Research, Inc. Reproduction Prohibited 11
won’t buy in-store
1/4
Source: North American Technographics Retail Survey 2013
© 2015 Forrester Research, Inc. Reproduction Prohibited 12
© 2015 Forrester Research, Inc. Reproduction Prohibited 13
12%
15%
15%
17%
17%
18%
19%
20%
22%
24%
To check availability of a product
To read customer reviews of a product
To access my shopping list
To access the Internet via guest Wi-Fi
To locate a nearby store or to check store hours
To take picture of a product to share with friends
To look up product information
To find or redeem a coupon/coupon code
To research a product
To compare prices
In the PAST 3 MONTHS, have you used your cell phone for any of the following while shopping in a physical store
Source: North American Consumer Technographics Retail Survey, 2014. Base : N=4,814 US Online Adults 18+ (Weekly or more) who are cell phone users
Customers research product in-aisle
Source: Forrester’s North American Consumer Technogrpahics Retail Survey, 2014. Base 5007 US online adults. Base 1156
online adults who have used their phone in-store to compare prices in the past three months.
Customers research product in-aisle
© 2015 Forrester Research, Inc. Reproduction Prohibited 15
© 2015 Forrester Research, Inc. Reproduction Prohibited 16
Source: Forrester’s North American Consumer Technographics Retail Survey 2014. Base 5007 US online adults (ages 18+)
Digitally enabled associates add value
© 2014 Forrester Research, Inc. Reproduction Prohibited 17
Digitally enabled associates add value
Forrester’s North American Consumer Technographics Retail Survey, 2014
Source: Forrester’s “Manage The Cross-Touchpoint Customer Journey” report
© 2015 Forrester Research, Inc. Reproduction Prohibited 19
In-store data capture has skyrocketed
Sources: RetailNext
© 2015 Forrester Research, Inc. Reproduction Prohibited 20
of enterprise data
in used for analytics
12%Only
Sources: Forrester’s “The Forrester Wave: Big Data hadoop Solutions, Q1 2014” report
© 2015 Forrester Research, Inc. Reproduction Prohibited 21
45% of consumers have chosen,
recommended, or paid more for a
brand that provides a personalized
service or experience
Sources: Forrester’s North American Consumer Technographics Brand Compass Survey, Q3 2014
© 2015 Forrester Research, Inc. Reproduction Prohibited 22
Personalization is coming
to the retail store
© 2015 Forrester Research, Inc. Reproduction Prohibited 23
Agenda
›  The Emergence Of The Connected
Customer
›  How Digital Creates Opportunities
In Retail
›  Recommendations
© 2015 Forrester Research, Inc. Reproduction Prohibited 24
Source: April 16, 2014 “Understand The Digital Business Landscape” Forrester report
The Future Retailer Requires Mastery Of
Digital Business
© 2015 Forrester Research, Inc. Reproduction Prohibited 25
Digital Creates New Opportunities by:
1.  Enabling new insights
2.  Optimizing profitability
3.  Empowering employees
4.  Improving service levels
5.  Influencing sales
6.  Bridging the physical with the digital
7.  Personalizing the shopping experience
Operational
Excellence
Customer
Experience
© 2015 Forrester Research, Inc. Reproduction Prohibited 26
1. Enabling new insights
© 2015 Forrester Research, Inc. Reproduction Prohibited 27
2. Optimizing profitability
© 2015 Forrester Research, Inc. Reproduction Prohibited 28
3. Empowering employees
© 2015 Forrester Research, Inc. Reproduction Prohibited 29
4. Improving service levels
Promises
delivery two full
days quicker
than before
© 2015 Forrester Research, Inc. Reproduction Prohibited 30
Source: POPAI
82%
make purchase
decisions in-aisle
5. Influencing sales
© 2015 Forrester Research, Inc. Reproduction Prohibited 31
6. Bridging the physical with the digital
© 2015 Forrester Research, Inc. Reproduction Prohibited 32
7. Personalizing the shopping experience
© 2015 Forrester Research, Inc. Reproduction Prohibited 33
Four Key Barriers Hold Back Innovation
© 2015 Forrester Research, Inc. Reproduction Prohibited 34
Poor store connectivity prevents
modern retail apps from being effective
#1
© 2015 Forrester Research, Inc. Reproduction Prohibited 35
Retail store systems are focused on
