RETAIL HAS BECOME A LOW-MARGIN 24/7 MULTI-CHANNEL ENVIRONMENT
Transformation in the retail industry has had a direct impact on how technology is used. Not only has it driven the need to better support end-to-end processes and provide innovative customer journeys, but it has also created unique non-functional requirements. Margins and consumer stickiness in the retail space are driven by technology.
Technology has become fundamental to what consumers expect from their favourite retailers. It enables competitiveness.
IN THE RETAIL SECTOR, WE HAVE:
- Worked extensively with Waitrose to introduce the Pick Your Own Offers loyalty scheme, offer online product recommendations, introduce new software on the device terminal estate, and reduced their development costs by two thirds.
- Conducted a Cloud Readiness Assessment for a major UK supermarket group, and then led their transition to the Public Cloud.
- Delivered the Co-op Membership loyalty programme. This engagement won the 2017 Retail Week Tech Awards Loyalty Initiative of the Year award.
- Delivered the Artist Payment System for ITV.
BJSS IN THE RETAIL INDUSTRY
As a key technology supplier to several high street and online retailers, we have combined our Queen’s Award-winning delivery approach – Enterprise Agile, with expertise in Business Analytics, Cloud and Agile Development to rapidly transform business models.
Digital and Omnichannel Excellence
We support clients with developing personalised and consistent retail experiences across different touchpoints.
By providing an integrated omnichannel customer experience, we can differentiate brands from their competition and partner with them to become best-in-class retailers by future-proofing their omnichannel strategies and harnessing digital to transition their customer experience into a competitive advantage.
Data and Advanced Analytics
We enable clients to use their data in new and innovative ways.
By analysing both internal and external data, we provide a much broader view on what is happening internally and what consumers want.
We help clients to better predict and optimise patterns of behaviour and trends to drive value. We are also committed to ensuring clients are in a position to capitalise on our expertise through capability building and cultural change.
Optimising Retail Operations
As retailers build omnichannel strategies that require them to balance the needs of digital and physical channels, we partner with them to ensure they move with pace and purpose to optimise their store and supply chain operations.
We collaboratively assess core operational capabilities via a series of diagnostics and assessments, and provide a roadmap on how to drive improved service, performance and productivity across E2E operations.
Marketing-Led Sales and Merchandising
We enable the design and delivery of a marketing-led commerce model that is fully integrated and drives value.
We drive commerce and the alignment of online and customer experience by assessing current models and seeking to leverage algorithms to enable a truly unified retail commerce model that is supported by high-quality customer data.
Ultimately, we provide a differentiated and compelling customer experience.
Growth and Innovation Strategy
We help our retail clients develop their strategy to ensure new or improved products and services reach and influence the consumers, driving both a compelling proposition and competitive advantage.
We utilise a number of tools and capabilities to work with the client to cover everything from what retail channels a product or service will be available in, to what should be the price or sales incentive to be given, and how the product should be displayed on shelf.
RETAILERS HAVE ALREADY REALISED THAT THEY MUST LEVERAGE TECHNOLOGY TO ENGAGE WITH CONSUMERS TO IMPROVE REVENUE AND DRIVE GREATER CONVERSION
However, few have realised that the wider problem facing the retail sector is the manner consumers are now choosing to engage with brands and spend their money. These demands have and will remain constant – value, choice and convenience – yet it is the consumers’ expectations of how these needs must be met that constantly evolve.
Disrupting your own business model before your competitors do is essential to adapt and meet these evolving needs.
Without an innovation strategy and pipeline, the likelihood is that retailers will lose their competitive advantage in an increasingly brutal and volatile trading environment. Within the industry, there is much talk about the millennials shaping the future. Millennials have only shaped the past and present, but retail is still attempting to catch up.
To remain competitive and relevant, retailers should focus on how to close the current gap while developing strategies to specifically target Generation Z. This segment is rapidly growing and is already becoming a prime mover, shaker and disruptor; shaping experiences not only for the future of retailing, but for the future of living.
The challenge for retailers is overcoming the impacts of consumer-driven and technologically enabled change. The loss of control over customer relationships, the speed and agility of disruptive startups, the continuous spate of changing consumer habits, as well as the need to engage digitally with suppliers, partners and employees in addition to customers drives further complexity.
It is apparent that those retailers who can become an adaptive, flexible and technologically enabled organisation will be set up for success.
Retailers should now view technology and change as co-creators and co-enablers of retail differentiation, value and, ultimately, relevance. If retailers don’t have a strategy to meet these future demands, then the reality is they are in for a tough time.
WITH A BROADER PERSPECTIVE, ANYTHING IS POSSIBLE
We bring fresh perspectives to our retail clients.
Many in the retail industry are attempting to bridge the gap between stores and digital channels, while others are journeying towards a truly unified commerce experience. By enabling technology transformation, retailers can realistically implement products and services to support and enhance the customer journey, while protecting margins. These are our thoughts on how retailers can achieve this.
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