Sruti Patnaik

My colleagues @Brian and @Catherine delve into the importance of practicality in Retail's AI-driven future. Emphasizing the significance of informed decisions based on tangible business advantages over unrealistic hype and speculation. Discover how pairing AI with practical strategies success.

10

1 Comment

An interesting read on the impacts of the new government on retail. A mixed bag: Tax cuts or continuation of tax cuts that are due to expire in 2025, increased tariffs( = increase in expenses), a warmer approach to mergers, etc. #retail

13

Open-source AI has the potential to revolutionize the tech industry, but it also presents unique challenges, especially around definitions and standards. The lack of a unified definition can lead to inconsistencies in development and application, impacting everything from security to interoperability. Establishing clear guidelines and collaborative frameworks will be essential to harness the full benefits of open-source AI while mitigating associated risks. #OpenSourceAI #TechIndustry #AIStandards

14

1 Comment

As we look toward the retail holiday season and planning for the year ahead, MOHR Retail will be hosting a panel discussion that explores the landscape of retail store environments today, focusing on a range of topics, including the dynamic roles of store teams, the rise and fall of self-checkout systems, how stores are increasingly becoming fulfillment centers, and how successful retailers are addressing issues related to mental health, safety, and burnout amid preparations for the holiday season. Here’s a quick overview of some of these hot-button retail store trends and issues and what we’ll be focusing on during the webinar: ↪The Evolution of Store Roles With the surge of Buy Online, Pick Up In-Store (BOPIS) options and stores doubling as fulfillment centers, retail teams are adapting to new responsibilities. The traditional role of a store employee has shifted from managing in-store tasks to balancing online orders and managing stock all while building loyalty by ensuring a seamless customer experience, both online and offline. ↪The Rise and Fall of Self-Checkout Self-checkout was once hailed as a revolutionary step forward in retail efficiency, offering customers a quicker way to check out while reducing the need for staff. However, recent concerns over security, increased theft, and the impersonal nature of the experience have led some retailers to reconsider their reliance on self-checkout systems. ↪Doing More with Less As staffing challenges continue to rise, retailers are finding themselves needing to do more with fewer employees. Retailers need to rethink scheduling, training, and multi-role positions while looking for best practices that help streamline operations. If you’re interested in joining this panel discussion, reach out to me! We’re looking for your experiences, insights, ideas, and/or other lessons you might be able to share to add to a lively, thought-provoking discussion #LearnMOHR #RetailTrends #Retail

5

2 Comments

Silos in omni-channel retailing? Home Depot recently promoted Jordan Broggi to executive vice president of customer experience and “President of Online,” raising questions about the integration of its channels. Despite being hailed as “…one of the most interconnected retailers in the world” by CEO Ted Decker, this move seems to suggest a separate focus on the online channel. On the other hand, as EVP of Customer Experience, Broggi may very well taking responsibility for customer experience across all chanels while simultaneously leading the online channel. Experts have long advocated for the elimination of silos in omni-channel retailing. The appointment of a president for a single channel at a retail giant like Home Depot sparks curiosity about the company's organizational structure. Thoughts? #Retail #OmniChannel #HomeDepot #OnlineRetail #BusinessOrganization

8

Retail has come a long way from its traditional brick and mortar stores. With the rise of technology, retail has now entered the digital age where consumers can shop at the click of a button from the comfort of their own homes. One key player in this technological shift is artificial intelligence (AI). AI has revolutionized the retail industry by providing both product startups and retailers with valuable insights into consumer behavior and preferences. This technology has allowed retailers to personalize their marketing efforts, improve customer service, and optimize supply chain management. But how can product startups leverage AI to stay ahead of the game in this competitive retail market? Check out the latest blog post from Retailbound to learn how AI can help your product startup grow in the retail space. https://lnkd.in/ggyY-_HZ #retail #AI #artificialintelligence #productstartup #newproductlaunch

11

U.S. online spending is experiencing a rebound, spurred by high gas prices, convenient delivery options and a surge in deals following a brief post-pandemic slump, U.S. retailers say. Americans, who embraced shopping online when many stores were closed or limited traffic, may be coming back to it now, retailers say. However, the sustainability of these recent gains will depend on whether gas prices remain high and if shoppers can continue paying for subscriptions that offer free delivery. #omnichannelretail #groceryretail

3

Retail Media Network Basics At A Glance At the Path to Purchase Institute, we've curated all the essential retail media intel, terms, and definitions you need to know. Whether you're new to retail media or looking to refresh your knowledge, this article is packed with valuable resources to help you stay ahead of the curve. Take a look and get up to speed on the latest in retail media. #RetailMedia #Marketing #P2PI #membership #MediaTrends https://lnkd.in/eS4Jnid8

