2015 NRF RETAIL S BIG SHOW Wrap-up
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1 NRF RETAIL S BIG SHOW Wrap-up 5 KEY TAKEAWAYS Cybersecurity is top of mind among retailers, which are devoting a growing portion of their IT budgets to reducing cybercrime risks both internally and externally Omnichannel is still nirvana; consumers want limitless optionality when they shop. Yet, even now, most retailers are still wedded to a silo- ed multichannel business model. Attribution analysis by channel is so 1999! Gamification or make shopping fun and entertain me is the key to your customers heart and wallet. Magic mirrors are fun and functional; what an idea! They were the must- see (and have) new retail technology at this year s NRF. Radio frequency identification (RFID) allows retailers to track merchandise through the supply chain and shoppers through the store. We are in the early innings of applying this technology. DEBORAH WEINSWIG Executive Director Head Global Retail & Technology Fung Business Intelligence Centre deborahweinswig@fung1937.com New York:
2 NRF RETAIL S BIG SHOW WRAP-UP We spent three days doing a deep dive into retail trends at the NRF Big Show. Here are our five key takeaways: 1. CYBERSECURITY IS TOP OF MIND The phenomenal popularity and widespread use of the smartphone has increased the risk of cybercrime exponentially. In 2014, the annualized cost of cybercrime averaged $12.7 million (in a range from $1.6 million to $61 million), according to the Ponemon Institute s Cost of Cyber Crime Study: United States. The authors found that, over the past five years, the cost of cybercrime for retailers has doubled. No wonder retailers are shifting a substantial portion of their IT spending to projects aimed at reducing their exposure to cyber threats. For a cybersecurity risk management program to be effective it must be integrated into every aspect of the corporate organization and corporate culture. Companies must take the time to make everyone within the organization aware of the potential risks and the importance of vigilance. The key components are risk assessment, risk response and risk monitoring. Beyond the obvious financial costs, retailers also face reputational risks to their relationships with customers and vendors. Mobility is here to stay, so retailers also need to regard mobile devices in the same way they think about laptops and PCs, and to design adequate apps that protect data and identity. 2. OMNICHANNEL IS STILL NIRVANA If only retailers could execute to consumers expectations to today s demanding customers who want limitless optionality when they shop. Retailers just need to be mind readers! Yet, even now, most of them are wedded to silo- ed multichannel business models that lack the flexibility and customer optionality that have become critical to success today. If there is one truism today in retail, it s that the path to purchase is radically changing. How do retailers of sufficient scale adapt their business model to this new world of retail from supply chain to in- store service? Tom Cole of Kurt Salmon interviewed three leading retail executives for insight into what their companies were doing in terms of omnichannel strategy. 1
3 At The Limited, CEO Diane Ellis charged the organization with determining what path was the most relevant. Limited shoppers research online, buy online and pick up in the store, where they try on the apparel. In store, Limited staff develops one- on- one relationships with clients and lever the best parts of the store experience. As style advisors, Limited associates can extend purchases to include add- ons that increase transaction value and customer engagement. Interestingly, many Limited clients engage (both online and in- store) with the staff from their homes, sending pictures of clothing and asking for pieces to complete the look. Mobile Makes the Connection R.B. Harrison, Chief Omnichannel Officer at Macy's, said the priority for the past two years has been the development of its mobile and tablet platform and integrating these into the shopping experience. For instance, this past holiday, Macy's mobile app helped shoppers identify in- store specials. For Harrison, "the connection between pure digital and in- store commerce is engagement via mobile." Lowe's uses tablets in- store so associates are as knowledgeable about products and projects as its customers are, according to Brent Kirby, Lowe's Chief Omnichannel Officer. In addition, the company has hundreds of videos online available for the do- it- yourselfer to access and complete a project. Approximately 60% of all purchases were influenced by mobile and its impact is growing. Harrison spoke to Macy's ongoing evolution in the midst of shifting consumer shopping habits. The retailer s decision to combine online and store marketing and merchandising functions into one hybrid model with one inventory set and tactical differences regarding delivery is further evidence of its transformation, which places the shopper at the center of Macy's world. The retail chain is spending hundreds of millions of dollars on new technologies. FBIC thinks this is the right move. Attribution analysis by channel is so 1999! And it s not accurate. Mobile influences roughly 60% of retail sales, spanning the time the customer uses her device to collect information digitally, to when she enters the store, when that device (increasingly a smartphone) is often an integral part of the shopping process. According to Deloitte, 84% of shoppers use some type of digital device for shopping- related activities, and conversion increases 40% when customers use digital before and during in- store shopping. Whether the purchase is m- commerce, e- commerce or an in- store transaction is the wrong question. Shopping is executed back and forth across physical and digital realities. No more silos, please! When thinking about capital allocation, a channel approach will yield under- investment in mobile. CFOs need to see their business the way the customer does, as a single retail banner, regardless of location. Mobile should not be thought of first as a commerce channel, but rather as a facilitator. 3. GAMIFICATION OR MAKE SHOPPING FUN AND ENTERTAIN ME Engagement is the key to your customers heart and wallet. The retail industry is in the midst of a seismic change. To mitigate its effects, it is imperative that retailers create fantastic experiences that will sweep their customers away, to paraphrase Starbucks chairman and CEO Howard Schultz. Lee Peterson of WD in his session titled The Next Killer App Stores: Winning Over the Storeless Generation mentioned some retailers he thinks are doing retail right: Urban Outfitters and Restoration Hardware. The former is building larger stores because its customers want to hang out. If they hang out longer, 2
