Wing Tai Retail
Inspiring People, Delighting Customers
Inspiring People, Delighting Customers
Presentation Agenda:
Introduction to Wing Tai Retail
WTR Productivity Framework
4 Strategic Pillars
Conclusion
Inspiring People. Delighting Customers.
Introduction to Wing Tai Retail
Introduction to Wing Tai Retail
A multimulti-brand retailer in Singapore and Malaysia with over 200 retail outlets,
employing about 2,270 staff (HQ – 280;
280; Shops – 1,990
990))
A subsidiary of Wing Tai Holdings Limited, part of Wing Tai Asia group of
companies operating in Singapore, Hong Kong and Malaysia
The Group engages in various businesses from property development,
hospitality, telecommunication, garment manufacturing, retail and food
franchise operator
Retail business started in 1989,
1989, growing from 1 brand (turnover
(turnover:: $11m)
11m) to
21 brands (turnover
(turnover:: S$480m)
480m);; last financial year delivered profit before tax
of S$47.
47.8m (or 11.
11.4% return on sales)
Inspiring People. Delighting Customers.
WTR Key Milestones
1989 2000 2001
Operate
first
retail
brand through a Joint
Venture with G2000
Hong Kong
Introduction of UK High
Street
Brands
into
Singapore
REVENUE
$11m
Inspiring People. Delighting Customers.
Expanded into Malaysia
with UK Brands
2007
Revenue crossed two
hundred million
$200m
WTR Key Milestones
2009 2012 2013
Joint Venture with Fast
Retailing and open first
Uniqlo in Singapore,
first in South East Asia
Revenue crossed four
hundred million mark
Conferred
Singapore
Quality Award (SQA) on
Business
Excellence.
First retail company to
receive this award
Awarded
Singapore Service
Excellence
Medallion in
Service Leadership
20
200
1300
retail brands
over retail
outlets
employees
$480m
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revenue
WTR Vision & Mission
VISION:
To be the leading fashion and lifestyle company
in Asia by providing delightful experience for all
to discover
MISSION:
To drive sustainable growth and profitability by
inspiring our people by delivering values and
exceptional experiences that will resonate with
customers for long term engagement
Our Credo:
Inspiring People, Delighting Customers
Inspiring People. Delighting Customers.
Vision and Mission
Vision & Mission Statements
Business Focus + Overall Strategy
Customer Focused and Maximizing
Customer Lifetime Value
Execution & Delivery: “Building Relationship”
Meeting customers’ needs and cultivating customer lifetime value
through people the company utilised and create competitive
advantage as the key differentiating factor
Inspiring People. Delighting Customers.
WTR Productivity Framework
WTR Productivity Framework
Strategic positioning of WTR
business model:
Build Lifetime Value of Customers
Customer
Centricity
• Differentiated
customer experience
• Social CRM
• Customer Centric
Initiatives
Human Capital
Productivity
Flagship Status
• Building
• Automate, optimize
• High standard of
capabilities and
competencies
• Align incentives to
business objectives
• Workforce
optimization
processes and
workflow
• Tracking of
operational matrix
• Data analytics to
drive business
brand and store
delivery
TOOLS: Systems, information and analytics
PEOPLE: Professional, motivated and empowered organization
LEADERSHIP: Clear and shared vision, mission and values throughout the
organization OUR CREDO: Inspiring People. Delighting Customers
Inspiring People. Delighting Customers.
Foundation – Leadership,
People & Tools
Leadership (i
(i)
Believes in leadership team and
leadership culture, whereby the
Group sees challenges as
opportunities for growth and
continuous learning on the part of
both individual and organisation
Inspiring People. Delighting Customers.
Leadership (ii)
Adopts the 3 ‘E’ s of Organisational Culture
Inspiring People. Delighting Customers.
People (i
(i)
Defining HR requirements:
Inspiring People. Delighting Customers.
HR Planning & Review Process:
People (ii)
Employee WellWell-being
Multi-touchpoints of Employee
MultiEngagement
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Employee well being mechanism
Information System
CRS Standard
Reports
Created by IT
System
Reports
Crystal Reports (Sample List)
1. Sales Planning
• Daily Sales Summary
• Program Lines Report
2. Marcom
• Promo Performance
Summary
• Voucher Redemption
3. Finance
• Cash Sheet By Register
• CRS Tender Report
4. Admin
• Daily Sales Summary
• Sales and Cash Sheet
Check
5. DC
• Picklist
• Goods Receiving
Customized
Reports
Created by
User
1. BI Reports
Created by IT
Daily Sales
Transaction Interface
CRS
Automated
Scheduled
Programs
Finance Interface
1. Invoice
2. Adjustments
3. Cash Sheet
a. Sales
b. Cost of
Goods, etc.
