Before transforming a business, it's important to create a culture that can accommodate that transformation. Here are some tips on how to make sure your company is ready for change.
“Retailers that extract new and meaningful insights from their data (loyalty and/or transnational data) will be better equipped to reward and retain a more loyal shopper base.” Tools like SAP CAR and consuming applications now provide retailers with tools that can efficiently mine and present actionable information from their vast pools of data to provide consistently better offers for their target customer base.
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SAP Customer Activity Repository is a foundation that collects transactional data that was previously spread over multiple independent applications in diverse formats. The repository provides a common foundation and a harmonized multichannel transaction data model for all consuming applications.
Retailers can use SAP Customer Activity Repository to gradually transform their system landscapes from traditional database technology to the revolutionary, in-memory database technology.
SAP Customer Activity Repository includes the following features:
- POS Data Transfer and Audit (POS Data Management)
- Multichannel Sales Repository (MCSR)
- Multichannel Sales Analytics
- Inventory Visibility Analytics
- On-Shelf Availability
- Predictive capabilities, leveraging the Demand Data Foundation (DDF) and Unified Demand Forecast (UDF)
Grocery companies should consider prioritizing their mobile offerings as they shape their omni-channel strategies. Food shoppers buy products differently than apparel or hard goods shoppers. A robust mobile channel will be required to be competitive for most food retailers.
Post based on Original Article Source. When it comes to buying stuff online, most people still prefer PCs. But mobile is becoming an increasingly important sales channel for one particular retail industry above all others: Groceries.
Based on data from PriceWaterhouse Coopers charted for us by BI Intelligence, 37% of all grocery e-commerce sales in October came from purchases on a mobile device like a phone or tablet. Other retail industries, like furniture and health, are not too far behind, but BI Intelligence predicts sales of online groceries will grow at a much faster rate than sales at traditional supermarkets. Considering how the US grocery industry accounts for roughly $600 billion a year in sales, BI Intelligenceforecasts the online grocery market will grow about 21% each year for the next three years. After all, the food and beverage industry is the largest retail industry by far, and online services that can get food into your home — whether it’s fresh from the store or already prepared by a restaurant — are in high demand: Companies from GrubHub to Amazon and Uber are already launching campaigns to get in on the action.
Very interesting that RSR research concludes that “50% of laggards (those underperforming retailers) are using homegrown or customized solutions vs. only 29% of Retail Winners. Winners are more likely to use either on-premise or cloud-based packaged solutions. These same Winners are more likely to extend their eCommerce platforms into their stores for customers, employees and even as a Point of Sale device.” Packaged tools are becoming well-aligned with common retail processes and channels are blurring across retail operations. Leading retailers are leveraging a packaged solution base and enabling their unique business requirements upon that base then leveraging the natural integration provided by packaged tools to drive consistency across all channels.
Post based on Original Article Source.
A foundational principle of RSR’s research is that Retail Winners think and do things differently than the competition. While a company might get lucky, and hit on a unique, desirable product that drives great sales for a period of time, history has shown us that in and of themselves a special product or category just isn’t enough to drive sustainable results.
In other words, for the short term, customers will put up with almost anything to get the “next big thing.” The operative phrase here is ”short-term.” They’ll wait in long lines at stores, tolerate slow or unstable web sites, and wait weeks or months for delivery… whatever it takes to get the next Beanie Baby (okay, I’m dating myself here, but I think you get my point). Niche products have a shelf-life and their value can plummet overnight. Put another way, today’s $9,000 curved screen TV is tomorrow’s $1,500 deal. Today’s hot product is tomorrow’s commodity or worse.
Suddenly yesterday’s hot retailer is today’s laggard… with sales falling below the Mendoza line of inflation rates.
This begs the question: what do you do […]
Successful omni-channel retailers are beginning to break down the walls between store and on-line and become customer-centered by aligning the organization, processes, data, reporting and systems. What’s needed are simple, intuitive, fast tools that provide customer insights across the retailer’s entire product and channel portfolio. Tools like SAP’s Customer Activity Repository are customer-focused and provide simple, fast access to customer channel preferences by product, season, promotion, location, plus a host of additional data elements.
Post based on Original Article Source.