More than just green.
KPMG’s retail industry webinar explores how leading online marketplace retailer, The Bay, is making their businesses more sustainable so they can thrive in the new environment.
As retail markets swing from the disruption of the pandemic to the uncertainty of economic turmoil, retailers know they need to adapt with agility. Sustainability and resilience are at the top of the agenda. But what does that mean for retailers and how do they achieve it?
KPMG’s Global Restructuring Services retail webinar dig into the core challenges facing retailers today and explore what might lie ahead for the retail sector. Featuring special guest Iain Nairn, President and CEO of The Bay – one of the world’s most iconic online retail marketplaces – this webinar explores how retailers are adapting to make their organizations more sustainable. It’s about more than just being green… sustainability also means adapting to customer demand, developing new business models and building long-term customer relationships.
- Give momentum to ESG. The Hudson’s Bay Company, The Bay’s parent company has a 350-year history in North America and therefore is highly focused on equity and inclusion, particularly within the indigenous community. However, rather than being directive about their support, they have set up an organization whose purpose is to work with stakeholders to uncover new ideas and then create models around them to support them. When people are passionate about the ideas, they create a self-propelling flywheel that maintains their momentum.
- Activate a sustainable business model. Traditional retail business models are becoming outdated. The Bay knows where they want to play – and that is as a top lifestyle platform. They have transformed their relationships with brands and vendors, allowing The Bay to be more flexible in how they bring products to customers. Their model has let them grow their total addressable market six-fold. And it allows them to jump on trends quickly, often being able to onboard a new vendor in just a matter of days.
- Build long-term customer relationships. Customers are in the driver’s seat. And they switch between channels at their convenience. The Bay wants their customer relationships to be inspirational, personalized and one-to-one. So they are focused on bringing their data together across systems to achieve one source of the truth, and then democratizing that truth out to every part of the organization. That has allowed them to better understand different customer triggers across their lifecycle and build long-term relationships.
- Meet the customer where they want to be. COVID didn’t kill the bricks and mortar store. But it did change its role in the retail business model. For The Bay, it’s all about allowing customers to access products in whatever way suits them and then fulfilling that purchase in whatever way is most convenient for the customer. Items that do well on The Bay’s Marketplace may wind up in physical Bay stores. And stores act as fulfilment centers, distribution centers and return depots for online purchases.
- Always stay ahead. Consumer behavior has changed. And The Bay uses data to not only understand how it has changed, but also how they can influence that change in the future. They have more than 7 million active customers and host 350 million visits per year. They use their data to build deep insights into local trends, allowing them to rapidly shift categories in stores, adapt offers online, and deliver unique and personalized experiences.
Courtesy KMPG. Article and webinar available here