Digital Strategy a Strong Foundation for Myer

Myer presumes that data and digital strategy will reverse the results it obtained in the first half of 2015 and will help the growth of business.

Though the overall net profit is low, the company experienced a strong growth in online sales as a result of its digital initiatives like functionality and stability of its website. Hence, Myer is planning improvements to fulfillment processes, and increased customer engagement, particularly in store via iPads, which increased the uptake of its click-and-collect offering.

The digitization is changing the shopping patterns of the customers; hence it has become essential for Myer to focus on customer needs through Digital Strategy.

The existing strategy represents a solid retail fundamentals and the current digital strategy focuses on omni-channel, by reinventing the in-store experience, overhauling the range, and by differentiating through innovation.

Myer is planning to implement this new digital strategy with an intention to bring the love of shopping to life will be guided by a clear vision and a plan to win back market share, to respond faster to change, and deliver a sustainable recovery in earnings.

The company is planning to use the data to help accelerate the company's digital-focused omni-channel strategy instead of its existing Myer One program. It also plans to roll out a number of new sales-driven initiatives across its physical stores and online, particularly in the fourth quarter of 2015.

Other benefits of the new strategy is to implement customer-driven decision making, where all decisions will be guided using a targeted approach to current and future customers; increasing merchandise assortment and in-store services; and maximising productivity from all assets to increase returns.

Source: https://www.zdnet.com/article/customer-data-digital-strategy-to-underpin-myers-future-growth/

P.S.Mahesh,

Digital Transformation Consultant  I  Digital Strategy I

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