New retail mantra

Put more focus on the Customer, Inventory, Omnichannel and Agility

The pandemic has accelerated digital adoption and forced retailers to ramp up the availability of new fulfillment options. Recent surveys confirm that despite their efforts, 50-70% of retailers are not yet ready [1]. As a result, retailers are going to accelerate digital transformation by almost three times over the next couple of years.

 

Retailers navigating this journey must gain new capabilities and sharpen their strategies to achieve a new level of operational efficiency in which the customer, inventory, omnichannel and agility must receive their maximum attention and focus.

 

Is your retail business ready for that challenge? If not, you better accelerate. In the meantime, repeat with intensity:

 

Be customer and inventory obsessed.
Ensure seamless, safe and convenient omnichannel experiences.
Build greater operations agility.

 

The new retail mantra.

Woman shopping online in the era of the new retail mantra

Commandment #1: Be intensely focused on customers and inventory

Future retail is all about personalization as well as more convenient and creative fulfillment.
  • Do you have the right tools to provide the type of personalized experiences your customers demand?
  • How easy is it for you to control and manage inventory to deliver wherever and however your customers want?
75
% of customers have tried new brands during the pandemic. McKinsey.
A McKinsey report [2] found that more than 75% of consumers have tried new brands, places to shop or methods of shopping so far during the pandemic.

 

Product availability was the number one reason consumers sought out new retailers or products, followed by better prices and promotions.

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Commandment #2: Prepare to deliver frictionless and low-touch omnichannel experiences

Omnichannel is no longer optional. And for the first time in history, safety counts the same as product or price in a purchasing decision.
  • Can you seamlessly integrate your physical stores with the online channel?
  • Are your stores enabled to act as real omnichannel hubs and to provide low-touch experiences your customers value?
90
% of sales fulfilled by stores. Q2-2020, Target
Thanks to its Stores-as-Hub strategy, US retailer Target was able during the pandemic to support the impressive growth in eCommerce and recover sales that would have otherwise been lost.

 

Q2-2020 comparable sales grew 24.3 percent, the strongest the Company has ever reported.

Commandment #3: Increase speed and retail operations agility

Agility and business resiliency are becoming more and more important for businesses. Agile retailers adopt technologies that allow them to move from years to months, weeks or even days when implementing new projects.
  • Have you adopted the right retail technology to move with speed to the market?
  • Are you prepared to quickly launch new products and services and to adapt flexibly to changes due to customer behavior, new market trends or unforeseen situations?
1
Day for launching Curbsite Pickup. Dick's Sporting Goods
Early in the pandemic, Dick’s Sporting Goods was able to launch contactless Curbside Pickup in 24 hours, as was explained by Jay Piskorik, Director of Platform Engineering at Dick’s, during the 2021 NRF Big Show Chapter 1 in New York.

 

75% of Dick’s online orders in Q2 were fulfilled by stores. In Q3, even after Dick’s reopened stores, curbside kept growing.

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Start delivering on the new retail mantra.

Discover Openbravo

Openbravo is today a fast-growing omnichannel platform vendor helping more that 115 leading brands and retailers worldwide accelerate their digital transformation and omnichannel strategies. Our solutions are used by more than 60,000 point of sale terminals and 18,000 back office users.

 

We have a strong open source and business process management capabilities heritage from our past, that allows us to deliver more flexibility and solid functionality to our retail customers today.

 

Our objective is to offer the most flexible cloud-based omnichannel platform in the market. Discover us.

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We needed to access our stores’ stock from the website in order to fill stock-outs at the warehouse and optimize the flow of in-store stock. The Openbravo OMS system brings additional sales to the store and has been very well received by the retail teams.

 

Fashion. 470 stores.

Frédéric Mayette, CIO of Caroll
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Openbravo has become a key tool to progress in our omnichannel strategy and so our stores are now able to play a new role in serving the increased online demand by acting as fulfillment points. It is also central for delivering the type of in-store experience our customers demand.

 

Furniture and decoration. 310 stores.

Max Dragone, CIO of BUT
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Now that this technology has been implemented in all our stores, we are impressed with the capacity of the Openbravo POS, which has allowed us to greatly simplify our processes. This has been key for enabling us to make all our stores operational in just four months.

 

Toys. 61 stores.

Paulo Sousa Marquez, CEO of Toys “R” Us Iberia

Do you want to learn more?

Learn more visiting our solutions page or contact us now to find out how Openbravo can help your retail business navigate successfully through the new retail mantra journey.
[1] Unified Commerce. IHL Services, October 7, 2020.

[2] Survey: US consumer sentiment during the coronavirus crisis. McKinsey, December 8, 2020.