a leader in this realm, makes specialist advisers available by phone, online, and in stores. Apple, 4 Johnny Evans, “Apple’s retail stores are going even more omni-channel,” Apple Must, October 21, 2020. A few retailers are now bypassing stores altogether with manufacturer-to-consumer (M2C) models.įurther blending channels, the “all on, anywhere” service model is permanently raising consumer expectations of zero differences in channels. Staff are now cross-trained to pick goods from the sales floor and “fast moving” zones for certain SKUs to get nearby customers what they want, when they want it. Target moved quickly and early to devote operations and space to e-commerce fulfillment, including curbside and in-store pickup, and has since evolved to ship-from-store in most locations. are transforming stores into supply chain nodes to serve customers both online and in the store. Some players, such as Target, 3 Emma Cosgrove, “Target cuts digital fulfillment cost per order 30% as same-day demand skyrockets,” Supply Chain Dive, August 19, 2020. To serve omnichannel customers better, winning retailers are reimagining channels and bridging the gap across supply chains, stores, web presence, and partners. We believe retailers will have to bend, reinvent, and innovate to meet customers where they are-and where they’re going. The margins for error in retailing are shrinking toward zero in five areas: shopping channels, customer assistance, delivery times, equity and sustainability, and talent (exhibit). To win their loyalty, retailers will need to keep raising their games. One thing is clear: shoppers aren’t just browsing-they’re taking sides. In case that to-do list doesn’t seem long enough, consider that one in three shoppers now expects same-day delivery-a share that will accelerate as fast-moving retail giants and nimble start-ups compete in the realm of customer experience. And with high employee turnover and the need to keep up with rapid changes in the marketplace, retailers must train new hires and longtime employees quickly, effectively, and at scale. Similarly, in-store staff need to recognize when customers need help-and when they don’t. As the shopper continues to change-and expects retailers to do the same-customer experience, store operations, and talent become more inextricably linked on the journey to keep pace with customer preferences.Ī great customer experience, in store and online, now requires end-to-end product availability and visibility, which in turn requires first-rate operations: talent in IT, logistics, procurement, fulfillment, and other functions.
The implications for retailers are profound.
2 McKinsey Inclusive Consumer Survey, October 2021. Among our survey respondents who agreed that companies should pledge to support Black-owned brands, more than 40 percent intentionally buy from Black-owned brands and are bigger spenders overall, doling out an average of 30 percent more on holiday shopping.
As one 20-something shopper told us, “I don’t spend money in places I don’t believe in.” According to our survey of 999 American consumers in 2021, 45 percent of all consumers and more than half of Gen Z, millennial, and Black consumers believe companies should support Black-owned businesses. However, consumers today are likely to be looking for more than convenience and cross-channel connectivity. Hear two of the authors discuss the “five zeros” in greater detail on this related McKinsey on Consumer and Retail podcast episode.
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