The Intelligent Enterprise in the Experience Economy for the Retail Industry
MTC provides an integrated SAP Retail Solutions of applications, intelligent technologies, and a digital platform for retailers to pursue innovative business models and deliver relevant personalized customer experiences anywhere, anytime.
Looking ahead to 2025, consumers will expect retailers to be deeply enmeshed in their lives as trusted partners, and the consumer and the retailer will have a relationship based on common values. Retailing will shift from a product-centric approach to customer-centric, experiential retail blending products, physical and digital services, personalization, and unprecedented levels of convenience. Experiences will be measured and improved.
Physical stores will remain an integral part of the retail shopping experience, but they will be dramatically transformed to offer an array of experiences, from highly personalized services to showrooms, fitting rooms, and even brand extensions that could include classes and entertainment.
The transition is already well underway, but it will not get far without building consumer trust as the ultimate currency–trust in treating data safely, in delivering the right quality of product at exactly the right time, and in providing a seamless experience from shopping to consumption and returns.
FIVE PRIORITIES FOR SUCCESS
We have identified five strategic priorities necessary for retail companies to
transform their business.
- BE CUSTOMER CENTRIC ACROSS THE VALUE CHAIN
- SERVE THE SEGMENT OF ONE
- IMPLEMENT DIGITAL SUPPLY CHAINS
- RUN SMART STORES
- SELL OUTCOMES BEYOND PRODUCTS
These insights will drive a forward-looking understanding of consumer trends and allow retailers to preempt changes in taste and style, as well as design the right experience and service offerings to create hyper loyal customers.
It starts with optimizing existing processes by creating and using a deep understanding of customer needs to offer targeted assortments and campaigns. These processes will be extended by responding to real-world data input (search data and consumption data from sensors and home devices) and changes in usage and consumption to make relevant offers for products and services when consumers need them.