FUTURE
OF
RETA I L 2017
Transformation Strategies For
Customer-First Business
@PSFK | #FutureofRetail
@PSFK
Get The Full Report #FutureofRetail
The PSFK Future of Retail Report highlights the ten steps retailers and
brands must take to create a customer-first organization that can meet
and exceed the expectations of shoppers, day-in and day-out. The 7th
edition of PSFKs annual report provides an in-depth analysis of the
retail landscape with actionable strategies for effective retail planning
that can transform an organization for both customers and shareholders.
Get the full report for:
Strategies For the corporation and prohibit the dynamic behavior that
emerging brands and retailers display today.
It's not that we need to throw away the stores, the sites and the
widgets that we have amassed and start afresh. However, we
do need to take a step back and work out how these tools and
assets can be leveraged as we transform our businesses to
deliver a customer-first strategy that differentiates us from the
market and adds extreme value in the eyes of our customers.
I wish you the best of luck remember that we're here to help
if you ever need us.
Piers Fawkes
Founder, PSFK
@PSFK
Download the Full Report at: psfk.com/future-of-retail #FutureofRetail
LABS
Technology Investments To Improve Shopper Experience
Robotics &
Wearables VR/AR
Automated Systems
Adapting Retail Systems To New Customer Expectations
CROSS-CHANNEL PROMPT &
RETAIL UBIQUITY EXPERT ADVICE
CONSISTENCY PERSONALIZED SERVICE
83%
of global customers check
multiple screens at once; they
67%
of US customers expect retailers to
have a consistent view of them as a
75%
of online customers expect to
receive personalized assistance
40%
of global customers say that
sales associates with a deep
customer both from online and in- within 5 minutes.
use, on average, 2.23 devices knowledge of the product
store purchase histories.
at the same time. Customer Experience: Creating range greatly improve in-store
Rethinking Retail Study. Infosys, 2015 Value Through Transforming shopping experience.
State of Content Report. Adobe, 2015
Customer Journeys. McKinsey &
Company, 2016 Total Retail Survey. PwC, 2016
52 %
of US digital customers have
45 %
of consumers globally are
90 %
of retail managers believe data-
switched between brands due willing to pay more for a driven decision making has the
to poor service; the estimated better retail experience. ability to improve sales, while
cost of customer switching due 62% believe it can improve sales
Digital Disconnect In Customer
to poor service is $1.6 trillion. Engagement. Accenture by 20% or more.
Digital Disconnect In Customer Strategy, 2016 Digital Disconnect In Customer
Engagement. Accenture Strategy, 2016 Engagement. Accenture Strategy, 2016
89
outpace competitors
%
2-3x
of retailers say in-store
technologies help them
acquire or maintain
customers. 47% say it
improves the customer of brands expect customer
on margins, sales and profits.
experience. experience to be their primary
differentiator by 2017. Harvard Business Review, 2015
The Retail Store In 2016: Poised For @PSFK
Transformation. Research Systems Insights: Customer Experience.
Research, 2016 Gartner For Marketers, 2016 #FutureofRetail
LABS
Major Shifts Defining Customer-First Business
Customer Service VIP Customer
Intuition-Led Data-Driven
EMPOWERED
FRONTLINE
EMPOWERED
FRONTLINE
TRENDS
Developing a frontline workforce
that is knowledgeable and 1. Immersive Training
passionate about its products, and 2. Networked-Knowledge Exchange
empowered to solve problems.
3. Associate Advocates
01 Immersive Training
Instating experience-first
education programs that
prepare associates for on-
the-job problem solving.
We make sure that the associate is
knowledgeable with a brand or a product to
the point where if a customer comes in
asking for something, that person has the
credibility, knowledge and passion to fuel
the purchase.
Diego Nunez. Senior Director Of Digital Marketing And E-commerce,
Skullcandy
@PSFK
#FutureofRetail
LABS
01 Immersive Training
Walmart
In-Store Training
Academies Offer Lessons
On The Sales Floor
walmart.com
@PSFK
LABS
#FutureofRetail
02 Networked-Knowledge Exchange
Investing in fluid communication
platforms that allow employees
to share knowledge and
streamline interactions as they
serve customers.
@PSFK
#FutureofRetail
LABS
02 Networked-
Knowledge
Exchange
Container Store
Wearables Streamline
Conversations On The
Sales Floor
containerstore.com
@PSFK
LABS
#FutureofRetail
PERFORMANCE
TECHNOLOGY
Companies are outfitting TRENDS
employees with the tools that 4. Tech-Driven Sales
provide access to customer
information to personalize service. 5. Customer Relationship Dashboards
6. Frontline Automation
04 Assisted Selling
Providing employees with
access to on-demand
information that reduces
friction in the purchase process.
@PSFK
#FutureofRetail
LABS
04 Assisted Selling
Boots
Voice-Activated Product And
Inventory Check For Associates
Boots.com
@PSFK
LABS
#FutureofRetail
05 Customer Relationship
Dashboards
Organizing customers
preferences, purchase
history and behavioral data
to ensure consistent service "Saks Fifth Avenue prides itself on the
across channels. relationships and experiences built between
its associates and customers. With this new
technology, Saks has the ability to provide
all customers the same 1 to 1 personalized
experience no matter the channel."
Joe Milano. Senior Vice President Of Digital Retail And E-Commerce,
Saks Fifth Avenue
@PSFK
#FutureofRetail
LABS
05 Customer
Relationship
Dashboards
Alaska Airlines
In-Flight Apps Alert Attendants
To Traveler Preferences, Needs
And Schedules
AlaskaAir.com
@PSFK
LABS
#FutureofRetail
RESPONSIVE
OPERATIONS
Businesses are investing in
seamless solutions to respond
quickly to the demands of
customers based on data insights.
TRENDS
7. Data-Refined Experience
8. Optimized Deployment
9. Dynamic Supply Chain
10. Last-Mile Fulfillment
07 Data-Refined Experience
@PSFK
#FutureofRetail
LABS
07 Data-Refined
Experience
Ralph Lauren
Clothing Room Merchandise
Tracked Via Smart Mirrors
oaklabs.is
@PSFK
LABS
#FutureofRetail
08 Optimized Deployment
@PSFK
#FutureofRetail
LABS
08 Optimized
Deployment
Walmart
New Scheduling System
Improves Peak-Hour Staffing
@walmart
@PSFK
LABS
#FutureofRetail
09 Dynamic Supply Chain
@PSFK
#FutureofRetail
LABS
09 Dynamic Supply
Chain
Target
Retailer Develops Internal Apps
To Improve Supply Chain
Management
target.com
@PSFK
LABS
#FutureofRetail
Driving Customer-Focused Transformation
The PSFK Future of Retail Report highlights the ten steps retailers and
brands must take to create a customer-first organization that can meet
and exceed the expectations of shoppers, day-in and day-out. The 7th
edition of PSFKs annual report provides an in-depth analysis of the
retail landscape with actionable strategies for effective retail planning
that can transform an organization for both customers and shareholders.
Get the full report for:
RETA I L 2017
Transformation Strategies For
Customer-First Business
@PSFK | #FutureofRetail