Larry Dignan
for Between the Lines
| August 25, 2021 — 20:44 GMT (21:44 BST)
| Topic: Digital Transformation
Walmart CEO Doug McMillon said:
There are occasions when people want to visit a store, times when they want to pick up and times when they want to have it delivered. We’re going to keep innovating and executing to get better at all 3 as our diversified omni model positions us well to gain share in high-growth markets around the world.
Retailers got smarter about data science and analytics. What makes Amazon so formidable? The company has a treasure trove of data to feed models to entice you to shop, subscribe and leverage services.
Dick’s Sporting Goods CEO Lauren Hobart
Dick’s Sporting Goods CEO Lauren Hobart said the retailer is using data to offer more personalized promotions via its ScoreCard loyalty program. Hobart said a big pillar for the company is increasing its database of athletes–the core customer of Dick’s. Hobart said it added 8.5 million athletes to its database in 2020 and 2 million in the most recent quarter. She said:
We have an extensive data science capability, a personalized marketing capability, and we are actively keeping those people in our ecosystem. The omnichannel athlete does have other options. We are capturing data from every single athlete who transact with us in every way, so we are always working to try to get people to convert the ScoreCard. But even when they’re not, we’ve said our active database member is over 30 million active e-mail addresses that we can speak with even if they don’t join the program.
Best Buy CEO Barry said the company is leveraging data to predict buying intent as well as train workers to offer better service and increase Net Promoter Scores (NPS).
Retailers understand it’s a mobile-first customer. “We continue to improve our online shopping experience. This includes our strategy to lead with mobile, which for the first half of 2021, represented over 50% of our online sales as well as faster delivery times and an enhanced shopping and checkout experience,” said Hobart.
Target has added a feature called School List Assist to enable partners to find supplies and buy a list with a click. Another feature, internally known as “promo FOMO”, will show Target offers before checking out.
And Best Buy is working on mobile app checkout.
Retailers learned technology investment is now critical to an enduring model.
Macy’s Gennette said the company’s recent operating leverage will enable it to continue to invest in the business.
We also want to maintain a best-in-class digital experience as we continue to make investments in foundational improvements to keep our online platform current and differentiated digital experiences that provide greater service, discovery and value for our customers. We made advancements in enterprise-wide data and analytics capabilities to improve inventory placement, pickup and delivery options, boosting speed and convenience for online orders.
Walmart’s McMillon said the company is investing in technologies that can scale into new businesses across the company. “More than 30 applications across five countries are leveraging cloud-powered checkout for retail transactions. Things like building a 360-view of the customer using machine learning are important for our business in the U.S., but it’s also important in other markets. That’s why we’re now leveraging this technology in Mexico and in Central America,” said McMillon.
Target’s John Mulligan, chief operating officer, said he’s an engineer by training and the bet is that the company can leverage automation to augment the productivity of its employees. Mulligan said:
When our team works to optimize Target’s operations, both for today and in the future, we have access to every available tool and technology, robotics, automation, machine learning, artificial intelligence and more. But when we choose to invest in technology, we’re not looking to remove the human element from the Target experience. Instead, we’re investing to enhance the productivity of our team members, freeing them up to focus on what’s most important, like serving our guests.
This is another example of the power of “and”, and how it runs through every part of our business. The choice doesn’t have to be about people or technology. We can invest in both people and their productivity.
Related Topics:
CXO
Innovation
Digital Transformation: A CXOs Guide
Big Data Analytics
Larry Dignan
for Between the Lines
| August 25, 2021 — 20:44 GMT (21:44 BST)
| Topic: Digital Transformation