Global Retail Industry Multi-Channel Retailing
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1 Global Retail Industry Multi-Channel Retailing Redefining the customer experience
2 Fulfilling greater expectations In virtually every industry, customers are more empowered, more informed and more demanding than ever before. This is especially true in retail a landscape filled with choices and channels, and shoppers ready and eager to buy. It s never been a better time for consumers. It s also never been more challenging for retailers to step up to customers increasing demands. Service, quality, reliability and value remain basic tenets for retail organizations from local mom and pop stores to large, global chains. Yet most retailers would agree that they re having a tougher time measuring up to customers ever-increasing expectations. Thanks to the Internet and the dramatic growth of e-commerce, shoppers can visit both physical and virtual storefronts free to research, browse, compare and buy through whatever channels and methods they choose. According to Forrester Research, almost US$400 billion of physical store sales or 16 percent of total retail sales are directly influenced by the Web as consumers research products online and purchase them offline. Forrester projects that this trend will grow at a 17 percent CAGR over the next five years, resulting in more than US$1 trillion of store sales by What these figures tell us is that however consumers choose to do business with your company in-store, online, through catalogs, call centers or via mobile devices the day of the cross-channel super shopper has arrived. While this presents unprecedented opportunities for retailers, it also makes it infinitely harder to achieve operational excellence and present themselves as a single brand to their customers. Although the majority of retailers now conduct business through more than one channel, and most have entered the realm of e-commerce, far fewer have mastered what will become the holy grail of the industry: multi-channel retailing. Multi-channel retailing is a game-changing operating model. Rather than simply employing activities and systems across various channels, it allows you to integrate and automate processes, leveraging the strengths of each channel, and transforming how your company operates. Perhaps best of all, it can offer your customers a transparent, continuous and consistent experience whenever, wherever and however they choose. 2
3 3
4 From what is... Although it promises to reinvent the industry, multi-channel retailing is not fully understood or practiced by most retail organizations. In spite of their good intentions, the majority of retailers falter when it comes to providing a consistent and satisfying shopping experience for their customers. Why? Because many mistakenly believe that simply conducting business through multiple channels is enough to qualify them as a multi-channel retailer. According to DM News, One of the biggest challenges in multi-channel retail is accessing data across channels. From the consumer s perspective, this could mean talking to a customer service agent who is not aware of an order placed online. For the merchant, accurately matching sales to the channel of origin can be an exercise in futility. 2 Many retailers do business via more than one channel. However, most treat those channels as separate entities with their own strategies, policies, processes, information and systems. As one might imagine, this can translate into inconsistent, fragmented and irrelevant interactions for the cross-channel shopper. Consider the customer who researches a pair of pants online, only to discover (after a trip to the store) that the retailer has no more of the pants in stock. Or, the shopper who receives a discount coupon via , but can t redeem it at the local store because it s a Web-only coupon. In these instances, customers don t blame the individual channel the Web site, the store, the catalog or the call center. They blame the retail brand. 4
5 The reality of consumer shopping behavior Single buying processes are increasingly crossing multiple channels Web Store Delivery Call center Awareness Browse and compare Purchase decision Transaction Fulfillment Post-sale service Catalog In-store kiosk Payment Satisfied shopper In reality, consumers buy from brands, not from channels. If a retailer can t present itself as a single, cohesive brand (regardless of channel or device), customers will look for one that can. Unfortunately, redundancies, inconsistencies and miscommunications are commonplace. Employees must often perform duplicate activities in a manual, ineffective manner; information can vary from channel to channel; and customers shopping experiences are anything but predictable, much less gratifying. Meanwhile, organizations must wrestle with aligning their priorities, synchronizing their brand messages and promotions, and determining which channel gets credit for cross-channel sales. These problems are largely due to a lack of organizational alignment, and poor or no integration among processes and channels. Technologies that support retail channels often reside in vertical, silo-like enclosures isolated and blind to what their counterparts are doing, and without an underlying multi-channel strategy and platform. They exist to serve, but they can t do their job without a high degree of integration and orchestration. In addition to leaving consumers frustrated and confused, the retailer can end up looking like a disjointed group of discrete businesses, rather than a well-oiled, well-organized brand. 5
