According to a news article in Adweek, Neiman Marcus is preparing to emerge from bankruptcy through a reorganization plan that will provide time and resources to complete its ongoing digital transformation strategy. Central to the strategy is a new digital marketing campaign called "Neiman's State of Mind". The new digital marketing campaign will not only provide avenues for the retailer to engage with its consumers, but also serve as a hub for its e-commerce efforts. Other digital initiatives include personalized appointments with stylists as well as added tools in the Neiman Marcus app.
The retailer's digital transformation efforts in hoping to emerge from its bankruptcy speak to the importance of digital transformation and the peril of failing to do so in this era. As traditional brick and mortar retailers like Saks Fifth Avenue and Neiman Marcus face the increasing competition from digital native online retailers like Net-a-Porter and Farfetch, the former has to transform itself to keep up with new consumer needs and habits. As mentioned in the last lecture surrounding the 4P's - consumers today chase after unique products that speak about their beliefs and personalities, and it is important for retailers to offer curated digital content that piques their interests; as consumers become more savvy about comparing pricing and discounts online, retailers need to have pricing algorithms built in that justifies its relevance to consumers; not to mention the continuous investment required in building out both the online (website) and offline presence (store) as well as the mix of marketing channels including search, display, social media, and offline venues that continue to engage with the consumers.
As Neiman Marcus prepares to emerge from its bankruptcy, how well it handles the digital transformation plan will be key to its future success.
Reference:
https://www.adweek.com/retail/neiman-marcus-digital-transformation-bankruptcy-emergence-plan/
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