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Top 5 Strategies for Retail Data Analytics

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It’s an exciting time for retailers as technology is driving a major disruption in the market. Whether you are just beginning to build a retail data analytics program or you have been gaining advanced insights from your data for quite some time, join Eric and Shish as we explore the trends, drivers and hurdles in retail data analytics

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Top 5 Strategies for Retail Data Analytics

  1. 1. ShiSh (twitter: @5h15h) Retail Industry Solutions Director Microsoft Corp My insights from NRF 2017
  2. 2. Modern retail is data driven Location sales Remote sales Try on and try out products Face-to-face info In-store behavior Social connection/user reviews Product/price comparison Online history Digital transformation enables the best of online & offline
  3. 3. Top 5 Takeaways for Retail Data Analytics Personalization Artificial Intelligence Blockchain in Retail Autonomous Retail Stores/Frictionless Shopping Iot
  4. 4. TRAVEL BLOGGER LAST VISIT: DEC 21 HIGH SCHOOLER LAST VISIT: APR 16 HIGH SCHOOLER LAST VISIT: APR 23 WELCOME Still looking for a prom dress? Talk to an associate to see the items from your wish list!BROWSE Retail Personalization0 0 1 1 0 0 10 1 1 01 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 1 1 0 0 0 1 1 0 11 0 0 1 0 0 0 1 0 0 0 0 0 1 1 1 11 11 1 0 0 0 0 1 0 0 1 0 0 1 0 1 0 0 0 1 1 0 0 1 1 0 0 10 1 1 01 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 1 1 0 0 0 1 1 0 11 0 0 1 0 0 0 1 0 0 0 0 0 1 1 1 11 1 1 1 0 0 0 0 1 0 0 1 0 0 1 0 1 0 0 0 1 1 Weather Auto-generated Offers Local Events Time of Day Recognition Software Customer Profile POS Data Digital Footprint Audience Wearables Wish list Hiking boots sale Grab and go More Frequent visits Increased Sales Higher Foot TrafficLocation 0 10 0 0 1 1 0 1 WORKING MOM LAST VISIT: MAR 3 Contoso Eyewear Connect with customers at the right time, right place with the right offers • Generate relevant and targeted offers using integrated data sources • Deliver timely offers based on customer location and time of day Predict what customers want before they tell you • Anticipate customer purchases based on profiles, needs and significant events • Create natural cross-sell and upsell opportunities using predictive analytics solutions Ensure transaction continuity • Strengthen next best action engine by using outcomes of every customer decision • Improve offer uptake with better propensity algorithms • Prevent duplicate offers across channels Boost customer loyalty and profitability • Keep customers engaged and delighted with personalized, event-based offers • Deliver engaging in-store experiences using digital assets to support interactions with informed sales associates Streamline operations • Become an data-driven organization • Evolve from reactive to proactive to help build, monitor, and improve your brand • Keep pace with rapid change and innovate with cloud infrastructure Your order is ready! Pay in-app to grab and go. 1
  5. 5. Engaging customers for repeat visits 7-Eleven Objectives 7-Eleven wanted to connect various sources of customer data to provide a single customer view, and use mobile & live data to track the purchase cycle and engage customers in real-time Tactics The Plexure solution uses a mobile app, IoT orchestration, and beacons to tailor customer promotions to personal preferences and purchasing history Results • Linked fuel purchases to convenience purchases, positioning 7-Eleven as the convenience store of choice • Encouraged customers to return to 7-Eleven locations, taking up more offers more often Built on Microsoft Cloud Technology
  6. 6. Frictionless Shopping
  7. 7. Artificial Intelligence/Cognitive Services & Robotics
  8. 8. Mars Drinks optimizes operations, boosts customer satisfaction using IoT & Analytics Challenge • Avert downtime and out-of-stock products • Improve operational efficiency of partners in the field • Deliver better customer service Solution • MARS DRINKS identifies the optimum time to stock and service its vending machines by using Internet of Things (IoT) technology Benefits • Improves timely product stocking and operational efficiency • Increases customer satisfaction • Drives business insights from consumer behavior data “Putting machines online, considering how a space is used, and looking at people’s beverage consumption will unlock a wealth of information that we haven’t been able to easily access before.” — Jamie Head, Chief Information Officer, MARS DRINKS
  9. 9. Blockchain decentralizes data in a trustless environment Traditional System Centralized system with stored ledger Blockchain System Distributed system with distributed ledger • Traditional ledgers are centralized and use 3rd parties and middlemen to approve and record transactions • Blockchain safely distributes ledgers across the entire network and does not require any middleman • The technology maintains multiple replicas like p2p torrent file sharing
