Study: Retailers not optimizing customer data for omnichannel success
- Only 9% of retailers studied are effectively leveraging their vast amounts of customer data in a structured way as part of their merchandise buying and planning processes. 87.2% of retailers in the study plan to focus on more effectively using customer data to grow sales, but only 65.4% are actually in the very early stages of such efforts;
- Retailers aren’t operationally structured for omnichannel. Most retailers (87.2%) surveyed said they have taken initial steps toward or are planning to initiate an organizational change to better integrate processes across all purchase channels. But for 88.2% of retailers surveyed, e-commerce operations and marketing largely remain separate silos;
- Inventory isn’t being fulfilled effectively. 84.5% of retailers surveyed (across all sectors) said they are focused now or over the next 12 months on enabling new fulfillment options to avoid the lost sale. However, only 10% of retailers surveyed have the capabilities to effectively fulfill from store, which is a way for them to contain fulfillment and return costs, as well as avoid some markdowns; and
- Retailers have not found the right balance between online exclusives and product available in all their channels. Less than half (42.5%) of the retailers surveyed said they had or were exploring “online exclusives” beyond color and size extensions to new categories and brands, while 66.2% of retailers are primarily focused on size and color extensions to address the realities of constrained brick and mortar space and slow inventory productivity.
Coty’s CEO resigns
NEW YORK — Coty announced on Monday that CEO Michele Scannavini has stepped down from his role at the company and resigned from Coty's board for personal reasons.
Coty's chairman, Bart Becht, will become interim CEO, working with Coty's executive committee to ensure a smooth transition and oversee major decisions at the company. The company plans to immediately begin its search for Scannavini's permanent successor. Becht will remain as chairman of the company once a permanent successor has been appointed.
"I want to thank Michele for his many contributions during his career at Coty," stated Becht. "Michele has been a material part and key contributor to Coty's success over the past decade. We would like to thank him in particular for taking Coty public through a listing on the New York Stock Exchange and developing a clear strategy for Coty's future. We will miss Michele's professionalism and humanity; we wish him the very best as he moves on to the next phase of his career."
Becht joined the Coty board as chairman in 2011. From 1999 to 2011, he served as CEO of Reckitt Benckiser, a consumer goods company in the field of household cleaning and health and personal care. Becht also held a variety of marketing, sales and finance positions at Procter & Gamble.
Becht added, "Coty is a great company and leader in the global beauty industry thanks to its extraordinary group of talented employees and strong portfolio of category-leading brands. It is also a company that is well positioned to extend its leadership in the beauty industry in a way that drives shareholder value over the long term. To achieve both, the board intends to put in place a permanent CEO who will further accelerate Coty's progress towards its stated strategic priorities of growing Coty's power brands across the globe and implementing its global efficiency plans. We believe both a clear focus on and execution of these priorities should help drive both profitable growth and shareholder value. "
"I feel honored to have led Coty through an important chapter of its history and proud to have contributed to the success of the company over the last 12 years," stated Scannavini. "It has been an extremely rewarding adventure, developing great brands and leading a group of exceptionally talented and passionate people. I wish Coty and my long-time colleagues the brightest future and many more years of success."