5 key considerations to position for a successful retail of the future
The future of retail looks bright – at least from the viewpoint of consumers. For retailers, some tough challenges are lining up:
- The sustainability challenge and how to meet the purposeful shopper
- Enhancing the omnichannel strategy to meet a diversified audience and the proliferation of apps and touchpoints
- The monetization of customer data in a world of data privacy concerns
- A need to develop private brands to increase earnings
- And exploring the use of emerging technologies
If you share these concerns, we have already gathered some in-depth answers for you:
Your data management is crucial if you want to explore the opportunities and avoid the pitfalls of omnichannel.
As data accumulates, omnichannel is transforming from a channel-centric into a truly customer-centric activity. Technologies are employed strategically or according to the revealed and expressed consumer behaviors and expectations across channels. The complexity of today’s retail spawns several drivers for developing omnichannel strategies:
Omnichannel supports the non-linear customer journey
Retailers today are challenged to keep up with the growing expectations of consumers to have an easy, personalized, and flexible path to purchase. In the past several years, consumers have picked up new digital shopping habits and now interact digitally with what was traditionally a linear path to purchase of discovery, consideration, purchase, and review. Consumer expectations have elevated due to the upgraded digital experience in other industries. The purchase journey is not linear anymore and that is where effective omnichannel retail execution supported by data management can help.Read More
How CPG companies can adapt to the New Normal
Manufacturers of consumer-packaged goods (CPG) are finding themselves in the midst of a historic transformation.
The COVID experience and the heightened environmental awareness of consumers and lawmakers are changing the game for CPGs. You can add diversity and multiple ideological standpoints to the mix.
At the heart of these impactful trends lies an unsettling unpredictability that has been coined “The New Normal”.
Data management during mergers are a challenge to CIOs and IT leaders. They have to manage a doubled IT infrastructure and merge product data into a single product classification system.
Merging product data is important to reap the benefits of a business merger, including brand consistency, better customer experiences and operational efficiency.
Using DaaS to make master data easily accessible to high-volume, data-consuming applications can drive significant competitive advantage.
If you’re like most companies, you have several digital enablement projects underway to improve operational agility or enhance the customer experience in some way. For these initiatives to be a success, real-time access to business-critical master data is essential.Read More
An integrated approach to data management is critical for CPGs to take on supply chain shocks, rising prices and whatever comes next.
“In the past three months, more than 80% of consumers bought a different brand than their usual – lower prices (65%) and out-of-stock products (51%) were their primary motivating factors.”
- Insider Intelligence, September 2021
Migration to S/4HANA from several disparate ERP systems entails great risk and can take years, requiring many different tools, enormous human resources and large budgets. Master data management (MDM) can not only mitigate that risk but actually allows you to thrive and reap benefits while preparing your data for S/4HANA.
During your S/4HANA migration journey, your organization needs to “keep the lights on” with both your legacy ERPs and your new S/4HANA environment until full deployment. MDM enables this with minimal or even in some cases a reduction in resources.