  10. 10. Webjet Uses Blockchain in First-Of-A-Kind Travel Bookings Solution Challenge • Webjet handles thousands of hotel bookings every day that pass through multiple operators. The high volume of transactions and number of parties involved in each transaction can lead to discrepancies. • Booking errors negatively affect customers’ experiences and undermine trust between Webjet and its partners, and can also have serious financial consequences. Strategy • Webjet and Microsoft developed a first-of-a-kind blockchain solution. • The solution creates secure, independent transaction records that all parties can see. Known as ‘Smart Contracts, they streamlining the booking and payment process, and reducing errors. Results • The use of blockchain removes the risk of data inaccuracy, boosts security and efficiency, and enhances trust and accountability between Webjet and its partners. • The solution gives Webjet a competitive edge and could set a new industry standard. • Webjet has an exciting opportunity to grow by facilitating transactions across the travel industry and selling its solution into other sectors. “Microsoft’s ongoing investments in building the industry’s most trusted cloud platform around the principles of security, privacy and control, compliance and transparency, along with its deep heritage in guiding businesses, including Webjet, through periods of significant IT transformation made the decision to go on this journey with Microsoft a no-brainer.” — John Guscic, Managing Director, Webjet
  11. 11. Top Five Strategies for Retail Data Analytics My findings of NRF 2017 Eric Thorsen (@ericthorsen) GM Retail and Consumer Products Hortonworks
  12. 12. 13 © Hortonworks Inc. 2011 – 2016. All Rights Reserved NRF 2017 Recap  35,000 attendees – All 50 states represented – 94 countries represented  HR was a theme – in addition to technology, data, and automation  Five observations based on NRF 2017 Big Show – Data was a key element of many presentations – Consumer experience continues to be central to retail strategy – Unique ways to avoid distraction during systems implementation – Technology (and data!) continues to grow exponentially – Omnichannel is less a buzzword and more of an expectation
  13. 13. 14 © Hortonworks Inc. 2011 – 2016. All Rights Reserved Overwhelmed by Data  New types, new sources, new systems  Retailers are reporting an overwhelming variety and volume of data – Not always “big data” by volume, can be complex data by variety – Retail Data Analytics improve with greater access to all data types – 4 V’s (Volume, Variety, Velocity, and Veracity) – Veracity provided by Blockchain (per Shish) “Identity is the core of personalization” and identity is composed of data Jeff Rosenfeld – Neiman Marcus “Sometimes you just need to buy a lightbulb. But customers expect the light bulb to be in stock, and data can help ensure this happens.” Dave Abbott, The Home Depot
  14. 14. 15 © Hortonworks Inc. 2011 – 2016. All Rights Reserved Consumer Experience  Impact of Millennials – Do not behave predictably – Most mature retailers have built business on backs of boomers – Spontaneous, impulsive, distracted, but loyal  Expectation of personalization – Sharing data to promote deeper relationship – Introduction of “comfort factor”  Whitney Walker, GM Stores, SONOS – Importance of consumer experience
  15. 15. 16 © Hortonworks Inc. 2011 – 2016. All Rights Reserved Retail Systems Leadership – Signal vs. Noise  Focus on business impact – Essence of simplification  Mike McNamara – CIO of Target – 5 Post-it notes
  16. 16. 17 © Hortonworks Inc. 2011 – 2016. All Rights Reserved Technology continues to increase pace  New “Moore’s Law” – Data is doubling every year – First reported at NRF 2014 by Ginni Rometty (80% in last two years)  Process Automation and Automated Assistants – Amazon Echo will be in 40 Million homes by 2020 – Evolution of drones for last-mile delivery – Automated picking and shipping in DC’s – Continued evolution of business process efficiency  Trends in Data Management – The number of U.S. firms using big data in the past three years has jumped 58 percentage points to 63% penetration – 70% of firms now say that big data is of critical importance to their firms, an astounding jump from 21% in 2012. That’s one of the fastest tech-adoption rates ever. – The title of chief data officer — the C-Suite manager of big data — a title that until recently didn’t even exist, is now found in 54% of companies surveyed. New Data Traditional Data
  17. 17. 18 © Hortonworks Inc. 2011 – 2016. All Rights Reserved We need a new channel definition  Omnichannel fails to summarize experience  Consumers demand personalization – Online – On application – In store – By phone To Legacy API ALGORITHMS DATA Data Ingest
  18. 18. 19 © Hortonworks Inc. 2011 – 2016. All Rights Reserved How to benefit from trends and data in retail Engagement of Hortonworks to identify and focus on business-driven prototypes • Big Data Scorecard • Assist business leaders understand and evaluate the essential focus areas for accelerating business transformations • Joint Innovation Program • Focus on business impact to create “Vision to Value”, addressing key executive questions • Design Thinking paradigm of ideation and prototyping towards vision • Use Case Workshop • Staffed with customer architects and business leaders to identify low hanging fruit for self-funding projects Business ( Viability ) People (Desirability) Technology (Feasibility) Design Thinking Experience InnovationEmotional Innovation Functional Innovation Process Innovation
  19. 19. 20 © Hortonworks Inc. 2011 – 2016. All Rights Reserved Thank you! Please submit questions via the interactive Q&A panel

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