More on Experience Lifecycle Management
Research shows that Gen Z shoppers want immersive experiences combining digital with in-store. Join Rick Chavie, CEO, Enterworks, and Deborah Weinswig, CEO and founder, Coresight Research to learn how embracing ELM drives growth while incorporating augmented reality and AI for the most compelling experiential moments.
Don’t miss “Gen Z and the experience economy: Experience Lifecycle Management (ELM) for growth” on January 13, 2020, at the NRF Big Show.
Digital supply chain, digital customer experience, product experience, and real-time marketing capabilities are reframing commerce management for the digital age. This reframing is highly relevant in the apparel industry, given frequent changes in consumer preferences (often driven by social media) and the resulting diversity of channel outlets that must be served by demand-driven networks that are more robust than legacy supply chains.
Each of these digitally-powered capabilities, however advanced, only address a slice of the challenges facing companies small and large embarking on digital commerce transformations. A few years ago, it seemed that “omnichannel commerce” might emerge from e-commerce vendors as the holistic enterprise approach to delivering cross-channel, B2B2C capable commerce transformation. But the e-commerce software companies were ill-equipped to handle business operations outside the digital channel as they focused their R&D in pursuit of the digital consumer and the allure of the digital marketing venues that serve them.
Unfortunately, P&L-focused executives, such as merchants in apparel retail along with category managers for apparel brands, have been sidelined in the tech gold rush, as marketers garner increasing shares of tech investments that drive revenue lift through such strategies as “next best digital offer,” “dwell times in hovering over products images,” and “abandoned cart retargeting.” These investments, along with advances in AI and machine learning, take personalization to entirely new levels as learnings across large customer sets provide very rich insights into online consumer buying patterns. However, traditional P&L owners must still concern themselves with the hard business of sourcing, physical supply chains and outlets, inventory levels across multiple echelons, and online and offline assortment management.