Columbia Business School



Columbia Class –Outline v 506.27.2018Omni Channel Retailing What does it mean? Ecommerce has been around since the early to mid 1990’s when web browsers and secure transactions were followed by the launch of Amazon and eBay helping to fuel the rapid growth in online shopping. Today if we asked students, practitioners, retailers, and consumers to define omni channel we would all come up with a different definition and expectation. Today brands are all talking about omni channel but very few are moving beyond a conversation to reality. The goal of the course is to expose students to real-world examples, strategies, and behind the scenes on how retailers are facing the challenge of taking an overused buzzword and translating it to a meaningful path to executing the right experience, at the right time, for the right customer. During the term we will focus on what defines omni-channel commerce through a series of in depth explorations. At the conclusion of the course students will have the ability to understand and develop a long rage transformational strategy comprised of key themes and initiatives needed for today’s retailers to exceed customers expectations.The first few sessions will look at today’s retailing landscape giving students a view through the lens of some of today’s up and coming modern and digitally native retailers as well as traditional retailers that have developed a winning strategy. Students will begin with key terminology, technical capabilities, and key success metrics and measurement strategies necessary to drive positive business outcomes. We explore the different components necessary for building and understanding the core framework and financial components required to successfully navigate todays direct to consumer P&L. This will include incorporating issues defining todays omni channel customer and points of measurement and revenue attribution and whether or not it remains relevant. After establishing our framework of the course the students will spend time understanding and defining the customer journey and its impact on ecommerce and the store experience. In this section students will go through audience alignment and journey mapping exercises to prepare them for establishing how to get products in the hands of their consumers quickly and on the customers terms. We will focus on technology and capabilities, road mapping, and how to define and model business priorities and ROI to deliver profitable growth. Finally, we will look at the role of AI, machine learning, and voice will have on the evolution of omni channel and retailing.In the final sections we will review concepts of digital marketing and how to apply them to an omni channel focus and strategy. We explore whether or not to dispel the notion that all tactics can (or should be) utilized in digital, the role of a brand and its relationship to mobile first consumers, and optimizing customer experience based on lifetime value. This section will include CRM across all channel, data hubs, approach to data architecture, and its role in helping or hindering a brands success in meeting the demands of the consumer. Students will explore the impact of amazon on customer expectations and pressure on brands to keep up. Students will review other potential influences on omni channel ranging from social responsibility, the in store experience, to the impact of returns. Finally, students will develop and present a project on developing a transformational approach to omni channel and how their strategy will accelerate the growth potential of their selected brand or push them towards regaining relevancy.Course Objectives:This course will enable students to: Define and understand what omni channel means for today’s retailers and the challenges they face in developing a winning strategyCreate business metrics that rationalize our model and translate those into measurable KPIs Ability to read, model, and optimize P&L and develop a rational financial approach supporting key themes and initiativesUnderstand and build a roadmap that drives impact based on people, process, and technologyUnderstand the challenges and develop a model for optimal marketing mix allocation, budgeting, and best practices across all channelsSegment consumers and audience to drive relevant channel and messaging strategy centered around lifetime value?Quickly and accurately understand audience and consumer behavior Understand core components of ecommerce/technology platforms that unlock the ability for growth transformationDevelop customer journeys and mapping to create an inspirational shopping experience across all channelsBecome acquainted with the next generation of tools and methodologies to drive experimentation and innovation in a digital and mobile first landscapeAbility to become marketer of the future in capabilities and knowledge that deliver best in class marketing and retail experienceDevelop strategy for todays in store experience How to maximize distribution channels that enable greater product speed to customers GradingThis course requires individual effort as well as teamwork and collaboration. In groups of three to four students, you will need to participate in a group project throughout the course, splitting up work and collaborating efficientlyClass Participation 20%AttendanceIndividual Work 40%Pre Work/SurveysGroup Project 30%Omni Channel TransformationPeer Reviews 10%Group ProjectUsing what you learn throughout the course each group will select a retail company with both an online presence and physical presence in New York City. Each group will be required to visit and evaluate the in store and online experience. Prior to conducting their evaluation each group will review and discuss with their Professor why they believe the selected brand is relevant and has the potential to become a leader or regain