Oracle Digital Store Guide
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This document discusses the changing landscape of retail and the key role of technology. It notes that retail has become more complex with the rise of online shopping and increased customer expectations around convenience. Retailers now face challenges like offering omnichannel experiences, managing large amounts of customer data, and integrating new technologies into stores. The document argues that technology is driving changes in retail and that retailers must deliver consistent experiences across online and offline channels using scalable systems and integrated data.
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Oracle Digital Store Guide
- 1. 1Copyright © 2018, Oracle and/or its affiliates. All rights reserved.
- 2. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | Safe Harbor Statement The following is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, and timing of any features or functionality described for Oracle’s products remains at the sole discretion of Oracle.
- 3. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | The Digital store: Online, Offline, from front to back Antony Welfare Innovation Strategy Director 3
- 4. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | 4 Antony Welfare Retailer from birth, understanding in depth retail, financial and technology worlds Starting with Sainsburys, Marks & Spencer and Dixons, through to own fashion technology company Blockchainer – UCL Blockchain Exec program, Blockchain Live Retail Advisor and APPG Blockchain Author of The Retail Handbook – India edition 10,000 copies Sky News Retail expert and event speaker Kindle edition of Book 99c until end of DAY!
- 5. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | Retail History: Retailing was simple in 1924 (Can you spot my Great-Grandparents?)
- 6. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | Retail used to be simple Shopping was dictated by location and proximity to the home Shop hours were clearly set Deliveries of both store stock and customer orders was limited The store manager and the sales assistants had knowledge of the entire retail process and product range Competition was limited and it wasn’t possible to ‘shop around’ easily Word of mouth was limited Retail then:
- 7. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | Then retail got complicated Internet and mobile penetration means customers can shop anywhere, and products could come from all over the world Online stores are always open, and physical stores have extended their hours to meet demand Stock replenishment is frequent and includes customer orders Sales assistants need to be familiar with a large and constantly changing product range Word of mouth now encompasses mobile, laptops, social media, reviews and ratings, etc Retail now
- 8. 8Copyright © 2017, Oracle and/or its affiliates. All rights reserved. C O N S U M E R E X P E C T A T I O N S 83% of consumers think it’s important for retailers to adopt new technologies to improve consumer shopping experience 25% want store associates to recognize the shopper and their purchase history and personalize transactions accordingly 59% say their use of technology to shop has increased over the last year * Source: Oracle Survey – Retail Without Limits 8Copyright © 2017, Oracle and/or its affiliates. All rights reserved.
- 9. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | Retail is technology driven Retail Challenges 9
- 10. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | Mobile and tablet trends It is (was) predicted 830 million consumers around the globe will make a purchase on their mobile devices in 2016, rising 16% to 961 million in 2017 The Goldman Sachs Group Inc 2014
- 11. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | Making it convenient for the customer “Retailers and retail experts have voted overall convenience of the shopping experience as being the most important influencer on retail development” GFK Retail Trend Monitor
- 12. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | Changes in customer shopping habits “The retail store is changing. Retail stores are becoming an experiential venue for both online and non-online purchase. People go to a retail store to see, touch and feel. It’s a place to buy, a place to stimulate, and a place to create new possibilities” PWC Total Retail: Retailers and the Age of Disruption
- 13. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | Fulfilment An omnichannel shopping experience, where customers expect…. …What they want …When they want it …how they want it
- 14. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | Product innovation Consumers have more choice than ever, innovative products are essential to stand out in the crowd
- 15. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | Big data The amount of data, and data sources, are growing exponentially (Stores, Online, Mobile, Browers, Beacons, partners etc) Making decisions is becoming more complex Simple, easy data analysis is a MUST
- 16. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | 3D printing cafes
- 17. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | Moving into a VR world
- 18. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | AR images from static objects and images
- 19. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | Key Challenges for Retailers Digital device (Mobile, Tablet, IoT etc) growth Convenience – anything, anytime, anywhere customer mindset Customer expectation (High) and shopping habits (Complex) Fulfillment options and expectations Product innovation continuous Big data and complexity of data In store experiences New technologies
- 20. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | 20 S T O R E S A R E N O T D E A D , D O N ’ T B E L I E V E T H E H Y P E B U T T H E I R R O L E I S T R A N S F O R M I N G Digital Growth Outpaces Stores 2016 Growth: retail 1%, eCommerce 15%; expected to grow 3x retail in 2017 Few Doing Omnichannel Right 93% of retail sales Globally still occur in store That said, 65% of retail sales are “Web or Digital Influenced”
- 21. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | One business How do you make the business flow as one? 21
- 22. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | Retail Experience Stunning Wedgewood store in Mayfair, London in the 1800’s.
- 23. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | Retail Experience Ok, so perhaps physically it’s not changed that much but behind the scenes it’s different.
- 24. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | Retailers must deliver a consistent retail experience Omnichannel is about “one” experience online and offline In every location and on every digital touchpoint Stores need to be exciting, enticing and have a reason to visit This requires scalable systems, data, integrity of the data and “Back office” systems
- 25. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | 25 Business is changing New business models & revenue streams. Stakeholder expectations. Of agile businesses have transformed the business model Continuous innovation. Intelligence-driven, connected outcomes. Anticipating opportunities & threats. Digital transformation. Emerging technologies: AI, IoT, Big Data, Chatbots, RPA, Touchless Processing, Blockchain Source: Agile Finance Revealed, The New Operating Model for Modern Finance, AICPA/Oracle 2017 BUSINESS MODELS INNOVATION AGILITY 49%
- 26. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | 26 Finance leaders are responding TARGET OPERATING MODEL EFFICIENCY CONTROL DATA & INFORMATION PROCESS EXECUTION COST CENTER DISPARATE SYSTEMS DYNAMIC BUSINESS MODELS EFFICIENCY AND AGILITY CONTROL AND INNOVATION MEANINGFUL INSIGHTS INTELLIGENT AUTOMATION VALUE GENERATOR PLATFORM FROM TO 95% Source: Agile Finance Revealed, The New Operating Model for Modern Finance, AICPA/Oracle 2017 Businesses supported by agile finance leaders are more likely to increase profitability
- 27. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | Summary Technology is the driver 27
- 28. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | T E C H N O L O G Y I S K E Y I N I N T H E S H O P P I N G E X P E R I E N C E 28 Difficult to access data Lengthy cycle times Poor cross-enterprise collaboration 70% Demand for transparency outstrips any other consumer requirement in terms of which insight would add the most value to an experience.
