Jo-Ann Digital Transformation Strategy

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Jo-Ann Digital Transformation Strategy

KEY TAKEAWAYS

INTRODUCTION

A company analysis for JoAnn, focusing on their digital transformation strategy that includes an overview of the company, an overview of their corporate value and missions, 2 quotes from the company’s executives relating to their digital strategy, and its existing marketing tech stack has been provided below. Additionally, we identified inflation and supply chain disruptions as corporate challenges faced by JoAnn.

COMPANY ANALYSIS

Company Overview

Corporate Mission and Vision

Corporate Values

Recent and Announced Strategic Initiatives

Digital Strategy Quotes

  • On omnichannel shopping experiences, JoAnn's chief customer officer and senior vice president -Christopher DiTullio said "Customers expect now to be able to shop your website, shop your mobile app, place orders to pick up in store, pick up curbside. Having the flexibility to [offer] up those service options is how I believe you win in retail in the 2020s."
  • Regarding targeting in-store customers with mobile offers, Ryan Davis, VP of marketing, said “We needed to implement an in-store mode and location-based marketing solution that would support our digital strategy to reach customers in-store ... Radar has been instrumental in supporting our team with the tools to produce winning marketing strategies through location-aware experiences and to increase revenue through in-app engagement and purchases.”

Marketing Tech Stack

CORPORATE CHALLENGES

Inflation

  • Challenge description :
  • US inflation is at an extreme high. Currently, a majority of Americans identify that inflation is their top concern.
  • US Inflation is at its highest in 40 years and has reached 9.1% year-on-year growth. Importantly, it has led to a drop in consumer confidence, which is at its lowest since late 1970.
  • Why it is considered a challenge :
  • Inflation has led to higher consumer prices edging out consumers from making purchases decisions and reducing retailer sales. According to JoAnn, inflationary pressures have curtailed the ability of consumers to spend discretionary income on creative products.
  • Retailers are grappling with reduced sales margin because of rising costs. JoAnn notes that inflation is curtailing its ability to control costs.
  • How it is impacting the company:
  • JoAnn faces sharp freight inflation. Despite trying to moderate its "excess ocean freight costs", high inflation costs have contributed to its surprise Q1 2022 loss and low sales in the quarter.

Supply Chain Disruptions

RESEARCH STRATEGY

To provide data on a company analysis for Jo-Ann focusing on their digital transformation strategy, we leveraged the most reputable sources available in the public domain. We primarily relied on articles on JoAnn's Investor Relations Website to collect the requested insights. In addition, we used news sources such as Marketwatch and US Chamber to provide the requested insights. We relied on quotes from other members of the executive team when we did not find quotes from the company’s CEO on the company's digital strategy. To obtain information on the firm's existing marketing tech stack, we relied on third party data from BuiltWith.

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