6 ...To what can be The multi-channel retail operating model is a competitive imperative that cuts across consumer, organizational, process and technology issues. It can be broad, deep, rich and mutually fulfilling for your brand and its customers. Yet it demands top-down operational excellence and an uncluttered view of your organization internally, as well as from the perspective of your partners, suppliers and customers. Simply stated, multi-channel retailing makes the most of every channel acknowledging and utilizing the strengths of each, and using those capabilities to make up for whatever shortcomings may exist in others. Although this is a simple and logical concept, it requires far-reaching strategies, commitment, advanced technologies and a lot of resolve. The multi-channel retail model integrates and simplifies business processes by traversing systems, departments and organizations. On the business side, it can significantly heighten operational efficiencies, improve information integrity and consistency, integrate and enrich internal and external communications and collaboration, and reduce risk and expense. At the end of the day, multi-channel retailing allows your company to operate as one brand prepared to offer customers a seamless, transparent and relevant shopping experience, which in turn can present new revenue opportunities and fuel sustainable growth. 6
7 Thirty-one percent of customers tell multiple people of their bad experiences. Forty-eight percent avoid a store based on someone else s experience. Yet a full 79 percent of customers will commit to a deeper product or service relationship with a brand after a satisfying experience. 4 Getting there First and foremost, becoming a true multi-channel retailer requires you to fully understand what your customers want from you. From there, you can develop a value proposition that aligns with those expectations, and confirm the customer experience you want to provide enterprisewide. The next step is to create a carefully defined strategy and a set of performance metrics for assuring consistency, efficiency and operational excellence across channels. The end goal is to achieve a single brand identity that spans channels and touchpoints. There are also the nuts and bolts to consider the technology underpinnings that may be invisible to your customers, but are mandatory to the multi-channel retail model. The value of an open, integrated IT infrastructure cannot be overstated. A recent article in Computer Business Review Online 3 noted that multiple channels can bring more complexity to the IT infrastructure, and retailers using traditional integration architectures can face challenges in terms of fulfilling demand, gaining cross-channel visibility, and retaining the necessary flexibility for growth. Above all, retailers must appreciate the fact that no channel stands alone. And while the Internet has become the newest storefront, it is only one way for consumers to interact with a brand. The Four C s: Choice, Consistency, Context and Continuity The most successful practitioners of multi-channel retailing will be those who offer shoppers what we call the Four C s : choice, consistency, context and continuity. Choice gives consumers the autonomy to shop their way in the store, on the phone, through catalogs and online. Consistency means fulfilling your brand s promise in every channel your customers come in contact with, and exhibiting operational excellence every step of the way. Context helps assure that your consumers have the freedom to interact with your brand in a way that is relevant and best suited to meet their needs at any given time. Continuity helps assure that customers can shop across channels and enjoy a seamless, continuous shopping experience. 7
8 IBM Multi-Channel Retail solutions IBM offers a comprehensive portfolio of multi-channel retail solutions. These exclusive offerings address the critical challenges retailers must confront as they embark on their transformation from a multiple channel model to an optimized multi-channel operating model. Multi-Channel Strategy & Roadmap The first step to becoming a multi-channel retailer begins with a clearly defined, top-down strategy that is aligned, compatible and executable across every channel. IBM Global Business Services employs a unique and patented methodology to help your company understand the voice of the customer, create an operational blueprint and develop a phased strategic roadmap based on organization priorities and customer desires. IBM s strategy consultants will work with you to build a multi-channel business case with a benefits model and metrics that focus on achieving tangible business benefits. Next Generation e-commerce While a hefty number of consumers use the Internet to shop, browse and buy, most want to combine that experience with visiting an actual store, perusing a catalog or contacting a call center. Rather than viewing the Web as just another channel, organizations now see it as an ideal platform for automating and integrating cross-channel processes. IBM s Next Generation e-commerce solution equips your company with a scalable, standards-based e-commerce solution that can turn your Web site into a robust, multi-channel selling environment for managing and coordinating customer interactions across various channels. Unified Content Management Employees who have consistent, timely product information can exhibit a 20 percent improvement in productivity. 5 At the same time, managing and centralizing data in a multi-channel environment can be a formidable challenge. With IBM s Unified Content Management solution, your company can have the benefit of an integrated platform for managing both structured and unstructured content. As a result, you ll be able to streamline manual processes, eliminate errors and provide consistent information in all channels and touchpoints. Single View of Customer While more than 50 percent of retailers agree that multi-channel buyers are more profitable than those who patronize a single channel, far less can tell you how profitable their multi-channel customers are. 6 Without a single view of your customers, your company can be left with fragmented, inconsistent data, which can hinder efforts to appropriately target customers and provide the most relevant shopping experience. The Single View of Customer solution from IBM enables your organization to gather and analyze customer data and then deliver accurate, complete customer information to all processes and channels. As a result, you ll be better equipped to support cross-channel transactions and confirm the best, most profitable customers for your business. 8
