Aligning Omnichannel Merchandising with Customer Demand 1
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1 Charting the Path That Links Technology and Business Goals Aligning Omnichannel Merchandising with Customer Demand As omnichannel retailing moves beyond the buzzword phase, it increasingly becomes a go-to strategy for mission-critical functions. The driver that makes this a priority in retailing, of course, is the customer. The rapid adoption of digital technology by customers has produced a marketplace where they are calling the shots and retailers are struggling to keep up. Increasingly tech-savvy omnichannel shoppers are lighting a fire under retailers to encourage them to blend physical and digital shopping channels into a richer experience that offers new levels of convenience and a multitude of options. While most retailers are eager to deliver omnichannel functions to their customers, many struggle with inflexible legacy solutions in the merchandising area. These silo-based systems have a paralyzing effect on adopting omnichannel advancements that shoppers expect. These advancements include incorporating data from a wide range of internal and external sources into the planning and forecasting process to increase shopper relevancy in assortments and improve overall forecast accuracy. Retailers need to take concrete steps to shift from their current product-centric approach to a customer-centric one built on an omnichannel model. Taking these steps now will enable merchandisers to make smarter decisions that align more closely with customer demand and corporate goals. SPONSORED BY Aligning Omnichannel Merchandising with Customer Demand 1
2 Retailers that say there will be many strong business opportunities available to them if they can create a single brand identity across all channels. Source: RSR Research report, Omnichannel 2013: The Long Road to Adoption The evolving omnichannel business model promises an integrated, seamless consumer experience across all available shopping channels, which turns out to be something extremely hard to achieve. In fact, most retailers admit it will take years for them to carry out their current upgrade plans and overall omnichannel roadmap. It is no secret that when shoppers visit a retailer today they arrive with high expectations. On the one hand, they expect a consistent brand experience regardless of the channel. And on the other hand, they expect that each channel is optimized for its unique capabilities. Retailers are hard at work to live up to these expectations because shoppers vote with their wallets. Two-fifths (40%) of retailers recently polled said there are many strong business opportunities available to them if they can create a single brand identity across all channels, according to the RSR Research report Omnichannel 2013: The Long Road to Adoption. However, the countless moving parts in the retail enterprise complicate the adoption of omnichannel retailing, especially in product merchandising. One of these parts, the brick-and-mortar store, has shifted from being considered a liability in the omnichannel world dominated by digital channels to becoming a valuable asset. Physical stores are expected to account for approximately 85% of U.S. retail sales far into the future of 2025, according to the McKinsey & Co. report Retailers Need to Evolve Faster. Still, a balanced approach in the omnichannel world means there should be no overweighting to any individual channel at the expense of others, and that all channels need to interconnect to produce an overall multiplier effect, according to the RIS News report Transforming Physical Retail: The Power of E-Commerce-Style Analytics for Brick-and-Mortar Stores. Aligning Omnichannel Merchandising with Customer Demand 2
3 85 % Amount of U.S. retail sales from physical stores in Source: McKinsey & Co. report, Retailers Need to Evolve Faster With so many interconnected channels equipped with digital capabilities, retailers have the ability to collect vast amounts of information that can be fed into merchandising forecasts and plans. By using this data, merchants can produce plans with greater accuracy and the potential to deliver better sales and profit margins. The digital touch points and the data they produce, however, can overwhelm many retailers. In fact, it is an issue that makes it difficult for 54% of retailers to support a single view of the customer across channels, according to the RSR Research report Omnichannel 2013: The Long Road to Adoption. Other key elements that retailers need to focus on as they make the shift from product-centric merchandising to customer-centric merchandising include: building a nimble supply chain with real-time visibility, creating assortments based on detailed analysis of shopper preferences and buying patterns, tightly integrating disparate data sources, and linking merchandising tools into an omnichannel platform that can scale and adapt to rapidly evolving changes in the marketplace. Develop a Comprehensive Database Strategy The amount of data entering the retail enterprise is a growing cause of concern to CIOs. In fact, while 68% of retail CIOs say they are actively collecting large amounts of data only 25% say they are actually leveraging it to improve customer service initiatives, according to the TCS and Forrester report The Global Agenda of Retail CIOs. Part of the struggle stems from the sheer volume of data that retail enterprises collect, but this is not the whole story. Another problem is that companies often support multiple databases that serve multiple lines of business. This creates a snowball effect of unnecessary costs for maintenance, data normalization, and integration with shared applications. The most Aligning Omnichannel Merchandising with Customer Demand 3
