Macy's recently released their 2012 Annual Report. What's most exciting is *not* the double digit Earnings Per Share (EPS) growth that we've now come to expect from them; nor is it the exceptional performance in same store sales, up 3.7% vs. the 3.5% expectation. It's not the 10% increase in operating income; nor is it the increase in online sales of 41% (although this is quite exceptional!) What's most exciting to me, is how committed Macy's is to the notion of building an "omnichannel culture."For starters, they just announced the appointment of their first ever (and perhaps the industry's first ever) Chief Omnichannel Officer (COO), Robert B. Harrison.
Their 2012 Annual Report is titled "Connecting with every customer." The image on the cover: three silhouetted ladies, one holding the iconic Macy's shopping bag, another with an iPad in had. And that's just the cover.
The first written page begins with "Macy's, Inc. is one of the nation's premier omnichannel retailers..." Then, each of the two subsequent opening paragraphs uses the word again. The report goes on to mention "omnichannel" 27 more times! (30 in total) I'm still not including countless mentions of 'integrated store and website experiences', without use of that word.
I can't even call it a magic word since MAGIC stands for something too, at Macy's: "Meet and make a connection... Ask questions and listen... Give options, give advice... Inspire to buy... and Celebrate the purchase". Both MAGIC and omnichannel are clear efforts to shift the focus to customers and their expectations. Omnichannel is no longer just a buzz word. It's a customer-centric philosophy -- and make no mistake, the term will stick.
In their Fact Book, Macy's also mentions the importance of technology, in supporting their omnichannel efforts.
As a result of this renewed focus on customer experience, I'm willing to bet that those boring measures -- EPS, revenue, op income and online sales, will be fuelling more curiosity. Who ever knew that great customer experience was key to getting customers to open their wallets?
Welcome back customer service, tech-style.
1 comment:
Omnichannel is no longer just a buzz word yet it was used 30 times in a report? Ummm... that sounds like a buzz word to me.
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