record keeping and not engagement
#2
© 2015 Forrester Research, Inc. Reproduction Prohibited 36
Existing systems can’t provide real-
time data insights across all channels
#3
© 2015 Forrester Research, Inc. Reproduction Prohibited 37
Retail teams are still siloed
#4
The Digital Store Platform Emerges
The Digital Store Platform Emerges
© 2015 Forrester Research, Inc. Reproduction Prohibited 40
Agenda
›  The Emergence Of The Connected
Customer
›  How Digital Creates Opportunities
In Retail
›  Recommendations
© 2015 Forrester Research, Inc. Reproduction Prohibited 41
Your Roadmap To Building Your Future
Retail Store:
1.  Expose inventory visibility
2.  Align your teams around the customer
3.  Drive towards a single view of the customer
4.  Prepare for real time data driven business – online & stores
5.  Optimize customer and staff mobile experiences
6.  Leverage location context
7.  Build your digital store platform
forrester.com
Thank you
Adam Silverman
415.294.8177
asilverman@forrester.com
@AdamKSilverman
#RIC15

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From Innovation To Execution: Best Practices For Retailing In The Age Of The Customer #RIC15

  • 2. From Innovation To Execution: Best Practices For Retailing In The Age Of The Customer Adam Silverman, Principal Analyst June 17th, 2015 @AdamKSilverman
  • 3. © 2015 Forrester Research, Inc. Reproduction Prohibited 3 “The pace of change is accelerating faster than anticipated a year ago.” Blake Nordstrom, President of Nordstrom April 2014
  • 4. © 2015 Forrester Research, Inc. Reproduction Prohibited 4 Mobile connects us wherever we go Base: 38,146 US online adults (18+) who personally use a smartphone to go online *Base: 23,511 US online adults (18+) who personally use a tablet to go online Source: Forrester’s North American Consumer Technographics® Online Benchmark Survey (Part 1), 2014
  • 5. 98% of guests shop digitally Source: http://www.mytotalretail.com/article/inside-targets-digital-revolution/
  • 6. © 2015 Forrester Research, Inc. Reproduction Prohibited 6 Agenda ›  The Emergence Of The Connected Customer ›  How Digital Technology Creates Opportunities In Retail ›  Recommendations
  • 7. © 2015 Forrester Research, Inc. Reproduction Prohibited 7 Where the transaction occurs is irrelevant
  • 8. © 2015 Forrester Research, Inc. Reproduction Prohibited 8 of store sales are influenced online 52% Sources: Forrester Research US Cross-Channel Retail Sales Forecast: 2014 To 2018, The State of Retailing Online 2015. Base: 41 retailers. media.pathfinder.gr/cman_img_f/9549445219531437587.jpg of online sales now from mobile & tablet 28%
  • 10. © 2015 Forrester Research, Inc. Reproduction Prohibited 73% - expect to click and collect 86% - expect to return online orders in the store 89% - expect to view the in-store inventory of products online Customers have high expectations when it comes to channel integration A commissioned Forrester study with Purolator, May 2014
  • 11. © 2015 Forrester Research, Inc. Reproduction Prohibited 11 won’t buy in-store 1/4 Source: North American Technographics Retail Survey 2013
  • 12. © 2015 Forrester Research, Inc. Reproduction Prohibited 12
  • 13. © 2015 Forrester Research, Inc. Reproduction Prohibited 13 12% 15% 15% 17% 17% 18% 19% 20% 22% 24% To check availability of a product To read customer reviews of a product To access my shopping list To access the Internet via guest Wi-Fi To locate a nearby store or to check store hours To take picture of a product to share with friends To look up product information To find or redeem a coupon/coupon code To research a product To compare prices In the PAST 3 MONTHS, have you used your cell phone for any of the following while shopping in a physical store Source: North American Consumer Technographics Retail Survey, 2014. Base : N=4,814 US Online Adults 18+ (Weekly or more) who are cell phone users Customers research product in-aisle
  • 14. Source: Forrester’s North American Consumer Technogrpahics Retail Survey, 2014. Base 5007 US online adults. Base 1156 online adults who have used their phone in-store to compare prices in the past three months. Customers research product in-aisle