4 INDUSTRY INSIGHTS The Role of Merchandising in an Evolving Omnichannel World As short-lived as the longevity of a fast-fashion fad, the days of managing merchandise strategies distinctly by channel are over. Keith Whaley Director of Retail Strategy JustEnough JustEnough is a leading provider of demand management solutions serving the planning needs of many of the world s leading brands including Abercrombie & Fitch, Levi s, Lands End, Sephora and Mr. Price. OnCloud and OnSite, JustEnough s demand management solutions help companies forecast their customer demand; plan their assortments, allocations and inventory; shape demand with markdowns and promotions, and then execute on those plans. To learn more about JustEnough, visit Q: Tell me about the impact omnichannel retailing is having on merchandising operations? Keith Whaley: Omnichannel retailing is having a considerable impact on merchandising teams across the globe. Retailers must invest time and money to get their people, processes and systems updated and integrated if they want to compete in this new world of customer-centric, omnichannel retailing. As short-lived as the longevity of a fast-fashion fad, the days of managing merchandise strategies distinctly by channel are over. Now, more than ever, is the time to coordinate core merchandising strategies and systems across all channels. This is no minor undertaking, and the stakes of getting it wrong are high. Q: What issues are retailers still struggling with when it comes to streamlining merchandising operations and delivering a seamless omnichannel customer experience? Whaley: Four issues come to mind as retailers work to streamline their omnichannel merchandising operations. First, the supply chain has to be extremely nimble. Stable and solid are no longer the standard. For example, having weekly visibility into inventory throughout the supply chain is no longer adequate. Real-time visibility is a pre-requisite to success. And that visibility needs to extend to associates, stores and consumers. Also, inventory needs to be effectively managed across all channels to ensure product is available where and when today s unpredictable consumer wants it. Second, integration is no longer just an IT term, it now includes retailers associates and processes. Successful omnichannel retailers are creating these all-encompassing integration efforts because the consumer does not see a brand as multiple channels, but instead as one shopping experience. Third, building assortments and brands has become personal, based on shopper preferences and buying patterns. However, this poses a significant challenge for merchandise planning teams. Consumer-centric strategies require merchandising teams to analyze data at very granular levels, however, the more granular the information is, the more complex the outcomes will be. How many assortment variations are possible? Better yet, how many are manageable? Again, it comes down to having what the consumer wants, when and where they want it. And that puts retailers in the hot seat. Lastly, retailers are struggling with having the appropriate level of integration across the systems that support their multiple channels. Most systems can talk to each other, but consistently passing accurate data end-to-end is challenging. Most data that is being passed between solutions only serves the needs of a particular system in a particular channel. Fixing this issue takes time and money. Q: What advice would you give to a retailer just starting out on this journey so they can achieve success? Whaley: Retailers embarking on a project as diverse as omnichannel must start with a simple approach, and then work up the complexity ladder. Getting the basic requirements implemented and working is the first priority. This approach can save implementation costs, and mitigate the number of complex change requests. Anticipate that the rules of the merchandising game can change quickly. That means retailers should build a project plan that allows for the system to grow with the process and structure. It is also smart to partner with a technology vendor that truly understands retail. This investment will provide for rich resources in human capital and problem-solving throughout word a project description of this magnitude. udignimos conem volorehendit etus qui dit qui blatus. As que 50 percipsam Finally, investigate et quis sincto end-to-end velluptatis solutions autenit adi that utestis are fully modios integrated. volorum Companies esedis elesequiae built these aspid systems quam focus aut ut them eiciat. around Fugit workflow hit qui optis and cum process. fuga. And Parume never voluptibus forget, omnichan- that have eium nel is rehendusaes about being customer-centric. dicae rero mi, te plaboris abo. Catem et qui omnis doluptium qui dipictur renda solorit ad ulpa
