Future of Commerce
Enabling Retail Transformation: Technology Adds A Little Bit of Magic
More magic, less mystery...
Standing out amongst the competition isn't easy, especially with the world's goods at our fingertips. However, new retail and logistics technologies empower retailers to create seamless, personalized experiences for their shoppers.
Not everyone is looking to just buy toilet paper online. Many shoppers take advantage of eCommerce to discover new brands and products that they may have otherwise missed. On the other end, retailers and brands can retarget new customers through various channels to improve the discovery phase and retain new customers. Technology, eCommerce, and omnichannel retail are enabling businesses to leverage massive amounts of data to create inspired, curated experiences for their shoppers, proving that the eCommerce experience is just as valuable as in-store.
In this chapter, Laura Behrens Wu from Shippo discusses the impact technology has on improving the shopping experience; Perry Kramer from Boston Retail Partners defines "unified commerce" and the differences it will mean from retailer to retailer; Janie Yu from Fung Capital dives into the value of omnichannel retail and the supply chain technologies that support it; Mike Koppel, former Nordstrom executive, explains the importance of digital transformation and how retailers with strong technology integrations, centered on improving the customer experience, are unstoppable.
Founder and CEO, Shippo
Commerce today knows no physical borders or boundaries. As a result, the way we shop has changed. Technology makes it possible for virtually anyone on the planet to buy goods directly from anyone else, and a new wave of new retailers are growing and thriving by delivering better customer experiences to shoppers.
Senior Vice President and Practice Lead, Boston Retail Partners
Unified commerce centers around doing what's right for your customers. This might mean providing faster delivery options, converting stores into virtual show rooms, or arming your store associates with data to better help your shoppers when they're in your store. It's about making yourself invaluable.
Partner, Fung Capital
Now that consumers have had a real taste of eCommerce—the convenience, the speed, the transparency—they will bring more and more pressure for continual service improvements. That will require better processes and technology improvement, and a lot of data and intelligence to be ingested into the supply chain.
Retired Chief Financial Officer, Nordstrom
Digital transformation has created major challenges and opportunities for traditional store chains. Consumer expectations continue to transform and accelerate. Retailers with strong customer service models that successfully integrate technology into their businesses will remain competitive. Those that don’t are in trouble.