HR Clocking Interface
1. Exceptional Reports
• Ops (for security control)
a. Item/Transaction
Discount
b. Price Change
c. Cancelled Sales
d. Post Void Sales
e. Suspended Sales
f. Return without
Exchange
• Admin
a. Transfer Exceptional
Report
b. PO Exceptional Report
• DC
a. Transfer Exceptional
Report
2. SMS Sales @ 3/7/11 PM
3. Landlord Interface
4. Principal Interface
5. Fox E-Commerce Interface
6. Finance Budget Upload
Interface
7. Sales Target Upload Interface
8. Daily Management Report
Social Media
Interface
CRM
iScala
HR
Prosoft
Manpower
Scheduler
Interface
4 Strategic Pillars
4 Strategic Pillars
Strategic positioning of WTR
business model:
Build Lifetime Value of Customers
Customer
Centricity
• Differentiated
customer experience
• Social CRM
• Customer Centric
Initiatives
Human Capital
Productivity
Flagship Status
• Building
• Automate, optimize
• High standard of
capabilities and
competencies
• Align incentives to
business objectives
• Workforce
optimization
processes and
workflow
• Tracking of
operational matrix
• Data analytics to
drive business
brand and store
delivery
TOOLS: Systems, information and analytics
PEOPLE: Professional, motivated and empowered organization
LEADERSHIP: Clear and shared vision, mission and values throughout the
organization OUR CREDO: Inspiring People. Delighting Customers
Inspiring People. Delighting Customers.
4 Strategic Pillars
STRATEGIC PILLARS
Customer
Centricity
Human
Capital
DELIVERY
Customer Centricity
Total company approach to Customer
Centricity
Human Capital
Maximize potential of human capital to
create competitive advantage
Productivity
Productivity
Re-design work processes and adoption
of innovation and technology to drive
efficiencies within WTR
Flagship
Status
Flagship Status
To achieve flagship delivery of brand and
customer experience in-store
Inspiring People. Delighting Customers.
Strategic Pillars in Action
Mission & Business Focus: To engage the long term loyalty of our customers to achieve
sustainable profit and growth
Business Challenges
Business Strategies
WTR’s 4 Strategic
Pillars
Increased
Competition
Tight Labor
Market
Fickle-minded
FickleConsumers
Adopts a Differentiation Strategy
Focus on customer centricity (not product or price)
Provide customers with total shopping experience
Transform staff, service and store
To own our customers and defend market share
Seek new and alternative nonnon-traditional source of
labor
Staff retention via enhanced career tracks
Elevate staff to fashion professionals
Be employer of choice
Leveraging on technology – e.g. people scheduler
Automation and improve productivity – e-training,
system
integration etc
Digital and social media strategy to engage future
consumers
Replace obsolete brands but still owning customers
Build new internal capabilities in new media to stay
relevant
Build pipeline of new generation management
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(Areas of Strategic
Focus)
Customer
Centricity
Human
Capital
Productivity
Flagship
Status
(i) Customer Centricity
CCI Journey
WTR Customer Centricity Initiative (CCI) Journey: 2005 to Now
CCI1
CCI
1
CCI2
CCI
2
CCI3
CCI
3
Now
2010
2013
Transformation of
service, staff and store
High Tech + High Touch
2008
2005
Customer as a
business focus
Drive CCI
mindset change
Alignment of
hearts and minds
Introduction of CRM
programs
Implement CRM
technology platform
across WTR
Intelligence
building: Ability to
access and analyze
customer data
Inspiring People. Delighting Customers.
Social CRM
Transformation the
fashion workforce
(from transactional to
advisory)
High touch
personalized service
Total customer
experience at the store
Digitally enabled
personalized service
(F3 Assist, style advisory
on digital)
Click and collect (multi(multichannel integration)
Social Local Mobile
(SOLOMO) marketing
Service Innovations
Holistic approach to 5 areas of service innovations (Five ‘S’):
Segmentation:
Customer Centricity Approach to
Service Delivery
Staff:
Transformation of Sales Staff to
Fashion Coordinators
Service:
Transformation of Service from
Transactional to Advisory
Store:
Transformation of Store and Shopping
Experience
Social CRM:
Digital and Social Media
Inspiring People. Delighting Customers.
Segmentation by customers and not by products
or brands
Customize service and customer experience by
segments
All staff are brand ambassadors
Fashion aware; equipped with styling skills
Learning and Development opportunities
Enhanced job scope and career tracks
Style Advisors and Personal Shopper services
First amongst mass market brands; free services
Rated top by independent mystery shop by
Straits Times against competitors
Full fledge concierge service at Flagship store
Superior delivery of visual merchandising and
store design and ambience
Superior experience from reception to payment
Building of community in social media
Continuous dialogue with customers
Integration of social media to CRM system
Strong social engagement and top few Facebook
sites amongst Singapore retailers
Segmentation
Customized Customer Experience according to consumers’ attitude to Fashion:
Fashion
Forward
Fashion
Forward
• Seeking advice from the
fashion authority
• Looking for latest trends
• Building an individual
style
Make Fashion
Make Sense
Make Fashion
Make Sense
• Seeking practicality
• Pieces to multitask
• Fashion to fit into her
life
• Approachable, hasslehasslefree service
Inspiring People. Delighting Customers.