5 54% Number of retailers who say that increasing levels of customer data makes it difficult to support a single view of the customer across channels. Source: RSR Research report, Omnichannel 2013: The Long Road to Adoption troubing part of this scenario is that these extra costs go toward using redundant data. By centralizing the primary data warehouse retailers not only lower costs by reducing redundancy, but they also create a powerful repository that can be used enterprise-wide to support other lines of business and set the standard for how best to aggregate other internal and external data sources. Centralized data is at the core of Abercrombie & Fitch s international expansion, according to a May 2013 earnings report. With a goal to deliver a consistent omnichannel brand experience worldwide, the company created a system of regional databases to support up to 30-store clusters. These databases are then synchronized with a centralized database in the retailer s main data center. Abercrombie s centralized database includes historical transaction data, product and pricing information, supply chain data, and customer profiles and segmentation. It is used to improve decisionmaking for pricing, planning, forecasting, allocation, assortment and other merchandising functions on a real-time basis. Tighten Integration to Amplify, Not Cannibalize Channels The key to a successful omnichannel merchandising strategy is to get closer to shopper demand, which can increase basket sizes and conversion rates, according to the RIS Report Omnichannel Supply Chain. This can only be done by tightly integrating back-end systems across all sales channels. By integrating technology between channels, companies will gain a complete picture of resources, products, operations and customers, said Janet Sherlock, CIO of Carter s, during the Retail CIOs Reflect on Their Priorities and Emerging Technology Trends panel session at the recent NRF Big Show Convention and Expo in New York City. Aligning Omnichannel Merchandising with Customer Demand 5
6 25% Number of retail CIOs that say while they are actively collecting big data they are not yet leveraging it to actually improve customer service. Source: TCS and Forrester report, The Global Agenda of Retail CIOs The issue is not that retailers can t operate with segregated silos that were originally designed to serve a product-centric mission, it is that they can t do it effectively, efficiently. As omnichannel capabilities become more deeply ingrained in shopper habits, retailers that support a heterogeneous mix of technologies and solutions will feel increasingly paralyzed by inflexible silos that make it difficult to adapt to shifts in the marketplace. The lack of tight, omnichannel integration is costing retailers 4.5% of potential sales, according to RIS News Omnichannel Supply Chain report. In response to the need to merge merchandising functions across channels, Neiman Marcus has actually taken the step to consolidate its planning and forecasting functions for all channels into a single team. Over the years the way our customers shop our stores and websites has changed, and will continue to change with the increasing popularity and convenience of smartphones and tablets, said Neiman Marcus CEO Karen Katz in a recent earnings report. Our customers do not differentiate between channels and now neither will we. These changes allow us to operate as one, single, Neiman Marcus brand. As part of the reorganization, Neiman s divisional merchandise manager job titles will become omnichannel positions. Fuel Merchandising Functions with Advanced Analytic Tools Nearly half of all retailers report that omnichannel merchandising strategies are a key priority for, according to the RIS report Store Systems Study : Stores Reinvented. Executing these strategies for many retailers means adding advanced analytic capabilities. Delhaize America, is enhancing its merchandising capabilities by enabling it to execute shopper-centric Aligning Omnichannel Merchandising with Customer Demand 6
7 4.5% Amount of revenue lost due to a lack of omnichannel integration. Source: RIS News report, Omnichannel Supply Chain functions that align with product categories, corporate and financial objectives, customer loyalty goals, and dynamic market conditions. Part of this merchandising makeover is being powered by leveraging advanced predictive analytics and demand-based science to ensure Delhaize (operator of Food Lion, Sweetbay and Hannaford) has the right mix of product, price, promotions, placement and space allocation throughout all channels. Another retailer that is restructuring its merchandising systems and empowering them with advanced analytic tools is Urban Outfitters, which recently deployed a new retail planning platform to support forecasting, planning, assortment and execution. Rapid international and multi-channel growth creates new levels of complexity from a planning and assortment standpoint, said Calvin Hollinger, the chief administrative officer of Urban Outfitters in a recent story for RIS News. Our integrated solution will help us accurately plan inventory across our many categories and channels, then translate that demand into effective buying, merchandise and assortment plans. When merchandising functions are powered by advanced analytic tools, merchants can actively identify profit-building opportunities to complete assortments, diagnose item performance in real time, and create tailored mixes for clusters, stores and customer segments. Retailers should focus on deploying analytic solutions that enable swift and decisive decisionmaking. These tools should be easily consumable for merchandisers that work outside the analytics team. By using these analytic tools to improve outcomes for product merchandising, retailers can open doors to more effectively compete in the marketplace. Aligning Omnichannel Merchandising with Customer Demand 7
