In the last few months the retail industry made headlines for a series of bankruptcies and store closings. Even longtime mainstays and classic retail brands have begun to feel what was once a firm footing in the industry, waver beneath them as the landscape evolves. Brick-and-mortar retailers are feeling pressure to get creative with delivering near-flawless customer interactions.

Amber Naqvi, President of Logic
Amber Naqvi, President of Logic
While budgets continue to decrease, traditional retailers are struggling to compete with Amazon as the online retail giant spends millions on customer journey R&D.
Retailers are left with the challenge of choosing focus areas to key in on to keep and grow a customer base.
The shift in consumer behavior following the 07′-09′ recession in conjunction with a change in focus to both experiences and convenience make for a critical challenge.
The question then arrises, what can today’s retailers do to overcome this? A successful approach is to make sure to increase ROI on previous investments to release capex for new technologies and capabilities. This means reinvesting in your existing platforms, most immediately the core merchandising solutions.
  • Gartner research reveals retailers usually use 5-10% of their core systems capabilities. In the case these core systems were implemented years ago (sometimes many years ago), these systems become outdated by:
    – An ever-evolving and changing retail environment.
     
    – Shifting business priorities and processes leave IT departments with the responsibility to update interface and integration.
     
    – Even as simple as the case of “Setting it and Forgetting.”
    – Core merchandising systems stand out as the star of the ERP solar system, even amongst a host of upstart technologies that address a segment of a customer journey.
    – Effective omnichannel strategies begin with enabling access to important merchandising information.

If you will be at NRF 2018 (Jan 14-16), we would love to have a conversation about how retailers are engaging this strategy, as well as share our updated best-practices. Join us for a roundtable lunch, How do you really know that your customers are happy with their omnichannel experience? At Clyde Frazier’s Monday January 15th at 12:00 pm or stop by our booth Oracle Partner booth, #3521. We look forward to connecting.

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