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JANUARY / FEBRUARY 2018 The New Age Of Loss Prevention p. 14 ROSAMARIA SOSTILIO VP, Loss Prevention Barnes & Noble Technology 18 Blockchain 26 AI 40 Top Tech Investments 24 How Facial Recognition The Prospects For Blockchain 5 Tips For Incorporating Robotics 28 Will Change Retail Adoption In Retail AI Into The Business Crisis Management 34 Building An Authentic CX 38 Beat the Competition by Delivering a Remarkable Customer Experience OmniLink® TM-T88VI Epson POS Printers empower endless possibilities – now and in the future. The fl exibility and versatility of the TM-T88VI enable you to deliver an exceptional experience for your customers. Connect simultaneously to traditional PC-POS and mobile POS systems. Leverage Epson’s beacon1 support for distributed proximity-based printing, and OmniLink Merchant Services for access to best-of-breed cloud applications, including third party loyalty apps. Plus, triple interface support and NFC2 support for easy Bluetooth pairing. All with the performance, reliability and effi ciency you’d expect from the industry leader. epson.com/newPOS Another Innovation from Epson Business Solutions EPSON is a registered trademark and EPSON Exceed Your Vision is a registered logomark of Seiko Epson Corporation. OmniLink is a registered trademark of Epson America, Inc. Copyright 2017 Epson America Inc. 1. Requires the use of a beacon dongle connected to TM-T88VI printer via the USB-A port. Supports only Apple® iBeacon™ compliant format. The Epson-approved dongle is Laird model BT820. 2. NFC tag requires use of a device that includes NFC reader, and may require additional software. Contents Welcome to Retail Executive JANUARY / FEBRUARY 2018 VOL. 22 NO. 1 Follow Us: @RetailMag linkedin.com/company/RetailExecutiveMagazine www.RetailExecutive.com 5 Columns: Insights: Contributor Bios TECHNOLOGY 6 26 The Prospects For Blockchain Viewpoint Adoption In Retail 8 10 12 Editorial Advisory Board/ By The The List INNOVATION Ask The Board Numbers 28 Retail Robots: The Next Frontier INNOVATION 30 Data In Omni-Channel Retailing Is About Art, Cover Story: Not Science BARNES & NOBLE 14 OPERATIONS 32 Why Self-Actualization LP industry luminary Rosamaria Sostilio, Is The Future Of Retail VP LP at Barnes & Noble, explains why loss prevention has changed drastically over the OPERATIONS years and what retail executives need to do 34 Do You Know Your now to protect their assets. Cyberattack Response Plan? CUSTOMER ENGAGEMENT 36 The Fullfillment Center 18 24 Next Door The Future Is Retail Technology: Where Facial Recognition Are Investments Going? CUSTOMER ENGAGEMENT Once privacy and security concerns Omni-channel and personalization 38 Building Authentic, and kinks in the technology are are driving new investments both Long-Term Customer overcome, facial in the store and the Relationships recognition tech- supply chain. nology will DEEP DIVE change retail, 40 5 Recommendations according For Incorporating AI Into The Business to Kesha Williams of Chick-fil-A. LEADERSHIP LESSONS 42 Two Habits Your Customers Want You to Give Up RETAIL EXECUTIVE (ISSN: 2380-8071) Vol. 22, No. 1. This magazine is published six times per year (with issues of January/February, March/April, May/June, July/August, September/October, and November/December by Jameson Publishing, Inc. at Knowledge Park, 5340 Fryling Road, Suite 300, Erie, PA 16510-4672. Phone (814) 897-9000, Fax (814) 899-5587. Periodical postage paid at Erie, PA 16510-4672 and additional entry offices. Copyright 2017 by Peterson Partnership. All rights reserved. Printed in the USA. SUBSCRIPTION RATES For qualified readers in the U.S. and Canada: $0. For nonqualified readers in the U.S. and all other countries: $197 for one year. POSTMASTER: Send address corrections (Form 3579) to Retail Executive, Knowledge Park, 5340 Fryling Road, Suite 300, Erie, PA 16510-4672. 4 JANUARY/FEBRUARY 2018 RETAILEXECUTIVE.COM Contributors JANUARY / FEBRUARY 2018 STEVEN KEITH PLATT VOL. 22 NO. 1 DIRECTOR AND RESEARCH FELLOW, PLATT RETAIL INSTITUTE, AND RESEARCH DIRECTOR, RETAIL EXECUTIVE RETAIL ANALYTICS COUNCIL, NORTHWESTERN UNIVERSITY 5340 Fryling Rd., Suite 300 Erie, PA 16510-4672 Telephone: 814 897 9000 Fax: 814 899 5587 Retail Robots: The Next Frontier................ p . 28 WWW.RETAILEXECUTIVE.COM EDITOR IN CHIEF Erin Harris / Ext. 303 [email protected] DEBORAH WEINSWIG CEO Jon Howland / Ext. 203 MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY [email protected] The Prospects For Blockchain Adoption In Retail .. p. 26 PUBLISHER Tim Ulrich / Ext. 245 [email protected] MANAGING EDITOR Angel Clark / Ext. 285 [email protected] DIGITAL EDITORIAL DIRECTOR ROBERT HETU John Oncea / Ext. 344 [email protected] RETAIL RESEARCH DIRECTOR, GARTNER ART DIRECTOR 5 Recommendations For Incorporating Anna Cooney / Ext. 258 [email protected] AI Into The Business ......................... p . 