8 Best Practice American Eagle found that customers in western Florida bought products similar to those in Texas and began adjusting assortments to fit customer preferences. Replace Product-Centricity with Customer-Centricity Unlike traditional product-centric retailing, where merchandise plans are based on product categories, historical sales and inventory considerations, customer-centric merchandising relies on working more closely with customer categories, known preferences and real-time monitoring of demand signals, according to the EKN Research report State of the Industry Research Series: Omnichannel Merchandising. There are several essential elements needed to make the successful shift to customer-centric merchandising. These include: the ability to track customers as they flow and make purchases through all of the brand s channels, bi-directional communication with customers to enable feedback that influences merchandise plans, adoption of such customer-centric KPIs as lifetime value or customer profitability, and advanced planning capabilities that enable tailored assortments and allocations down to a localized and personalized level both for the store and online. As retailers mature on their omnichannel journey, merchandising capabilities will become customercentric in ways that would astonish the merchant princes of just a few years ago, such as developing plans, assortments, allocations and promotions all based on micro-customer segments. This day is not that far in the future for a few leading retailers. Based on a store of the community approach, Walmart uses 200 planograms to create stocking patterns based on actual localized consumer purchases. American Eagle found that customers in western Florida bought products similar to those in Texas and began adjusting assortments to fit customer preferences. Aligning Omnichannel Merchandising with Customer Demand 8
9 Charting the Path That Links Technology and Business Goals Requirements Every major business initiative requires a detailed assessment that examines the project s impact on internal processes, technologies, personnel, strategic alignment and costs. One goal of the assessment is to identify granular and high-level requirements that are essential elements in the project s game plan. Managing and addressing these requirements is critical to success. Requirements for Omnichannel Merchandising Strategy Upgrade and/or break down silo-based IT architecture and systems and replace with a tightly integrated omnichannel platform approach. Align merchandising capabilities more closely with customer demand and corporate goals. Define and embrace a plan to shift from product-centric merchandising to customer-centric merchandising that includes a new set of KPIs to monitor and assess progress. Technology Consolidate databases to reduce costs, complexity and redundancy. Tighten integration between channels to gain a complete picture of resources, products, operations and customers. Leverage advanced analytic tools, predictive analytics and demand-based science to take merchandising functions to a new level of accuracy and improved performance. Personnel Consolidate top-level merchandise planning and forecasting functions for all channels into a unified team that operates the way customers shop without differentiation between channels.
10 Conclusion Retailers are highly motivated to evolve their merchandising functions in a way that enables them to become both more omnichannel and customer-centric. Today, retailers are struggling with merchandising capabilities that were not designed for delivering omnichannel services to digitally empowered shoppers. As a result, retailers are making significant investments in software upgrades, organizational changes, and IT strategies that emphasize systems integration and database consolidation. The end result is to align merchandising capabilities with larger transformational forces at work in the omnichannel marketplace and complete the shift away from a product-centric approach to one that is truly customer-centric. Channel-integration and a customer-centric merchandising strategy are mission-critical to the success of omnichannel retailing. Aligning Omnichannel Merchandising with Customer Demand 10
11 Charting the Path That Links Technology and Business Goals Roadmap KPIs Infographic Omnichannel Inventory Optimization Develop a Comprehensive Database Strategy Tighten Integration to Amplify, Not Cannibalize Channels Fuel Merchandising Functions with Advanced Analytic Tools Replace Product-Centricity with Customer-Centricity 85 % Amount of U.S. retail sales from physical stores in Source: McKinsey & Co. report, Retailers Need to Evolve Faster 54% Number of retailers who say that increasing levels of customer data makes it difficult to support a single view of the customer across channels. Source: RSR Research report, Omnichannel 2013: The Long Road to Adoption 4.5% Amount of revenue lost due to a lack of omnichannel integration. Retailers that say there will be many strong business opportunities available to them if they can create a single brand identity across all channels. Source: RSR Research report, Omnichannel 2013: The Long Road to Adoption 25% Number of retail CIOs that say while they are actively collecting big data they are not yet leveraging it to actually improve customer service. Source: RIS News report, Omnichannel Supply Chain Source: TCS and Forrester report, The Global Agenda of Retail CIOs
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