Luxury at
High Street
Lifestyle
Preferences
Luxury at
High Street
Lifestyle
Preferences
• Seeking personalized
attention
• Wardrobe planner
• The mass and affluent
• Sporty and active
lifestyle
• Fashion
Fashion--conscious.
Staff
Every staff is a brand ambassador – creating a fashion culture
Enhanced career track and training/development
Enhanced career track – Style advisors, VM
specialists etc
Partnership with principals
Overseas learning trip
Professional Certification – WSQ framework of
foundation training plus additional
specialised/professional certification by
Internationally renowned Mod Spe Paris
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Services – Personalised Styling
Styling Services – First and only free styling service for mass market/high street
brands
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Service – Personal shopper and Concierge services
Topshop Personal Shopper Service – Only free service for mass market/high street
brands
Concierge Service – One
One--stop concierge service at selected flagship store
Inspiring People. Delighting Customers.
Store: Transforming total customer experience
Providing customers a total customer experience
Fitting Room
Buzzer
REST AREA
Thematic Visual
Merchandising
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Digital & Social Media
The 5th S – Social & Digital Experience
Digital engagement
Web portal
Social
Location
Mobile
Strategy
(In progress)
Social CRM
Inspiring People. Delighting Customers.
(ii) Human Capital
Human Capital
Current Initiatives:
WTR Employer branding – active communication of employer value
proposition
Job Redesign – continuous operation review to simplify work scope and
processes
Use of Technology – information sharing and improvement of work
efficiencies
Enhanced Career Paths – provide alternative career opportunities within
the organisation
Employee Well Being – continuous improvement of employee well
well--being
through better work life integration (e
(e..g. 5 day work week for shops)
Flexi--work hours – flexiFlexi
flexi-work hours to attract and retain part time workers
Median Age
Average length of
service
Average Monthly
Attritution Rate in
FY2012
47
34
28
12.5 years
5.8 years
4.5 years
0.0%
2.09%
2.73%
Results:
Executive Management Team
HQ team
Front-line
Inspiring People. Delighting Customers.
(iii) Productivity
Productivity
Current Initiatives:
Advanced Manpower Scheduler Solution – utilise third party software to
better match labour supply to demand and also to facilitate payroll
processing efficiencies
People Counter Technology – real time information sharing to drive better
conversion rates
Data Analytics to Drive Business – To use data to drive business
decisions and efficiencies (CRM, social media, margin optimization etc)
E-training – To deliver better efficiencies and engagement by delivering
training onon-line
Automated Customer Feedback System – To provide more timely
customer feedback to staff and improve efficiencies in collating feedbacks
Results: internal benchmark on footfall conversion rate amongst brands and malls
establish and share productivity goals in terms of sales per labour hour,
sales density, labour % to sales etc
Inspiring People. Delighting Customers.
(iv) Flagship Status
Flagship Status
Establish superlative
standard of brand
presence in Singapore in
all aspects of deliverables:
Inspiring People. Delighting Customers.
Location
Visual Merchandising
Product
Service
Customer Experience
Conclusion
Conclusion
1. WTR approaches Productivity in a Holistic Framework to deliver the
Company’s business strategy
2. WTR utilises the House Framework of building a strong foundation
based on Leadership, People and Systems
3. Strategic pillars are developed and they have been proven to be able to
counter business challenges at all times
4. Continuous pursuit of leadership development, continuous learning in
business, system and process improvements through adopting best
practices and new technologies
Inspiring People. Delighting Customers.
Conclusion
5. Key success factors
factors::
1. Good team work and active communication across organization
2. Quick and nimble in decision making and execution (80
80%
% of
time spent on delivery and implementation and 20
20%
% spent on
strategy and planning)
3. Effective and successful implementation of cross company
initiatives and projects with high business inputs and involvement
4. Aligning KPIs to meet business and corporate objectives,
breaking down silos and accountabilities to departments or
individual bosses
5. Skilling up and crosscross-skilling are key focus of company’s
training culture
6. Do not focus on shortshort-term gain but longlong-term sustainability
(Focus on good execution rather than end results)
Inspiring People. Delighting Customers.
Ending Quote:
“We want to be a company that is constantly renewing
itself, adapting to change and have fun on the job”
Inspiring People. Delighting Customers.
THANK YOU