On Tuesday the 27th of March BearingPoint and ISM organised round table to explore the future of cross channel growth on retail. In a packed room … deliver inspiring presentations and discussion on the future.
To innovate in retail in the current cross channel business environment innovation an integrated business model innovation approach is required. This holistic approach brings innovations can deliver more efficient, more effective or more appealing business model, both in the way value is delivered as it is appropriated. Many successful retailer formulas in recent years are based on such innovative models, for example American Girl, CarMax, Traders Joe and Redbox.
For digital strategies supporting retail innovation both the Empowerment VS Privacy and Physical VS Digital paradox are the core for the changes in the behaviours and customers psychology. However the current digital developments are bring Huge opportunities in the retail world. This all leading to new and partially unknown rules to the retail game.
Be omnipresent for instance in the new channel of QR based shopping.
The ecommerce market has changed drastically over the last years, nowadays information should be simultaneously available on all channels, not only on the company’s own channels, but also in the complete digital eco-system. Companies should have a omnipresence on all channels.
A cross-channel retailer should to link online and offline together, so it will get a ultimate service experience and is able the capture the whole market. However channels often conflict, back office processes are difficult and consistency is not maintained. With mobile scans the integration of online and offline becomes much easier.
To navigate successful in the sea of digital and cross channel innovation retailers should select a clear strategy to deliver consumer value, for instance: make it easy, provide most fashion, reduce cost. The insight in the consumer segments that belong to such a strategy, give direction to needs and the relevance of cross channel activities.