A New Buying Journey, Future of Retail and Digital Workforce

Why be wary of online when you can create a differentiated experience in the store with a high focus on personalization through technology and human intervention? Creating a personalized customer experience is not a function of implementing a new retail concept, multi-segment marketing or technology or workforce improvement alone. It requires retailers to adopt a differentiated customer experience strategy especially in their stores. In many instances, retailers don’t have the luxury of time or resources to focus on upgrading the complete end-to-end customer experience and related workforce-led assistance in the stores for infusing personalization at a customer-level. This is when technology becomes even more powerful and meaningful in the retail industry. Several retailers who are willing to experiment and innovate are experiencing the power of artificial intelligence, augmented and virtual reality and the Internet of Things (IoT) as these tools have emerged as a stepping stones for personalizing each step in the buying journey. Consequently, these technologies cannot operate in isolation. The role of workforce has become more important in making this journey successful. ‘The demise of the store obituary’ notwithstanding, forward looking retail stores are now moving to a highly progressive digital mode. The retail store itself is being re-imagined for today’s digital consumer. New store concepts must function as an immersive experiential center and will be a venue for collaboration and experiences that cannot be provided online. According to EKN’s research on The Changing Role of the Store – Is Your Workforce Ready, by 2020, traditional sales processes will reduce in importance in terms of what retailers expect from stores. At the top will be theme-based stores,...

Fashion and Apparel – Achieving a Frictionless Shopper Experience and Streamlined Operations

This ebook provides insights about the various changes and consumer demands that have affected the fashion and retail industry along with trends that are shaping and modifying it. It also discusses the continual increase in omnichannel sales that has forced retailers to take an active interest to create frictionless, omnichannel shopping experiences for customers. Download Full...

2016 Wrap-Up & 2017 Retail Industry Outlook

While 2016 was a pretty good year for US retail, for most retailers a repeat of 2016 growth will be not be easy replicate in 2017. After all, it is a transition year and as new economic and fiscal policies get activated, some amount of business and consumer spending uncertainty is expected. The good news is that a relatively healthy GDP over the last couple of quarters and a largely stable housing market certainly bodes well for retailers early in the year. The key for retailers is to make sure that they absorb the policy change impact in the front half of the year without inflicting too much self-damage. Registering a bumper back half of the year through faster consolidation and slick execution is a must i.e. a robust Q3 & Q4 growth plan through proper customer segmentation, new product introduction and sound execution plans. Humbly stated, my own fiscal round-up for US retail in 2016 indicates medium to strong fundamentals across a majority of retail concepts or segments. According to U.S. Census Bureau’s latest reported retail sales data total US retail sales from September 2016 through November 2016 were up 3.7 percent from the same period a year ago. The 11-month non-adjusted total retail and food services sales were up 3.1 percent from the same period a year ago. While electronic, gasoline, general merchandise and department stores showed clear signs of a sizeable slump in comp sales; other store retailers including DIY/building materials, drug, and furniture reported healthy positive sales comps when compared to 2015. As expected, within the eCommerce channel, retailers saw the biggest gains as the...

Lamps Plus : A Case Study-Led Approach to PLM Success

This report entails some key insights from the conversation between EKN’s principal analyst & CFO of a leading lighting retailer operating in US. They discussed various issues related to PLM and how software solutions are helping to overcome the challenges faced by them. It also discusses key pillars of the solution implemented and the ROI achieved from it. Download Full...

Point of View- The Changing Role of The Store: Is Your Workforce Ready?

Due to rapidly changing role of store on account of advent of disruptive digital technologies, retailers are contemplating or implementing store transformations and finding themselves in a tough spot to balance additional challenges associated with it. Such challenges get mitigated to a large extent with a dynamic and trained workforce. But, do retailers have a pool of such a workforce? This report takes an in-depth look at the changing role of stores and workforce and the difference that an empowered workforce can create. Download...