11

I've just read about JCPenney's massive $1 billion investment to enhance their customer experience! If you're in retail, this is a must-read. JCPenney's Strategic Plan: As a retailer, I've seen the importance of staying ahead with customer experience. JCPenney is upgrading technology, revamping stores, and improving supply chains to make shopping seamless. They're leveraging omnichannel strategies to drive engagement and loyalty. Being in the Right Forest: If you're working hard, make sure you're heading in the right direction—just like Will Peña MBA says, hard work without good decision-making speeds up failure. JCPenney is a great example of a company that’s not just working hard but also making strategic, effective choices to stay competitive. A good example of a company like JCPenney that failed to innovate and adapt to changing market conditions is Sears. Sears was once a retail giant but struggled to keep up with the shift to online shopping and failed to modernize its stores and technology. Thus is why I Invest my time in CDPs: JCPenney's decision is a perfect example of why I invest so heavily in my work with Customer Data Platforms. CDPs provide invaluable insights that drive smart decision-making. By understanding customer behavior, preferences, and trends, businesses can tailor their strategies to meet customer needs effectively. This ensures that their hard work is focused in the right direction. Read more about JCPenney's ambitious plan here: https://lnkd.in/etNDqMfn. Follow Jon Flaim for more value-packed ♻️ content on technology, AI, and data-driven growth strategies.

33

19 Comments

Change management is key to adoption and project success ...

1

It's unsurprising that some consultants for retail are still completely missing the boat with new technology -- to argue that retailers need a "war room" for inventory management because retailers have siloed data is ridiculous. Umm, maybe replace the disconnected systems with a modern unified platform instead of adding more labor, inefficiency, and complexity to the retail chain. A unified system like FieldStack running a retail chain will easily, provably outperform a "war room" of people looking at siloed data sets -- the "war room" will invariably induce personal bias, be slower, and much harder to scale... there is a much better way --- fix the problem! #retail #retailstrategy #inventorymanagement

15

4 Comments

“Adopting a Human-Centric Leadership Model: The Future of Retail CEOs” In the dynamic landscape of retail, one truth remains: people are central to all that we do. Recently explored McKinsey’s thought-provoking article on “The Human-Centric Approach to CEO Leadership,” and it resonated deeply with me. In an industry where customer experience is critical, isn’t it time we extend that same dedication to our internal teams? Adopting a human-centric leadership style certainly requires some human approaches: #Empathy Fuels Engagement and drive speed. By understanding our teams’ needs, we nerd to cultivate a culture of trust and motivation. When our employees flourish, so does our business. #OpenCommunication and #Transparent #conversations dismantle barriers and inspire innovation. Let’s ensure dialogue flows freely across all levels. #Flexibility and #Resilience is a must. In a swiftly evolving market, adaptability is not just beneficial—it’s imperative. This applies to both our strategies and the support we provide to our teams. #Investing in People and Growtth is essential to be on top this disruption. Upskilling and Providing opportunities for professional development enhances required knowledge and empowers employees. It builds a stronger organization from within. #Cultivating #Inclusivity within A diverse workforce brings diverse ideas. Celebrating different perspectives leads to better solutions and a more vibrant workplace. As leaders, our role transcends beyond strategies and KPIs—it’s all about nurturing the very people who drive our success.✅✅ #CEO #Business #Leadership #Management #HumanCentric #Agile #Disruptive #Strategy #FutureOfBusiness #Futurism #Symbiotic #HumanMachine #Collaboration #Mckinsey

9

Highlights from last week's NYC #RetailSafari -- focus was the intersection of #technology, #customers, and #operations, primarily in specialty apparel and fashion. Key themes: 1. Technology goes backstage – Brand new formats / concepts at H&M, Banana Republic, Zara, AMERICAN EAGLE OUTFITTERS INC., lululemon, and J.Crew and none come across as tech-forward w/ regard to customers. On the other hand, associates were all mobile enabled and doing most of their work leveraging phones / tablets. 2. Old tech; new tricks – Widespread use of #RFID and #QR codes (both generally on the price ticket), with a mix of internal and external use cases -- self-checkout, RFID-assisted full-service checkout, inventory counts, inventory finding, #BOPIS, etc. 3. Apps are an entry point – #Retailers without a clienteling / selling culture are using apps to drive customer capture. #Lulu uses app-based membership to enable exchanges on sale items; UNIQLO offers special discounts to app members. 4. Unified is still a unicorn – Despite a decade of focus on #omnichannel and unified commerce, many gaps exist. Very few #retail apps recognize when you’re in store, send a notification, and/or assist in the shopping experience. Many didn’t even have their newest stores listed as an option for #BOPIS (despite in-store signage).  5. Video is the new visual – ultra-large format (8-10ft x 12-16ft) video screens were a common feature of many new stores, and really helped to bring the brand lifestyle to life.  6. It’s hard to (re)teach people how to shop – Across all stores except Bonobos, Glossier, Inc., and Reformation, the shopping process is the same as it’s been for the past 50+ years. The ones that don't are focused on a niche customer with a unique product offering. IMO, the product is the driver and consumers "accept" the experience. 7. The "future" is not here yet, but you can start to see the shape of it – Demoing the Apple #VisionPro, we could think of multiple use cases (mostly internal / operational), and while it’s too early (and too expensive) to fully commit, it’s certainly worth considering a pilot as part of an #innovation lab. It's also worth noting there was no apparent use of #AI by customers or associates. Curious to hear comments, feedback from other markets. #ibmretail

