Winning in Retail in the next decade. Turn Showroomers and Digital Shoppers into Omnichannel advocates

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1 Winning in Retail in the next decade Turn Showroomers and Digital Shoppers into Omnichannel advocates

2 The Digital Shopper Profile Price-conscious, showrooming, real-time, all time Millennials and Other Generations are 1 in the same Nearly half of our survey respondents in each demographic will go with the cheapest option Approximately 40% across groups are showrooming more than they did a year ago About 41% across age groups will go online to buy if they want a product outside of business hours An average of 92% said realtime product availability would influence how they shop Copyright 2013 Accenture All rights reserved. Source: Accenture Seamless Retail Global Consumer Survey 2

3 3 Myths Busted! Store, Customer Service, Social 1. It s all about online shopping! 2. Loyalty is lost! 3. Being liked on Facebook means Customers like you! Millenials actually prefer to shop instore #1 is integrating in-store, online and mobile They use the online channel to become savvy customers Loyalty is earned through good customer service Customers want something in exchange They want things personalized They view relationships with retailers on Social as transactional Social Presence isn t enough, you need to be infused in their conversation Constantly evolving where retailers are in the conversation Source: Accenture Seamless Retail Global Consumer Survey Copyright 2013 Accenture All rights reserved. 3

4 ecommerce Trends Trivia Who is winning the sales growth race? Multichannel Retailers (CAGR 16,7%) Pure etailers (CAGR 15,6%) 65.2% CAGR 03-12, 663M$ 56,4% CAGR 44% CAGR 65% CAGR, already $5b+ 10 years ago CP manufacturers Both among top 10 fastest-growing online merchants already On Line Sales going Mobile 322 of Top500 Internet Retailers (vs 135 last year) have a mobile front end Mobile sales approx. 20%+ for top performers Copyright 2013 Accenture All rights reserved. Source: Internet Retailer, May 2,

5 Russian E-commerce has strong growth potential and it s just the beginning Online Inside Stores is a Reality Europe s biggest online population ~50% internet penetration (UK 84%) ~14% on-line buyers 50.8M 50.1M 42.3M 37.2M while only 1/3 have broadband access and only 11M credit cards (from OZON.ru: 80% cash on delivery and still 21 payment methods) Total Market size $10.5bn (310bn. Rub) Online going offline: 2,000 outlets already Offline going online: is only 2% of total Russian Retail Market $550bn but grew by at least 25% in one year E5.ru has established point-of-sale locations in 1,086 X5 stores M.video.ru 90% sales increase 11 vs. 10 Online or Offline? 100+ showrooms, pure offline sales are 20%, of total, pure online 30%, the remaining 50% is mixed Copyright 2013 Accenture All rights reserved. Source: EastWest Digital News Insight Study Ecommerce in Russia 2011, IDC, mentioned 5 companies websites

6 Retail will change more in the next 5 years than in the last 50 years.

7 Retailers and Consumer Goods companies started to react trying out selected initiatives often without a coherent concept I want everything in the palm of my hand I want to design it myself I want to be offered what I like Walgreens in-store search and navigation app Nike allows customers to personalize and design their own shoes Ticketmaster s app recommends gigs based on Spotify listening habits I want to have skills and know-how I want to be surprised and delighted I want to be sustainable Appliance maker Miele offer cookery classes using their appliances Kleenex sent flu care packages to people who complained about being ill on Facebook The sports apparel company Icebreaker lets you trace the wool in your garment back to the source Copyright 2013 Accenture All rights reserved. 7

8 Retailers and Consumer Goods companies started to react trying out selected initiatives often without a coherent concept Copyright 2013 Accenture All rights reserved. 8

9 Seamless retail, relevance at all time and broader convergence are key dimensions to look into when defining the journey Seamless retail Direct marketplace concept to fight against Amazon / ebay concepts: selected thirdparty retailers are able to use the site, part of tesco.com, to sell their non-food products direct to Tesco s customers. Direct Marketplace concept Relevance at all times Ability to consistently unleash relevant experiences across all channels, consumer segments and geographies Continuously monitoring performance in real-time and rapidly responding to new consumer insights Automated individual purchase recommendations Broader convergence Continued integration towards convergence in multiple dimensions to enable greater value Creation of convergence cross borders, cross valuechain, cross industries and cross targeted values Collaboration with P&G to introduce flavors exclusively sold at Tesco Copyright 2013 Accenture All rights reserved. 9

10 Turning your Omnichannel Customers in your advocates Stories from the Leaders - Tesco Integrated Ecosystem Channels Tesco Direct Sell Web In-store Tesco Groceries Tesco Clothing Tesco Phone Shop Tesco Bank Tesco Retail Store Tesco Entertainment On-line Tesco Compare Mobile App Tesco Clubcard Off-line Facebook Page Twitter Page Social Network App Tesco Baby Club Communicate Copyright 2013 Accenture All rights reserved. Source: Accenture analysis 10