9 Multi-Channel Order Management Today s shoppers want to be able to place, receive, view, modify and return orders whenever and however they choose. While this is a reasonable expectation, many retailers are unable to fulfill it. This is primarily due to limitations in their current customer order management systems, as well as a lack of integration among order and inventory systems, which often reside in various channels. Using IBM s Multi-Channel Order Management solution, your business can have real-time, cross-channel visibility into inventory positions and order status, while allowing for an array of fulfillment options at any point of interaction. This can trim the costs of processing orders, simplify transactions and significantly improve customer satisfaction. Multi-Channel Contact Center According to Forrester Research, 7 only 29 percent of consumers surveyed were satisfied with agent-assisted phone support. This is not surprising when you consider that call center reps are often stymied by inadequate, inconsistent or irrelevant information concerning customers, orders or products. This makes it harder to effectively resolve customer inquiries, leverage products and promotions, and efficiently handle high call volumes. IBM s Multi-Channel Contact Center is a full-function, integrated solution that allows your call center representatives to take and modify orders, provide expert advice, view a customer s purchase history, support offers and promotions, and up-sell products and services seamlessly and simultaneously. Multi-Channel Gift Registry When buying a wedding, shower or baby gift, a large majority of gift-givers rely on a gift registry. Nonetheless, many retailers fail to take advantage of this opportunity, either because their gift registry is only available through a single channel, or because they have different registry systems in each channel. The Multi-Channel Gift Registry offering is a full-featured gifting solution that keeps customers and their family and friends connected during important life events across all channels and touchpoints. By offering one, consistent gift registry, you can attract and retain more customers, heighten consumer satisfaction and extend your reach to your customers friends and family members. 9
10 The multi-channel retail model makes the most of every customer channel and touchpoint drawing on and synchronizing the strengths of each in a way that is transparent to consumers. The result is optimal use of resources; a relevant, seamless shopping experience for customers; more knowledgeable and empowered employees, and unprecedented revenue opportunities for retailers. IBM: Delivering multi-channel success Multi-Channel Retailing is a multi-faceted proposition requiring insight, strategy, policies and systems specific to the retail industry. It demands experience, resolve and focus, plus best-in-class methodologies, processes and technologies. IBM is uniquely equipped to help retailers worldwide transform from a siloed, multiple channel environment to a true, multichannel operating model. In fact, we re the only provider to offer a comprehensive, end-to-end multi-channel portfolio incorporating strategy, software and hardware, plus implementation, hosting and outsourcing services. In addition to our knowledge of retail industry principles and processes, we bring to the table all of the nuts and bolts associated with the multi-channel operating model: knowledge and know-how in e-commerce, call centers, enterprise content and product management, multi-channel order management, single view of customer, as well as application infrastructure, enterprise integration and service orientation. Plus, thanks to our best practices-based methods and processes proven over thousands of client engagements we can help you accelerate your move to multi-channel retailing: quickly, confidently and efficiently. 10
11 Take the next, best step...with IBM IBM retail industry consultants are ready to assist your organization in achieving true cross-channel optimization. To learn about our capabilities, and to read more about multi-channel retailing, please go to: ibm.com/retail/multichannel 11
12 Copyright IBM Corporation 2007 IBM Corporation New Orchard Road Armonk, NY Produced in the United States of America 9-07 All Rights Reserved IBM, the IBM logo and ibm.com are trademarks or registered trademarks of International Business Machines Corporation in the United States, other countries, or both. Other company, product and service names may be trademarks or service marks of others. References in this publication to IBM products or services do not imply that IBM intends to make them available in all countries in which IBM operates. 1 The Web s Impact On In-Store Sales: US Cross-Channel Sales Forecast, 2006 To May 7, 2007, updated: June 1, Forrester Research. 2007, Forrester Research, Inc. All rights reserved. 2 Greater Visibility in the Forecast. DM News. June 8, Rise in Multi-Channel Retailing Drives Growth of SOA Deployment. Computer Business Review Online, May 24, The Retail Customer Dissatisfaction Study The Jay H. Baker Retailing Initiative at Wharton. The Verde Group. IBM IBV 2004 Study. 5 The Cost of Waiting: Building the ROI Case to Implement Production Information Management Now. Yankee Group. January The Multi-Channel Retail Benchmark Report: Where is the True Multi-Channel Retailer? Aberdeen Group. December Customers Prefer In-Person Experiences. Forrester Research. December REB00373-USEN-00
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