18

7 Comments

The rise of AI search engines has sparked both fascination and concern. While these tools offer advanced capabilities, they also present risks in terms of reliability and bias. As users increasingly rely on AI for information, it’s essential to maintain a critical eye and verify sources independently. Trust in AI should be balanced with human judgment to ensure accurate and unbiased information dissemination. #AISearch #TechTrust #InformationAccuracy

35

1 Comment

📌 Why Brands Should Focus on the Beyond Money Segment Over the Aspirational Segment The Beyond Money segment represents the most resilient and fast-growing customer base, with each consumer averaging an annual luxury spend of €350k. Although they make up less than 2% of clients, they contribute a staggering 30% of revenues, making each one worth approximately 230 times that of an aspirational consumer. ✨ Strong growth: Base of UHNWIs is expanding at a 10% CAGR. ✨ Market share: Doubled their market share in luxury over the past decade. ✨ Stability: Their luxury spending is not tied to GDP trends or macroeconomic cycles, and is five times less volatile than that of aspirational consumers. ✨ Loyalty: They are more loyal to their Client Advisors than to any specific brand. These customers shop across a wide range of brands and are only considered relevant for an average of two, though they typically shop with ten brands. However, many brands still rely on quantitative spending thresholds within a limited timeframe (12-18 months) to identify them, resulting in missed opportunities. To truly capitalize on the Beyond Money segment, luxury operators must adopt a more sophisticated CRM segmentation and elevate their brand to a lifestyle choice. If not executed perfectly, there is a significant risk of losing these valuable clients to competitors, as 68% would follow their Client Advisor to a new brand if they moved. Source: BCG Altagamma True-Luxury Global Consumer Insights 10th Edition #LuxuryMarket #CustomerLoyalty #BeyondMoney #CRM #UHNWIs #LuxuryStrategy #Luxury

14

1 Comment

Great comments Sean! Conventional wisdom often focuses on the logistics and process problem of handling a retail customer return - store and online returns. This "problem" focus often masks and obscures the business opportunity hiding in plain sight - the customer experience associated with merchandise returns. We are all shoppers and we know we are loyal and flock to a shopping experience that delights. We will come back and buy more every time. The returns experience is an opportunity to delight your customer and do more business with most valuable customers. It seems the lesson here for retailers and brands is to understand differential customer value, understand the reasons for this customer's return, present returns options that are convenient and responsive to this customer, and use the transaction as an opportunity to delight and do more business with that customer. Sending a return shipping label to someone you know doesn't have a printer isn't convenient or a delight.

17

It's interesting how retailers are slowly landing on the same three options for Self Checkout refinement to solve shrink. 1. Adding employee assisted checkout, 2. Adding barriers to leaving the store without confirmation of purchase (mechanical or human) or as a last resort, 3. Completely eliminating the option. From the consumer perspective its slowly becoming a negative experience... Curious what other options might exist..

17

4 Comments

Behind every innovative AI solution at Target, there's a skilled team in India making it possible Target recently shared how they’re using generative AI to enhance customer experiences. While they don’t have stores in India, their Global Capability Center (GCC) in Bengaluru is key to this innovation. Executives highlighted how the Indian team is using AI to personalize customer experiences, just before their AI conference, Multiplai, on July 19 in Bengaluru. Brad Thompson, SVP of Technology, mentioned that Target is working on over 20 AI projects with models from OpenAI and Google, including the new Store Companion app, which helps associates in multiple languages. Andrea Zimmerman, SVP and President of Target India, called the Bengaluru office their "extended headquarters," with over 4,500 employees, including 1,700 tech team members collaborating closely with the US team. Target started in India in 2005, making it one of the oldest Global Capability Centers. Here's to more innovation! #GlobalTeam #GenerativeAI #CustomerExperience #TechInBengaluru #GlobalCapabilityCenter #AIInRetail 

11

An independent investigation uncovered that a Macy's employee intentionally hid $132M-$154M in delivery expenses over several years, delaying the release of Macy’s quarterly results and shaking investor confidence. 🔎 Key Takeaways: • Accountability Matters: Even a single individual’s misconduct can have significant ramifications, from financial inaccuracies to reputational damage. • Controls Are Crucial: Robust internal controls and regular audits can detect and prevent unethical practices before they escalate. • Transparency Is Key: Macy’s swift action to investigate and disclose the issue reflects the importance of transparency in rebuilding trust. 💡 The Lesson for All of Us: Strong accounting systems and ethical practices are not just back-office functions—they’re the backbone of a business’s credibility and operational success. Whether you’re managing a Fortune 500 company or a small business, investing in oversight, ongoing training, and a culture of integrity is non-negotiable. This story is a good reminder of the significance of diligence in our accounting processes. Ethical practices don’t just protect your bottom line—they uphold the trust of stakeholders, customers, and employees alike. Oh - and you should have an ERP system that helps you maintain your internal processes, not hinder them. It might just save you $154 million dollars. https://lnkd.in/gmGf4c9W #Accounting #CorporateEthics #BusinessIntegrity #Finance

7

1 Comment