40 AUDIENCE DEVELOPMENT Melinda Reed-Fadden / Ext. 208 [email protected] REPRINTS, ePRINTS, NXTprints The YGS Group 717-730-2268 RICK OLSON [email protected] www.theYGSgroup.com RETAIL CONSULTANT MANAGE SUBSCRIPTIONS Do You Know Your Cyberattack Response Plan?... p . 34 Subscription/Address Correction/Cancel www.RetailExecutive.com 814-897-9000 [email protected] (Reference 16 digit # on mailing label, title of publication, your name, and ZIP code) RETAILEXECUTIVE.COM JANUARY/FEBRUARY 2018 5 viewpoint REX @ErinOnRetail linkedin.com/in/ErinHarris The Rise Of By E. Harris Experiential Retailing tion, free live music, sample stations, and in Wegmans’ case — a staffed, secure, on-site childcare area. And, oh yeah, groceries. Both offer Instacart delivery. High price gripes aside (in Whole Foods’ case), given their wide age range of customers, these companies have managed to turn the otherwise arduous chore of grocery shopping into an experience that offers something for everyone. THE RISE OF EXPERIENTIAL RETAILING STORY in New York City’s Meatpacking District is another example of audience-driven experiential re- tailing. We’ve covered STORY over the years and its commitment to completely reinventing itself from the design to the merchandise with the goal of bringing to ERIN HARRIS Editor in Chief light a new theme, trend, or issue. Indeed, founder Ra- chel Shechtman is committed to experiential retailing, as she hosts events, including yoga classes and health- n an effort to make omni-channel retailing care panels, along with a rotation of events that raise more appealing to customers, many retailers brand awareness for their sponsors. I have taken to experiential retailing — revamp- ing the in-store experience to keep the customer DON’T BE THAT RETAILER happy and loyal, which, in turn, improves sales. In our Knowing your target customer is based on data. Per last issue of Retail Executive, I talked about the why be- capita income, population density, education levels, hind the need to focus on the customer experience in ethnic concentrations, analysis of foot traffic, etc. will 2018. Here’s the how. help you best serve up the unique in-store experiences your customers want. Analyzing this information will KNOW YOUR AUDIENCE help you improve how you interact with customers. Simply offering free food and wine samples or cray- Your target demographic will tell you everything you ons and coloring books to the kids doesn’t equal true need to know about the experiential retailing concepts experiential retailing that leaves customers wanting to offer in your stores. Experiential retailing is about more. These things are fine, but to make it in the brave quality, not quantity, as it should offer not only a pleas- new world of experiential retailing there needs to be ant shopping experience that appeals to all five senses a well-constructed organizational effort that marries but also practical, hands-on opportunities for custom- personalization with elements uniquely associated ers to interact with products. Neck and neck for class with the brand — and, more importantly, different from valedictorian in experiential retailing are Nordstrom, those of the competition. Starbucks, and Apple. But other retailers have been de- Getting caught in the trap of doing and offering “cool livering on experience long before experiential retailing stuff” for the customer isn’t true experiential retailing, became a buzzword. REI, for example, offers classes to and it’s likely not going to boost profits. Experiential test out products, such as kayaks. L.L.Bean’s associates retailing is a philosophy — and mindset — that differen- offer to teach customers how to properly strap large out- tiates your brand, and, done well, can improve the way door equipment to the roof of the car for safe traveling. customers interact with your brand for the long haul. R From a grocery perspective, Wegmans and Whole Foods are examples of experiential retailing done well. At many locations, both companies offer a coffee bar, an eat-in pub, various and spacious seating areas to eat what you’ve purchased from the prepared foods sec- 6 JANUARY/FEBRUARY 2018 RETAILEXECUTIVE.COM ASK THE BOARD REX Neiman Marcus’ “digital first” strategy is all over the news. Please explain what it is and Q how it will improve the business. A OUR DIGITAL FIRST STRATEGY is focused on leveraging the latest EAB in software and technology to deepen and enhance engagement with our online customers. Along those lines, we are testing unique programs and exclusive online services.
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