The Covid-10 pandemic forced retailers to progress “years in months”, with omnichannel and quick commerce becoming central to business models faster than most had anticipated.
Recent data confirmed that there is no turning back from the seismic change we have witnessed, with 30 per cent of total sales in the UK in November taking place online, and “click and collect” expected to represent 13.9 per cent of online sales this year.
Similarly, in Germany, online sales during the 2021 Christmas trading period were expected to hit €23 billion ($26bn), a 31 per cent yearly increase. Across Western Europe, there are also now about 30 companies currently competing in the “quick commerce” market for groceries, many of which were established within the last year to meet consumer demand.
Retailers seeking to stay relevant in this fast-moving environment must act now to ramp up their digital strategies for 2022 and beyond considering these priorities: they must innovate using digital tools across the business and they must find the right balance between organic investment and partnerships to speed up transformation. It is important also to leverage first-party data to personalise the shopping experience.
Creating more — and better — data to support assortment, supply chain and pricing decisions is essential, as is exploring new revenue streams, such as retail media, which simply means advertisements placed on a retailer’s website or app by a brand.
However, when it comes to digital transformation, it is critical for decision makers to separate the hype from reality that will deliver a return on investment. For example, a global survey of 3,000 executives by the Massachusetts Institute of Technology in 2020 revealed that only 10 per cent of companies using artificial intelligence reported benefits.
One reason behind this trend is that few companies are actually configuring their organisations to use AI or other cutting-edge technology.
To achieve effective execution of their digital plans and unlock value, companies must commit to new business processes, as well as organisational and cultural changes.
Training is key in making the interaction between humans and technology more effective. These are necessary steps to move from a successful proof-of-concept to an initiative that can deliver ROI.
Another important consideration for retailers is to turn to “new economy” partners to cover specific capability gaps. It can help advance companies’ digital strategy in a quicker and more cost-effective manner. However, this should be defined carefully by each business according to the specific stage of its digital transformation and strategic goals.
The UK’s second-biggest supermarket chain Sainsbury's has partnered with food delivery platform Deliveroo to offer rapid delivery from local stores. French supermarket group Casino is leading a similar initiative with the German delivery company Gorillas, promising instant delivery of Monoprix and Franprix products ordered through the app. Casino has also bought a stake in the German start-up to expand the collaboration.
Traditional retailers are also harnessing big data through partnerships to unlock insights and personalise the customer experience, maximising as well as opening new revenue streams.
In September, Casino and another French grocer Intermarche created a joint venture to bring their innovative data services offering to food manufacturers. Another French retail major Carrefour recently set up a platform to provide brands with customer insights based on data collected from the group’s 80 million clients around the world.
Big British retailers, including Boots and Tesco, are also looking to capture brands’ advertising money through the recent launch of their own media networks.
As retailers continue to capitalise on the wealth of data drawn from customers, monetising media estates — from physical shelves to mobile phones and computers — is the next step for them in strengthening their role as digital ecosystems.
As with retail media, it has the potential not only to boost a company’s core business but also to create new revenue streams that will support the profitability of the overall group.
With huge amounts of data and cheaper-than-ever storage, analytics, AI and intelligent automation are the cornerstones of the intelligent enterprise. In retail, decision-making powered by data can revolutionise all areas within the business, from buying and assortment to pricing and supply chain management.
Big data analytics can suggest more relevant assortments to specific stores — tailoring merchandise to the preferences of a wealthier district or a less affluent one.
Data can also help retailers to move away from mass promotions by offering the right level of discount to the customer at a certain time of their buying journey, based on historical data, seasonal trends and patterns of online behaviour.
Crucially, smarter, crisper data also helps to reduce the effects of immediate issues facing the industry such as supply chain disruptions and labour shortages.
AI algorithms and advanced analytics being used in supply chain management are effectively streamlining processes and reducing costs, with an effect on both customer satisfaction and the company’s bottom lines.
Critical to mastering a digital effort — be it a project or an enterprise-wide transformation — is to put the customer at the centre and the business at the helm, and move away from prototype and hyped solutions.
Focusing on operational processes and training is what will help retailers to accelerate their digital journey and quickly reap the rewards of their investments.
Jean Laurent Poitou is a managing director with Alvarez & Marsal in Paris
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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Why seagrass matters
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
SPEC SHEET
Display: 10.9" Liquid Retina IPS, 2360 x 1640, 264ppi, wide colour, True Tone, Apple Pencil support
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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