RetailT
THE DIGITAL EXPERIENCE MOVES INSTORE The point-of-sale (PoS) register will evolve
significantly, transforming from a transaction point into an all-purpose commerce kiosk capable not only for checking out customers and processing transactions but querying inventory, shipping products from the retail’s supply chain directly to a customer. It will provide in-depth product information and
giving both sales associates and customers access to social elements such as customer ratings and reviews. It will also provide customer services, such as live help via applications like FaceTime, click-to-talk or directions to a specific product in the store.
RETAIL SYSTEMS MERGE INTO A SINGLE PLATFORM As the PoS provides more customer and product-
centric capabilities, retail systems will merge into a single commerce platform with seamless omnichannel order management capabilities. Working off a single platform, store associates and
customers alike will be able to access a consistent set of customer, inventory and order data from any device, store kiosk, tablet, or smartphone.
ORDER ORCHESTRATION Fulfilling the orders of the omnichannel customer
demands every warehouse, distribution centre and retail location become a component of a single, tightly integrated, enterprise-wide inventory. Offering online purchasing, but convenient instore
pickup, is just part of the equation. Store inventories can be used to reduce fulfilment time and costs, or to reduce overstock and avoid markdowns.
RISE OF THE MOBILE WEB While downloadable mobile apps are still popular, they will probably give way in favour of web interfaces
Retailers must put the customer at the centre of the retail experience and use analytics for all touchpoints to gain a 360-degree view
echnology
as customers begin to baulk at downloading separate store apps, many of which lack the capabilities of the store’s own e-commerce site. At the same time, mobile commerce, supported by cloud-based retail systems, will become common and more brands will experiment with pop-up shops such as at street fairs, shopping centres and other transient locations. Retailers will be able to digitally display full
inventories, process purchases, check shipping options and provide product reviews regardless of the physical location.
FOCUS ON THE CUSTOMER Continued competition will motivate retailers
to concentrate harder on understanding what their most loyal and high-value customers want in a shopping experience. Retailers must put the customer at the centre of the
retail experience and use analytics for all touchpoints to gain a 360-degree view of their customers and their preferences. By doing so, retailers can better understand what motivates a loyal customer or encourages higher-value purchases. Customer motivations and preferences will take on
greater importance in driving brand loyalty this year and fostering this new, single channel paradigm.
GOING THE DISTANCE No one knows exactly what the next major trend for retail will be, or even what form it will take. It could be a channel, touchpoint, device or business model. Too many retailers continue to operate on narrowly designed, purpose-built systems that make it impossible to seamlessly embrace these emerging opportunities. Doing business the way customers demand it is of primary importance. Futureproofing requires agility, flexibility, and
scalability, and the assurance that the technology behind each transaction will never grow stale. Those capabilities are found in cloud solutions, which also provide the architecture needed to break down data silos and provide a comprehensive view of products and customers, wherever they are and whenever your business needs the insights. Branden Jenkins, general manager of retail for
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NetSuite will discuss these and other retail challenges associated with international growth at 1.45pm on 11 and 12 March 2014 as part of the e-commerce Bootcamp taking place at the Retail Business Technology Expo (RBTE) in London’s Earls Court. NetSuite will also be exhibiting its latest retail products and services during RBTE at stand #645.
www.retailtechnology.co.uk Winter 2014 31
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