4 they browse and ultimately buy. The latter has it right because CEO Gary Friedman is solely focused on building enticing experiences, including stores that are galleries and a brand that is a lovestyle, not a lifestyle. The entire world is a store, thanks to the access and connectivity that mobile phones provide. Stores as we know them are over. We are in a new world, where the consumer doesn t have to do anything. With the world in our pocket (or pocketbook), our product needs can be fulfilled with a mobile phone. Now the retailer has to create a reason for the consumer to visit his shop. Moreover, the burden of fulfillment has moved from the consumer to the retailer. How many retailers realize this? What to do with all the big box retail locations that are peppered throughout the American landscape? Divide the square footage into two functions: half fulfillment center and half a social playground, replete with eat- in food options, entertainment and shopping. Now that s a creative solution to a very real problem. Stores must invite customers to discover, experiment and enjoy WD surveyed consumers to find out why they aren t going to stores, and the responses ranged from the inability to find any sales help to the dark and dingy interiors. The successful retailers of the future will use technology to support and facilitate a memorable brand experience that leads to a relationship, not a transaction. Winning requires technology that humanizes the shopping experience. 4. MAGIC MIRRORS ARE FUN AND FUNCTIONAL WHAT AN IDEA! The must- see (and have) new retail technology at this year s NRF was the magic mirror. The Intel booth was a mecca with its smart mirror that uses hand gestures (or a mobile app) to change colors, get a 360 view and see previous selections. The consumer can quickly see different color alternatives, and retailers capture valuable information for customized offerings and promotions. In another variation on this theme, the Rebecca Minkoff Soho store uses leading- edge technology designed to reduce friction points in the fitting room (and improve conversion). The customer is in control of her retail experience with a dynamic interactive mirrored wall that allows the shopper to add items another color, size, a suggested complementary item and even pay all without leaving the dressing room. The staff delivers the merchandise and wraps up the sale, all without forcing the client to wait at a wrap desk. Here mobile technology is supporting a new level of service that s innovative and fun. CatLook Virtual Reality is a third smart mirror worthy of mention, offering benefits for the shopper and retailer alike. It visualizes multiple items to create an outfit or complete look and customers can share the experience on social media. It is interactive, allowing for the brand or designer to talk with the shopper directly and when the screen is inactive, it can be used for marketing purposes. 5. NEW TRENDS IN RADIO FREQUENCY IDENTIFICATION RFID allows retailers to track merchandise through the supply chain and shoppers through the store. We are in the early innings of applying this technology. Retailers are moving from handheld RFID readers (which still require a lot of manpower) to ceiling sensors (which provide information instantly). RFID tags are increasingly being applied at earlier stages of the supply chain, as early as at the point of manufacture. This generates huge labor- cost savings. In an omnichannel world, the ability to monitor inventory instantly is critical. Our conversations with retailers and technology vendors at NRF revealed that more efficient inventory management can bolster sales by anywhere from 3% to 12%. Many of the 3
5 world s largest retailers have adopted full RFID implementation (Macy s, Marks & Spencer, French sporting- goods retailer Decathlon, Kohl s, JC Penney and Inditex, among others), and the list of mid- cap retailers jumping on the bandwagon is growing swiftly. RFID implementation costs average around $3 a square foot for sensors and $0.05- $0.10 per tag. The subscription- based model, which allows users to rent the sensors instead of buying them, is also an option. A full software integration solution that includes employee training is optimal and can take one to two years to fully implement. However, chains can see a payback within a year, reflecting improvements in inventory management and labor costs. Deborah Weinswig, CPA Executive Director Head Global Retail and Technology Fung Business Intelligence Centre Global (FBIC Global) New York: Hong Kong: deborahweinswig@fung1937.com Marie Driscoll, CFA mariedriscoll@fung1937.com Christine Haggerty christinehaggerty@fung1937.com John Harmon, CFA johnharmon@fung1937.com Amy Hedrick amyhedrick@fung1937.com Fong Lau fonglau@fung1937.com Lan Rosengard lanrosengard@fung1937.com Jing Wang jingwang@fung1937.com 4
NRF RETAIL S BIG SHOW day 3 HIGHLIGHTS
NRF RETAIL S BIG SHOW day 3 HIGHLIGHTS DEBORAH WEINSWIG Executive Director Head Global Retail & Technology Fung Business Intelligence Centre deborahweinswig@fung1937.com New York: 646.839.7017 1 NRF RETAIL
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