11 Turning your Omnichannel Customers in your advocates Stories from the Leaders Best Buy Omnichannel Customer Experience Search Consider Purchase Delivery & Install Support & Repair ON LINE Community Opinion Product Comparison Purchase Check Delivery Status Product Repair OFF LINE Postal Flier Stores Info Real Time Couponing Pick Up in Store Protection Purchase Copyright 2013 Accenture All rights reserved. Source: Accenture analysis 11

12 Turning your Omnichannel Customers in your advocates Stories from the Leaders Thanks to its continuous improvement Best Buy is finally closing the satisfaction gap vs. its main competitor Amazon 95 American Customer Satisfaction Index* Trends p +12 p +7 p *The American Customer Satisfaction Index uses customer interviews as input to a multi-equation econometric model composed by several indices: Customer Satisfaction; Perceived Quality; Perceived Value; Customer Complaints and Customer Loyalty Source: Accenture analysis on American Customer Satisfaction Index ( Copyright 2013 Accenture All rights reserved. 12

13 How will you deliver Omnichannel opportunity? Accenture Seamless Retail

14 Omnichannel Implications #1 - People Seamless Customer-centric Organizational Model (high-level) How is CE Innovation Orchestrated? How is Fulfillment Optimized? CEO Chief Executive Officer Chief Experience Officer Customer XP Officer Chief Omnichannel Officer (Sales+COO) CIO CFO VP Supply Chain VP Merchandising CMO VP HR VP Procurement Head of Stores Head of ecommerce Head of Mobile Head of Fulfillment (Goods & Services) Head of Digital Mktg Head of Offline Mktg Head of Comms They did it!!! How is Sourcing Optimized? Copyright 2013 Accenture All rights reserved. 14

15 Omnichannel Implications #1 - People The Customer Centric Enterprise: changing the Leadership structure The Authority Chief Customer Officer Model CEO The Facilitator Chief Customer Officer Model CEO Chief Customer Officer Marketing & Merchandising Chief Marketing Officer Chief Customer Officer Chief Merchant The Collaboration Model Leadership supports an environment where cross-functional collaboration is a priority and all work as equals Chief Customer Officer Chief Marketing Officer Chief Mercha nt CIO Other Copyright 2013 Accenture All rights reserved. 15

16 Omnichannel Implications #2 - Process Key areas of process development Omnichannel Commerce Next Best Offer Single basket of goods and guided customer path Personalized Interactions in Action STORE Zero Out of Stock Store/online inventory integration & orchestration 24x7 New Service Models On Line 24x7 store and endless assortment Integrated Planning Digital Engagement Integrated planning capabilities (strategic, category, supply chain) Social Marketing, Mobile Marketing, Content Management OC Customer Support Strategic Service Partnerships Balancing self service & value add for scale & cost efficiency Payments, Loyalty, LSPs, Warehousing, Store Workforce... Copyright 2013 Accenture All rights reserved. 16

17 Omnichannel Implications #3 - Technology Omnichannel Platform Drives Conversion, Speed, Profits Intelligence Digital Marketing Foundation Marketing & Media Optimization + Customer Experience Optimization ERP Omnichannel Platform Commerce Engine Queue Busting / Predicting Retail Data Management Conversion & Gross Margin Optimization Seamless Fulfillment + Integrated Planning + Optimization Tools Copyright 2013 Accenture All rights reserved. Self Scanning Tablet Speed to Checkout Store/Web Layout + Traffic Flow Self Check Out Speed + Options 17

18 Retail Data Management & Analytics Digital Retailing Data Management Retail Data Management Content Management Seamless Retail Analytics Traditional Retail Analytics Seamless Retail Analytics Segmentation Seamless Customer Segmentation (X-Channel) Assortment & Space Optimization Contextual Recommendation Engine Marketing ROI Dynamic Pricing & Real Time Promo Engine Pricing & Markdown Optimization Inventory, On Shelf Availability Forecasting Inventory & Supply Chain Optimization Labor Scheduling Forecasting Many, many others Digital & Social Analytics and many others Copyright 2013 Accenture All rights reserved. 18

19 Business Benefits of Seamless Retail Revenue increase Gross Margin increase Sales increase 3-8% 15%-35% increase in average transaction size Store sales = 3-5 x ecommerce sales Store locations boost online sales (35-65%+) Personalization drive sales up by 5-20% Loyalty customer profit margins up by 10% 20%-60% reductions of inventory losses as a % of sales Seamless IT platform drives: TCO for IT down double digit, quick wins & long term Copyright 2013 Accenture All rights reserved. 19

20 Key actions for Leadership Focus on the customer 1. Convergence Consolidate Single-channel teams & systems (Commerce, Marketing, Merchandising, Supply Chain) to serve the customer across the enterprise 2. Specialization of Skills Store Associates specializations: customer-facing associates and fulfillment-centric associates 3. New Business Metrics Metrics and incentives expand same customer sales become as important as same store sales 4. Real-time Fulfillment Seamless integrated supply chain planning to enable inventory visibility, «zero» out of stock and real time product availability 5. Retail Data Management & Analytics Business transformations require IT transformation: analytics and forecasting foundation, optimization tools Copyright 2013 Accenture All rights reserved. 20

21 Questions? Delivering Omnichannel Accenture Seamless Retail Download POV Copyright 2013 Accenture All rights reserved. 21

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