Canadian Retailer - Holiday 2013 - 41

Terry Beauchamp: "With just one store, we don't have the same
inventory needs or a requirement for big data. I don't have a
marketing department, but we still need to stay current with
respect to fashion trends, and keep abreast of the needs of our
customers. Our strength is personalizing our customer relationships, and that's how we leverage the data available to us.
We have a birthday program that keeps track of our customers' birthdays, and at the end of the year we send our clients a
Walter Beauchamp dividend."
Charles Brown: "Big data lets big retailers be more customerfocused and agile. We're using it to drive sales and select product.
I can tell you what we will sell next week based on data we see in
searches today. Then I can ask if our physical stores have inventory
in stock. Sometimes we adjust and stock up in certain markets. We
have opened up new categories that I wouldn't have thought we
were a 'source' for. For example: hunting cameras. If people think
The Source should sell hunting cameras then we should sell it. We
have data now that shows the percentage of people looking for X,
and that is hugely beneficial information. Conversely, when people
quit the shopping process and we see it's always on a particular
product, we can then ask 'What's going on here, what's wrong?'."

Chris Hodgson: "Digital gives rich data. We can
now test and learn from the insights in that data.
We find when we talk to clients we see a lot of
guessing. They say, 'I think this will work, so I'll
try it out.' In reality in 2013, you should throw
out the guesswork and let the customer decide if
something is working or not. Use the data and insights to listen more to the customer. But are organizations set up to respond quickly enough to
big data? Success depends on it. Google knows
trends before they happen, but if your business
isn't set up internally to respond to those trends,
then it won't work to your advantage. We need to
rebalance and re-shift our focus in retail, to move
as fast as the customer and respond quickly to
insights from the data."

Doug Campbell: "For big data to be beneficial for us, we have
to be hypothesis driven because there is so much information
to muddle through. When I was in the military, we use to say,
'There is data, and there is information'. Analyzing data starts
with making a hypothesis. Once the hypothesis is determined,
we can then delve into the data to determine where we were
right, and where we were wrong. You have to begin with the right
questions, in order to get the right output. You need one metric to
measure, not just read report after report, without premise. And if
you don't whittle it down to a manageable size, you run the risk of
getting lost in all that data."
David Margolis: "One of the most important metrics in bricks
and mortar is the big data pyramid. So what is on top? What is
the next layer under that? It's the analysis behind all that information and how to make sense of what it all means."
IMPROVING ON SUCCESSES

Willy Kruh: Our roundtable panel this year touched on numerous issues from omnichannel, to social media and the importance of big data-all topics relevant to the theme of innovation,
technology and the critical importance of being agile in today's
dynamic retail environment. The benefits of technology are
plentiful. Technology allows us to be more productive, creative,
and it encourages us to learn new things quickly. In a sense,
technology has created a platform for innovation, and being
innovative is about constantly striving to be better. You have to
ask, 'How can we do this better? Why are we not ahead on this?
What is the next wave of opportunity?' However, our roundtable particpants agree, that technological innovations coupled
with speed, are equally critical to success. You must be nimble

to thrive. Lastly, after reflecting on the insightful
comments shared at this year's roundtable, one
common thread was unmistakable throughout the
discussion and has been since the advent of retail-
the importance of the consumer. You may think you
know which direction your business strategy should
go, but unless you are in touch with your customers,
your model will diverge from reality. Regardless of
how 'cutting edge' your technological innovations
are, and how much we have evolved in retail, there
is one constant that remains imperative to success-your consumer. Ultimately, the true value in
what you produce in retail isn't the product alone,
but the value it brings to your consumer.

www.retailcouncil.org/cdnretailer | holiday 2013 | canadian retailer |

http://www.retailcouncil.org/cdnretailer

Canadian Retailer - Holiday 2013

Table of Contents for the Digital Edition of Canadian Retailer - Holiday 2013