retail retold: omnichannel & iot

RETAIL RETOLD:IS IoT IS CHANGING THE FACE OF OMNICHANNEL RETAIL?

Technology Evaluation Centers and Microsoft present:[Retail Retold:

Is IoT is Changing the Face of Omnichannel Retail?

Speakers:

Raluca DrutaResearch Analyst at

Technology Evaluation Centers

Duncan TaylorGlobal Retail Industry MarketingDirector for Microsoft Dynamics

Predrag JakovljevicPrincipal Analyst at

Technology Evaluation Centers

Omnichannel Retailing: The seamless environment that allows consumers to use various devices and channels for both buying and other transactions, such as returns, whether in a store or online.

Main Challenges of Omnichannel Retailing[“Omnichannel retailing is about more than a slickwebsite with a shopping cart in the corner…”

• Keeping pace with the rate of technological change

• Ensuring consumers experience consistency across all channels

• Managing social media

Micro-level Challenges of Omnichannel Retailing[“A customer doesn’t think about what channel they are using; they care about a consistent and seamless experience with the brand…”

• Stock inventory and allocation management

• Handling of returns and exchanges

• Shipping

• Promotions and discounts

Having a unified commerce engine can merge back office, front office and channel processes

Opportunities Inherent to Omnichannel Retailing[“Research shows that cross-channel shoppers are more profitable for retailers”

• Big CRM data -- customer base, buying behavior, promotional effectiveness

• Opportunity to meet or even exceed customer expectations

• Employee empowerment/engagement

• Increased profitability

Opportunities Inherent to Omnichannel Retailing[

“Gallup research shows that companies who engage both their employees and their customers

gain a 240% boostin performance-related business outcomes…”

The Internet of Things[“The IoT is a revolution already underway,with a growing number of internet-enabled devicessharing data on an ever-growing network…”

[“One pragmatic way for retailers to start thinking about the Internet of Things is as an Internet of Their Things”

The Internet of Things

IoT – Challenges [“Retailers using IoT for any particular purpose have to be mindful in the age of social media..”

• Consumer privacy versus targeted marketing

• How to make Big Data manageable, meaningful and actionable

Internet of Things and Big Data[Now, data comes from everywhere and is unlimited in scope and specificity...

[How can retailers manage Big Data?

• Establish a supporting infrastructure that collects, consolidates, and analyzes data

• Develop a “data culture” where information is accessible and useable by everyone

Internet of Things and Big Data

Four Key Ways Big Data can Help Retailers:[1. Reduce costs (optimize order fulfillment)

2. Make internal and external processes more efficient

3. Detect risks & fraud

4. Arm the right people with the right information to better understand customers’ needs

[“We can now make strategic decisions about the entire customer cycle”

A few examples:

• Track foot traffic to optimize store layout and product placement

• Easily analyze factors such as gender, age, and time of day in shopping behavior

• Use geo-location to enable targeted promotions

With so much data at our fingertips, there are infinite ways that Big Data could be used to enhance consumers’ buying experience…

Internet of Things – Opportunities

Internet of Things – Opportunities [

Omnichannel Retailing in the Age of IoT[• More choices...

• More flexibility...

• Exponentially more data...

But it’s still all about the customer experience

Q & A [

Thank you[Thank you for attending this edition of ERP Conversation Live!

Your speakers today have been:

P.J. Jakovljevic, Principal Analyst at Technology Evaluation CentersRaluca Druta, Research Analyst at Technology Evaluation Centers Duncan Taylor, Global Retail Marketing Director for Microsoft Dynamics