relevancy. Each group will identify three strategic scenarios by level of investment, effort, and capabilities that will pivot the brand more aggressively into an omni channel experience. Each group will make a 20 minute presentation consisting of no more than 10 slides. The project should include and highlight the brands current advantages and disadvantages, key initiatives across each scenario, and estimated growth potential for each scenario. Each group will turn in and share a one-page executive summary along with their presentation slides.Course Roadmap Week 1: Today’s landscape The customer is in control of today’s shopping experience and is channel agnostic - if they are even thinking in terms of channel. The reality is much of their experience with a brand is now driven by a mobile app/web experience. What is the role of a physical store in the customers’ expectations? Is my most dreaded word omni channel even still relevant? We will explore brands that are clear leaders, those that are store focused, ecommerce focused, and brands that a clear laggards in the space. In 2016 and 2017 much of the press focused on the demise of retail stores and brands. In 2018 we are seeing a re-emergence and many brands are talking transformation. We will conclude by setting the way forward and what leaders in the space are doing to capitalize in this new frontier.What does omni channel even mean? Customers are in controlA bit of perspectiveWhat sectors are leading the chargeWho is trying but still lagging Who is winning and what does success look like Are current organizational structures a barrier to success Guest Speaker: CEO TBDCase Study: Lululemon Athletica Case StudyWeek 2: Customer Experience and Customer JourneyMany brands focused their efforts on bringing their brand experience to life through digital. Other brands have focused on reimagining their store experience. To be successful in today’s direct to consumer world a brand most be successful in striking a balance and not losing the human element within the store experience. This all starts with an understanding of customer segments and developing a differentiated cross channel experience to meet their needs. Unlock the power of customer dataConsumer insight studies – what to ask, what you could learn, and how to take actionDefining the 360 Customer Experience and Customer JourneyIdentifying high value opportunities Eliminating frictionWill mobile Solve it allGuest Speaker:VP of RetailCase Study: The Mobile Shopping Revolution: Redefining the Consumer Decision ProcessWeek 3: Technology + Operations People, technology, and process represent the foundational components in developing a unified transformation strategy. Students must be able to develop a roadmap that establishes core elements, experimentation, and of course innovation. Students will learn how to balance their roadmap with the need for short/near term performance (retail is in the moment) with mid/long term strategy that establishes differentiation and relevancy. Consumers now demand real time access to information (store inventory) and leading brands must be able to have the technology and operations to own the end-to- end omni channel experience.Platforms and capabilities to drive commerce Speed to customer - Order Management systems and store fulfilment Development and operating model/operational excellenceAdvanced features and their economics or lack ofWhat about AI, machine learning, and voice recognition Guest Speaker:COO - TBDWeek 4: Digital Marketing and DataWhile data and digital marketing has been a staple for most brands, very few have moved beyond talking about omni channel capabilities and features (think pick up in store, magic mirrors, endless aisle), few brands have refocused their efforts on understanding how to reach digital first consumers and driving a interactions at all touch points. In this session students will learn how to leverage data and communicate in an omni channel environment.Customer Segments and AttributesMarketing DriversPaid media – its all about a balance between acquisition and retentionEmail – still the workhorse Cross channel campaigns – myth or reality. Attribution and influence Personalization and dynamic content/offersLoyalty and CRM – fake it? Integration?Data hubs and data architectureGuest Speaker:Tasso Argyros – CEO and Founder of Action IQCase Study: Gilt Groupe’s CEO on Building a Team of A PlayersWeek 5: Are there other considerations? After spending the first few sessions on establishing a foundation, students will shift their focus to exploring what other elements should be considered in a successful omni channel strategy. In this session we will explore the impact Amazon is having on influencing shopping behaviors and expectations. What about AmazonEntrepreneurial + Social responsibility Is it only about retail? Are the other successful verticals out there Returns and high operating costs – will this be the downfall of ecommerce and a benefit to stores?Do agencies help or hurtStore of the future - Hype vs reality – magic mirrors, showrooming, endless aisle, clientelingGuest Speaker:CEO and Founder from Naadam Cashmere – A new brand devoted to creating a sustainable cashmere ecosystem.?Case Study:TBDWeek 6: So what’s next? How do we bring it all together?In this session students will review all of the core elements in developing a viable omni channel strategy. Students will present their final project and discuss how their recommendation will:Increase revenue by evolving the customer experience across all channelsGrowing and reatining customer baseAllow customers to buy products when it meets their needs and on their terms Improve operational efficiency Determine what success look likes and how its measured and optimized – our work is never finished ................
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