Q&A: David Turner, senior director at Oracle NetSuite and 2019 Omnichannel Futures sponsor
NetSuite created the world’s first cloud-based business system, designed for retailers and other organisations of any size
WHAT DOES YOUR COMPANY DO?
NetSuite created the world’s first cloud-based business system, designed for retailers and other organisations of any size. It can run your business from back office right through to warehousing, distribution and omnichannel ecommerce.
WHAT’S SPECIAL ABOUT THE PLATFORM AND YOUR APPROACH?
NetSuite’s unified platform gives retailers a single source of truth for financial, customer and product data, eliminating the chaos of integrating multiple, departmental applications. And, because it’s built in the cloud from the ground up, it scales with your business and ensures that you’re always on the latest version of the software.
HOW DOES A PRODUCT/SERVICE IMPLEMENTATION ACTUALLY LOOK LIKE AND HOW DO YOU MEASURE SUCCESS?
We have a unique ability to implement fast and deliver leading practices at the same time. We measure our success by our customers’ success – the elimination of costly IT infrastructure and contract staff, automation of cumbersome, manual tasks, increased visibility into the business and the agility to scale and exploit new opportunities rapidly.
HOW ARE RETAILERS USING YOUR SYSTEMS TO GAIN COMPETITIVE ADVANTAGE AND WHAT DOES BEST PRACTICE LOOK LIKE?
NetSuite customers like Pret A Manger, Charlotte Tilbury and Vivobarefoot are taking advantage of NetSuite’s agility, scalability and global capabilities to quickly open new stores and expand internationally to gain market share. Ecommerce vendors like Gymshark and Buster + Punch are expanding at speed and managing international sales from a UK base, keeping back office costs low. Additionally, NetSuite’s SuiteCommerce solution, gives retailers a single platform for both B2B and B2C eCommerce, unified with order and inventory data to deliver a true omnichannel experience. Best practice for retailers is around rigorous automation of processes, gaining realtime visibility of stock and delivering consistent customer experience globally via omnichannel delivery.
WHAT ADVANTAGE DOES IT ADD?
Beyond the rapid growth NetSuite enables, its omnichannel capabilities ensure that retailers can meet the demands of the modern consumer and deliver unique, personalised and compelling mobile, web and in-store experiences that differentiate your brand and exceed customer expectations.
WHAT ARE THE MAIN CHALLENGES FACING RETAILERS IN 2018?
Clearly ecommerce is the largest challenge and opportunity for UK retailers. Those who aren’t already embracing the changing buying habits and methods of connecting with consumers are paying the penalty. Consumers want the ease of buying in their own time via multiple channels and devices. Key trends we expect throughout 2018 are going to be reimagining of stores, having digital services & selling online in-store. Artificial Intelligence will become more prominent to analyse and predict customers’ requirements and trends.
HOW WILL YOU ADDRESS THESE CHALLENGES AND TURN THEM INTO SUCCESSES?
NetSuite has full omnichannel capability to support our customers in all routes to market. NetSuite’s 360 degree, real-time visibility of what is happening within an organisation assists retailers to react straight away to spikes and downturns that happen with product lines and respond accordingly.
WHAT IS ON THE HORIZON FOR YOU AS A COMPANY?
NetSuite’s acquisition by Oracle has led to massive ongoing investment in product development, the latest of which will feature Artificial Intelligence and Machine Learning from within the system, while continuing our expansion globally.
ANY FINAL THOUGHTS?
While the retail market is very challenging right now, the success of ecommerce vendors and retailers who have embraced international expansion shows that there is also great opportunity today. Retailers need to focus on getting modern, integrated systems, automating processes and designing the right customer experience to be fit for international expansion and ensure they can respond and grow rapidly without increasing their back office costs at the same rate.