- 29. Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | 29 R E T A I L P R I O R I T I E S T O D AY Latest technology and cloud based systems Fast transaction and low skills level automation – allowing value add analysis Compliance and automation/simplification Data integrity and “One view of data” Omnichannel solutions for Retail complexities
- 30. 30Copyright © 2018, Oracle and/or its affiliates. All rights reserved.
Notas do Editor
- Things used to be simple. Shoppers used to go to the local shop, speak to a shop assistant, and make a purchase. Shop opening hours were clearly set, and a if a product wasn’t available you would need to wait for a new delivery. Options were limited, and there wasn’t much competition.
- Before looking forward it’s important to know where you are now and where you used to be.
- Consumer expectations are very much in line with this thinking – 83% of those we surveyed for our Retail Without Limits publication felt that the convergence of commerce was important, and that retailers should invest in tech to blur the lines, to deliver to them better experiences. 25% wanted associates to recognize shoppers and their purchase histories and do in-store personalization – a giant jump from a few years ago, and a sign that the fears of “minority report” retailing are slowly going away. And lastly 59% say that in the last year retailers have delivered on some of there promises, as the nearly 60% report their own personal use of tech to shop increased over the last year.
- Source: https://www.internetretailer.com/2014/03/10/mobile-commerce-will-be-nearly-half-e-commerce-2018
- https://www.gfk.com/news-and-events/news/pages/convenience-is-top-driving-retail-trend-2015.aspx
- http://www.pwc.com/gx/en/industries/retail-consumer/global-multi-channel-consumer-survey.html
- Customers want to use exciting innovative products, but they need an exciting environment to use them where experts can offer advice. FabCafe 3D-printing cafe in Tokyo (Pictured) is one of a growing number of 3D printing cafes around the world that offer services, sell products, and relax in the café while their products are printed. The appeal is more than just coffee, it’s an environment where they can seek advice and be inspired.
- Humans can become friends with computer games heroes High quality Virtual Reality is still expensive to achieve at home, so destinationVR experiences are becoming a huge part of the game industry, in the East these are often integrated into existing Internet or Gaming Cafes, while in Western cities these experiences are often pop-ups or expos. http://www.iamvr1.com/an-inside-look-at-the-exploding-world-of-chinas-vr-cafes/
- Scanning an image or product to bring enhanced content on a mobile device
- Wedgewood were innovators. The Apple of their day This is one of the very first purpose built stores, and was in May Fair in london – the super posh bit, to establish their brand They were the first company in the world to introduce mail order They were the first to use celebrity endorsement by gifting the queen a full set of Wedgewood for banquets. This design was really innovative, with fancy pillars, big cabinets, a counter at the back where people can ask for expert advice. https://austenonly.com/2009/12/02/jane-austen-and-london-wedgwoods-showrooms/
- Ok so perhaps physically it’s not changed that much but behind the scenes it’s different.
- Anything, anytime is a trend that is prevalent in all major retailing trends.
- As you will be aware, the very nature of business has changed dramatically over the past decade. Couple this with the unprecedented change we are seeing in our every-day lives. Disruption is all around us. What was seen as strategic can now be viewed as inflexible. Consider the Target Operating Model (ToM) . By it’s very nature, the ToM positioned an ‘end-state’. Given the ever-changing nature of the industry, an end-state model would be rapidly out-of-date. Business strategy is continually evolving and, with it, the support functions of the business must adapt to this change. Innovation in technology is driving a higher level of expectation from customers – both internal and external. Emerging technologies (consider Blockchain, AI, Machine Learning, Big Data and Internet of Things [IoT]). These conversations are no longer the reserve of the IT and Analyst community – the Board is becoming increasingly aware of how these can disrupt and enable. As mentioned, in order to support this continual change, the support functions within the business (namely Finance) must continue to innovate and evolve. It is no longer enough to be efficient in terms of timeliness, Finance must continue to add value in terms of greater transparency, business insight and greater levels of control and governance.
- Successful Finance Leaders and organisations are responding so lets have a brief look at the changes we are seeing: Organizations are moving from: a focus on a single target operating model to a recognition that multiple flexible business models are required for success Not just being efficient but also being agile, responding to and anticipating change From control and compliance (which remains imperative) to control compliance and innovation – leveraging new ways of meeting finance and business goals Not just managing more data than ever before but creating and sharing meaningful insights to the leadership and across the organization Moving from labour-intensive transactional processing to the automation of routine processes releasing the finance professionals to focus on achieving the organizations objectives Doing away with the notion of a cost centre to transforming the back office functions into value generators Ending the constraints that disparate systems generate by replacing them with an IT platform that frees the business to succeed
- However the number one demand from consumers remains transparency, at 70% of those responding. This still remains the primary challenge for retailers, who still experience data silos, and poor collaboration throughout their enterprises, and these are the kinds of solutions that need prioritization.