Retail’s consumer-driven transformation brings into focus the need for retailers to develop new capabilities such as pervasive customer insights, integrated and seamless execution across channels, one view of inventory and unified commerce. However, it also highlights the need for transformation within the most core of retail functions: Merchandising. In the new digital and Omni-channel age of retail, merchandising is undergoing several radical transformations.
While retailers are making great strides with customer-centricity in the functional areas of marketing and customer service, merchandising has not made the same progress. This is not surprising as merchandising is about products, and for many retailers it is a big part of their traditionally product-centric approach to business. The move toward customer-centricity will require not just higher levels of coordination, but for many retail organizations dramatic cultural change.
This EKN report lays out findings and analysis from the survey of 100 U.S. based retailers and presents prescriptive recommendations on what should be done to execute on a customer-centric merchandising strategy. The report also outlines best practices, strategies, business processes and technology recommendations to that end.
EKN’s complete report, Customer-Centricity: The Holy Grail of Omni-Channel Merchandising, is available for download here.