Nordstrom Inc: Enterprise Tech Ecosystem Series

Nordstrom Inc: Enterprise Tech Ecosystem Series

Summary

In order to foster innovations and achieve greater operational efficiencies by tapping emerging technologies, Nordstrom launched Innovations Lab in 2010.

Launched in 2010, Nordstrom Innovation Lab aims to foster innovations that help in enhancing their customer experiences and bring efficiencies in their supply chain processes.

Launched in 2017, The Lab is an incubator program that aims to support new innovations and designs in the retail segment at stores and online. The Lab will be organized by SPACE centers located across Nordstrom’s stores.

The report provides information and insights into Nordstrom's tech activities, including -
- Insights of its digital transformation strategies and accelerator programs & innovation centers
- Overview of technology initiatives covering partnerships, product launches and acquisitions
- Insights on each technology initiative including technology theme, objective, and benefits
- Details of estimated ICT budgets and major ICT contracts

Scope

- Nordstrom is exploring technologies including AI, machine learning, big data, analytics, cloud, digital media, mobile, payments and robotics to enhance customer experiences, achieve operational efficiencies, and minimize risks.
- Since 2018, Nordstrom has been investing $450 million annually into technology and supply chain. As a part of its digitization strategy, Nordstrom is bridging the gap between its online and instore shopping experiences by establishing Nordstrom Local stores to provide a convenient online shopping experience without having to comprise on experience of the brand.
- Nordstrom is integrating data-based tools across its point-of-sale systems to create personalized experiences for customers. It is also leveraging online customer purchase data to predict their preferences and to keep them informed in real-time on favorite brands.
- Nordstrom is applying an omni-channel strategy by integrating its digital and physical assets to inventory management system, to provide accurate view on the stock and help customer to quickly find the desired items.

Reasons to Buy

- Gain insights into Nordstrom's tech operations.
- Gain insights into its tech strategies and innovation initiatives.
- Gain insights into its technology themes under focus.
- Gain insights into various product launches, partnerships and acquisition strategies of Nordstrom.