In celebration of the fact that my Forrester Boss, Patti Freeman Evans, was over this week in London, we thought we’d go on a multichannel retail shopping tour of London to see just how well some major UK retailers are integrating their on- and offline channels and enticing their shoppers into engaging with them online.
The answer is sadly, not very well at all.
Hitting Oxford Street on a sunny Friday at lunch time, we performed an eyes-on tour of a rough cross-section of some of the better-known UK brands. We went looking for exciting new uses of technology disrupting the in-store environment. Examples of beautifully integrated online/offline/mobile channels placing the customer at the heart of the brand experience. Innovative applications of technology that seamlessly blended the digital and physical brands, enticing shoppers into engaging with these premier retailers both now, and later when they got home. Or even, how excitingly, via their mobile phones.
So while a hungry band of devotees of the fruit-flavored tech-god gathered outside the Apple Store, not realizing that just round the corner they could get their paws on a new iPad 2, sans queue, we started our shopping trip.
Flippancy aside, we were looking specifically for how well multichannel retailers are integrating physical and digital channels.
Many of today’s financial services websites seem increasingly outdated. Why? More and more people are using the web as their primary banking channel and firms like Amazon, Apple, and Google are raising the bar on what customers — especially the younger generation — expect from their banks.
Despite the fact that the online channel is more than a decade old, most retail financial services companies have yet to make full use of its potential. Many banks still don’t make it easy for customers to achieve their goals online, they struggle to provide compelling cross-channel experiences, fail to tailor content and functionality to individual needs, and don’t enable customers sufficiently to take action by themselves.
We believe that a new generation of digital financial services is required — one that provides a fundamentally improved digital experience. To be successful, these next-generation digital financial services should be SUPER — simple, ubiquitous, personal, empowering, and reassuring.
This framework presents Forrester's vision of the of future of digital financial services and describes the technologies, processes, and organizational aspects that will enable it. It also provides examples of leading financial services firms that provide next-generation experiences today.
A key enabler of the Next-Generation is Agile Commerce which means optimizing people, processes, and technology to serve today's empowered, ever-connected customers across a rapidly evolving set of customer touchpoints.
I recently had the chance to catch up with Jodi Watson, VP, Global eCommerce & Consumer Insights at Wolverine World Wide to understand what impact the transition to agile commerce is having on her role, her organization, and Wolverine World Wide’s business.
Since 1883, Wolverine World Wide has been a global manufacturer and retailer of footwear and apparel brands, operating in more than 190 countries around the world to bring to life brands such as: Bates, CAT Footwear, Chaco, Cushe, Harley-Davidson Footwear, Hush Puppies, Merrell, Sebago, Patagonia Footwear, and Wolverine. Jodi is an experienced direct-to-consumer leader with more than 15 years in eCommerce, catalog, and retail at a wide range of firms prior to Wolverine World Wide.
Forrester: Jodi, thanks for taking some time out to talk to us about agile commerce. We have been talking to clients about the evolution of their business from channels to touchpoints that span mobile devices, social networks, advertising, marketing, traditional channels, and various places online. How are you looking at this and what does it mean for your business?
Multichannel commerce no longer makes sense. As consumers are increasingly connected through a wide array of Internet-connected devices, the traditional multichannel commerce experience is becoming obsolete. Customers no longer interact with companies from a “channel” perspective; instead, they interact through touchpoints. These touchpoints include channels such as stores, branches, call centers, and websites, but also emerging interactions such as apps, social media, mobile sites, SMS messages, and interactive advertising -- across a wide range of devices such as smartphones, tablets, Internet TVs, cars, and even appliances.
As a result, it is time for organizations to leave their channel-oriented ways behind and enter the era of agile commerce —optimizing their people, processes, and technology to serve today’s empowered, ever-connected customers across this rapidly evolving set of customer touchpoints. This is agile commerce.