  • 15. © 2015 Forrester Research, Inc. Reproduction Prohibited 15
  • 16. © 2015 Forrester Research, Inc. Reproduction Prohibited 16 Source: Forrester’s North American Consumer Technographics Retail Survey 2014. Base 5007 US online adults (ages 18+) Digitally enabled associates add value
  • 17. © 2014 Forrester Research, Inc. Reproduction Prohibited 17 Digitally enabled associates add value Forrester’s North American Consumer Technographics Retail Survey, 2014
  • 18. Source: Forrester’s “Manage The Cross-Touchpoint Customer Journey” report
  • 19. © 2015 Forrester Research, Inc. Reproduction Prohibited 19 In-store data capture has skyrocketed Sources: RetailNext
  • 20. © 2015 Forrester Research, Inc. Reproduction Prohibited 20 of enterprise data in used for analytics 12%Only Sources: Forrester’s “The Forrester Wave: Big Data hadoop Solutions, Q1 2014” report
  • 21. © 2015 Forrester Research, Inc. Reproduction Prohibited 21 45% of consumers have chosen, recommended, or paid more for a brand that provides a personalized service or experience Sources: Forrester’s North American Consumer Technographics Brand Compass Survey, Q3 2014
  • 22. © 2015 Forrester Research, Inc. Reproduction Prohibited 22 Personalization is coming to the retail store
  • 23. © 2015 Forrester Research, Inc. Reproduction Prohibited 23 Agenda ›  The Emergence Of The Connected Customer ›  How Digital Creates Opportunities In Retail ›  Recommendations
  • 24. © 2015 Forrester Research, Inc. Reproduction Prohibited 24 Source: April 16, 2014 “Understand The Digital Business Landscape” Forrester report The Future Retailer Requires Mastery Of Digital Business
  • 25. © 2015 Forrester Research, Inc. Reproduction Prohibited 25 Digital Creates New Opportunities by: 1.  Enabling new insights 2.  Optimizing profitability 3.  Empowering employees 4.  Improving service levels 5.  Influencing sales 6.  Bridging the physical with the digital 7.  Personalizing the shopping experience Operational Excellence Customer Experience
  • 26. © 2015 Forrester Research, Inc. Reproduction Prohibited 26 1. Enabling new insights
  • 27. © 2015 Forrester Research, Inc. Reproduction Prohibited 27 2. Optimizing profitability
  • 28. © 2015 Forrester Research, Inc. Reproduction Prohibited 28 3. Empowering employees
  • 29. © 2015 Forrester Research, Inc. Reproduction Prohibited 29 4. Improving service levels Promises delivery two full days quicker than before
  • 30. © 2015 Forrester Research, Inc. Reproduction Prohibited 30 Source: POPAI 82% make purchase decisions in-aisle 5. Influencing sales
  • 31. © 2015 Forrester Research, Inc. Reproduction Prohibited 31 6. Bridging the physical with the digital
  • 32. © 2015 Forrester Research, Inc. Reproduction Prohibited 32 7. Personalizing the shopping experience
  • 33. © 2015 Forrester Research, Inc. Reproduction Prohibited 33 Four Key Barriers Hold Back Innovation
  • 34. © 2015 Forrester Research, Inc. Reproduction Prohibited 34 Poor store connectivity prevents modern retail apps from being effective #1
  • 35. © 2015 Forrester Research, Inc. Reproduction Prohibited 35 Retail store systems are focused on record keeping and not engagement #2
  • 36. © 2015 Forrester Research, Inc. Reproduction Prohibited 36 Existing systems can’t provide real- time data insights across all channels #3
  • 37. © 2015 Forrester Research, Inc. Reproduction Prohibited 37 Retail teams are still siloed #4
  • 38. The Digital Store Platform Emerges
  • 39. The Digital Store Platform Emerges
  • 40. © 2015 Forrester Research, Inc. Reproduction Prohibited 40 Agenda ›  The Emergence Of The Connected Customer ›  How Digital Creates Opportunities In Retail ›  Recommendations
  • 41. © 2015 Forrester Research, Inc. Reproduction Prohibited 41 Your Roadmap To Building Your Future Retail Store: 1.  Expose inventory visibility 2.  Align your teams around the customer 3.  Drive towards a single view of the customer 4.  Prepare for real time data driven business – online & stores 5.  Optimize customer and staff mobile experiences 6.  Leverage location context 7.  Build your digital store platform