Infor Retail is revolutionizing enterprise software with modern solutions for retail ERP—cloud-based, mobile-friendly, and built for today’s retail landscape. Visit the Infor Retail blog to keep up with all things retail, our take on industry headlines, and updates on our progress to reinvent the customer experience.
The data tracking “creep factor” that may be holding retailers back
Making the most of customer data can be a difficult proposition. Not only are retailers reluctant to change the ways they use customer data, but many consumers themselves have demonstrated an aversion to any kind of technology that clearly monitors their purchasing activity—even if the purpose of such tracking is to improve the shopping experience. In this episode of Reinventing Retail, we’re joined by Forbes contributor Richard Kestenbaum of Triangle Capital, to discuss the ways data tracking and algorithms can enhance everything from the shopping experience to product design (if we’ll let it). Listen now:
By Guy Courtin, VP Industry and Strategy Solution for Infor Retail
Enterprise organizations across sectors are more focused than ever on harnessing data and technology in favor of supply chain visibility.
It’s easy to see why. Eight out of ten consumers expect to receive regular updates on the status of their orders, according to a survey conducted by YouGov on behalf of Infor.
However, according to this Infor white paper on retail supply chain visibility, 74% of organizations take more than a day or two to determine the status of orders in the supply chain, and 41% of companies struggle to know their inventory position. And it doesn’t help that 80% of information required for actionable supply chain decisions resides externally with suppliers or third-party logistics providers.
Industry leaders are in a position to develop modern solutions to today’s supply chain challenges. To that end, here’s where we’ll be focusing our attention in 2019:
Supply chains must provide clarity of both the place and cost of inventory
One of the biggest challenges for retailers is helping their leadership and boards understand how the supply chain can become a strategic advantage for the business as a whole. Having true supply chain visibility provides an understanding of true inventory availability, which in turn contributes to the efficiency of labor, transportation, logistics, and replenishment. Ultimately, holistic visibility into the location and price of inventory equips retailers with greater ability to respond to customer needs. And happy customers mean higher profits.
Technology partnerships are essential for supply chain visibility
True end-to-end supply chain visibility remains a North Star for many global enterprises. To get the insights that can help retailers optimize their supply chains and the back end of their enterprises, technology solution providers must work closely with their customers and prospects to define what visibility means, what it doesn’t mean, and what crucial steps must be taken to achieve real-time insights from sheep to shelf. It’s a long, but attainable journey to complete supply chain visibility, and retailers need to partner up for the ride.
Communication across the supply chain is key
Collaboration throughout the supply chain is a growing concern, especially for global retailers who lean on their suppliers to ensure they can always be “on” and present for their end customer. This approach means creating a true partnership with suppliers instead of merely treating them as vendors—and collecting input from all parties about sourcing, purchasing, shipping, and time to develop.
Retailers no longer need to be convinced that they need to digitize their supply chains; now they should be focused on what their roadmap to supply chain visibility looks like. They must ask themselves and their technology partners how to take meaningful steps toward transformation, in order to reach across silos within the enterprise and across a multitude of trading partners around the globe.
Is your omni-channel strategy killing employee morale?
In this episode, we’re joined by David Hogg, Sr. Principal Consultant for Converged Commerce at Infor, to discuss retail’s evolution from multi-channel to omni-channel. And while customers enjoy omni-channel shopping experiences like BOPIS, AI-powered customer service, and ship-from-store, the role of the retail store associate is getting more and more complicated. To keep up, retailers need to equip those employees with software that makes their jobs easier and more efficient. David’s solution? Converged Commerce.
Another year has passed, and we can’t wait to show you what we’ve been working on since NRF 2018. This year at Retail’s Big Show, we’re excited to help you discover the power of the largest supply chain network on the planet, find out if you’re prepared for the omni-channel world in 2019, and simplify shopping for a machine learning solution. These are the top three (of many) reasons to stop by booth #3647 at NRF 2019:
See why Gartner named us a supply chain leader
Gartner Inc. has positioned Infor’s GT Nexus Commerce Network in the Leaders quadrant of the 2018 Magic Quadrant for Multienterprise Supply Chain Business Networks. Rod Johnson, executive vice president of Manufacturing and Supply Chain at Infor, said, “We believe our position as a Leader in this Gartner Magic Quadrant reflects our unique ability, with the Infor GT Nexus Commerce Network, to orchestrate multi-enterprise processes and flows and leverage the intelligence of 20 years of global supply chain data across industries.”
Did you know that omni-channel shoppers have a 30% higher lifetime value than single channel shoppers? Today, omni-channel capabilities are table stakes; the ability to connect directly with customers and create a seamless experience across every channel can truly make or break a company. This year at NRF, we’ll show you how Infor’s cloud-based Converged Commerce solution enables retailers to deliver unified, user-friendly customer experiences online, in-store, and everywhere in between, all on one modern platform, backed by the largest global supply chain network.
To keep up with e-commerce and big box giants, retailers need to make decisions faster and more accurately than ever before. Through advancements in artificial intelligence and machine learning, next-gen software is bringing unprecedented precision to the omni-channel supply chain with machine learning-powered retail demand forecasting and management solutions. But shopping for a machine learning solution often comes with insurmountable amounts of information, slick marketing campaigns, and celebrity endorsements that don’t really tell you what the technology actually does. Our Demand Management team can guide you through the process of choosing the right machine learning solution for your unique business, and explain in plain English how machine learning can help you align supply and demand in real time.
If you’ve ever used Facebook, watched an episode of Keeping up with the Kardashians, or played in a fantasy football league, you’re feeding data into the AI that determines what’s available in your local stores. In this episode, Doug Tiffan joins us to explore how Demand Management powered by machine learning affects retailers and consumers every day (whether they know it or not).
Convenience stores might lack the big-box buzz of larger retailers, but they have their own specific concerns to address as customer expectations continue to evolve. In this episode of Reinventing Retail, Infor’s Jordan Stasi joins us to discuss the future of convenience store retailers. From getting more customers into stores, to streamlining the shopping process, to hiring friendlier employees, we cover the many ways modern technology can improve the C-store customer experience.
Is brick-and-mortar retail really ready for seamless payment?
With the advent of “cashier-less” stores like Amazon Go, tomorrow’s retail shopping experience has the potential to transform in a big way—but are retailers ready? We discuss the benefits and pitfalls of adopting this exciting retail technology in its early stages. Listen now and learn more about the next generation of retail software here.
Tying physical mail to the digital retail ecosystem
In this episode, Matt Gunn chats with Tom Barbaro of PebblePost, the company that invented programmatic direct mail. As most retailers have gone digital in their marketing efforts, the mailbox has become relatively vacant, clearing the way for “digitally reactive mail”—allowing retailers to retarget customers at home and capture advanced analytics about buyer intent and conversion.