you be you - 3 ways to stand out from amazon
Post on 23-Jan-2018
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You Be You3 Ways to Stand Out From Amazon
Todd HarrisDirector of Marketing
Molly ShawVP of Retail Solutions
Jos ChanVP of Business Dev
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Predictive analytics SaaS platform to help retailers optimize inventories through data-driven decisions.
We leverage a groundbreaking advance in Machine Learning and Optimization.
An MIT Artificial Intelligence Lab Top 50 Technology Innovation
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1. Strategies for differentiated store assortments.
2. Why shoppers want to go to your stores and what they are looking for.
3. Tactics to consider to optimize your inventories.
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WE WILL COVER 3 TOPICS TODAY
Customers are always beautifully, wonderfully dissatisfied, even when they report being happy and business is great. Even when they dont yet know it, customers want something better, and your desire to delight customers will drive you to invent on their behalf
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- Jeff Bezos, CEO Amazon 2017 Annual Shareholder Letter
Theres a retail inventory epidemic today, being exacerbated by Amazon.
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OVERBUYS / UNDERBUYS | LESS IN-STORE TRAFFIC | SHRINKING MARGINS
WHY ARE WE TALKING ABOUT THIS?
Strategies for differentiated store assortments.
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Why should retailers care about stocking different and unique products?
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What strategies can retailers use to create differentiated assortments?
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Are any retailers actually carrying a unique and special product assortment?
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Is this what makes a retailer Amazon-proof?
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KEY TAKEAWAY #1:The right differentiated products will give customers a reason to shop in your store, since they cannot obtain the product anywhere else. Have exclusive product, experiment with new vendors and
invest in private label. Invest in big buys for key items based on future demand.
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Shoppers want to go to your stores, so give them a reason to go.
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How would you define a positive customer experience? What does this mean?
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Which retailers offer positive customer experiences?
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Are you allocating what your customers want to stores?
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What role does technology play in this?
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KEY TAKEAWAY #2:Stores have a unique opportunity to create a positive customer experience for shoppers - to create a lasting bond. A win-win for both you and your customer. Unique in-store experience to drive store traffic and differentiate. Engage senior level and cross-functional teams to create a
customer experience roadmap for all channels. Allocate based on localized future demand.
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How (and why) to optimize your inventory.
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55% of shoppers turn to Amazon to begin their
product search- 2016 BloomReach Survey
How has the current retail landscape shaped the way that retailers think about their inventory?
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Why is optimizing retail inventory so important?
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Many retailers ship-from-store.
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Is it working to their advantage?
KEY TAKEAWAY #3:Embrace strategies to help you be more productive with your inventory (e.g. Increase sales, margin, turnover, sell-through, etc.) Take action while considering your specific business model
(specialty retailer, department stores, etc). While optimizing your store inventories, also consider how to
use them to fulfill online orders.
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Drive towards product exclusivity, experiment with new vendors in the process.
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IN SUMMARY 3 TAKEAWAYSStart a x-functional team to kick off a customer experience roadmap for all channels.
Embrace inventory optimization strategies leading to quick action specific to your biz model.
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