What’s an Omnichannel Retail?
Omni Channel Retail is reaching people on channels wherever they are available to meet their needs irrespective of the platform, that is a physical store, online channels such as mobile, desktop, in-store, on the app or social media.
Omnichannel is an integration of physical and digital channels to create consistency across these channels. Hence customer will have a unified shopping experience that goes beyond merely making a purchase.
Some Retail Analytics:
- The RIS “Omnichannel Readiness” research report found that 65% of revenue loss due to a lack of omnichannel readiness
- With over 90% viewing ratings and reviews before making a purchase.
- Indeed 94% of customers do online research before visiting a store.
- In fact, 50% of customers expect to make purchases online with in-store pick-up.
- The fact is, 99% of people who add products to their cart don’t buy when they’re visiting a brand new website.
The analytics highlights on the growing need to integrate social media, online customer reviews, product comparisons, product images across various channels demo videos, testimonials, digital research, Live Chat with customer support and media coverage links, etc.that lets shopper the experience your brand but not the channels they interact. This is what accurately the omnichannel approach is
1. Omni-channel Solutions to Retailers Challenges
Challenge: To Identify individual customer needs, tastes, and preferences.
Solution: Omnichannel strategy enables the retailer to pull all the data related to
customer Journey across their digital retail platforms.
Identifying unique needs of the individual customer has been the biggest challenge for businesses. However, readily available latest technology and artificial intelligence have been boon to merchants to fill these gaps.
The omnichannel environment enables retailers to recognize the shopper’s profile and trace out customer navigation pattern and collect data at every customer touch point no matter what device or channel a user is on.
By tapping into these insights, the retailer can learn customers’ shopping pattern, their likes, and dislikes and customer behavior across devices. This customer data is crucial to drive iterative improvements, deliver customized content and create a seamless and personalized user experience.
2. Single View of Customer
Challenge: Achieving single view of customer uniting the customer relationship across all the channels.
Solution: Thanks to latest tools that fills all the gaps to achieve single view of
Single customer view is obtained by focusing on the individual customer but not on the individual channels customer uses to interact with your brand. This unified profile view gives shoppers much-improved customer experience.
Single customer view is merely a centralized integration of each customer relationship across all operational channels, be it offline or online, and across all functional marketing stack elements.
3. Single View of Price and Promotions
Challenge: Inconsistent cross-channel price and promotional system
Solution: Omnichannel supports cross-channel pricing and promotional complexities.
One of the most significant threats to online retailers is the difference in pricing between online and In the store. Customers expect the price they pay for the product or retail brand remains same across all the purchase channels and shoppers prefer to buy online due to better prices; also there is growing demand for the option to shop online and pick-up in-store.
The promotional and loyalty programs should be same throughout the channels. Hence it is necessary for retailers to get a system that supports complexities of cross-channel pricing and promotions. Surely Omnichannel addresses the issue.
4. Single View of Service
Challenge: To provide one-stop and personalized customer service across the Channels
Solution: Omnichannel supports customer-centric, customized service during every stage of customer shopping journey.
Today’s digital customer may purchase at any channel, anytime and they expect service during any stage of their shopping journey.Retailers should be able to meet customers’ service requirements across the channels which include chat, text, video, phone, and in person.
Retailers should empower their customer service representatives with access to complete customer purchase history and should let them make decisions on behalf of the customer. Hence customers can get one-stop and personalized services in turn giving customers a sense of recognition as a loyal customer.
5. Omnichannel Payment Solutions
Challenge: Complex Payment Processes for Omni Channel
Solution: Find the best payment partner that can process payments and provide
support no matter where your customers are.
As we know creating omnichannel solutions for eCommerce business will help the enterprise remain competitive by meeting the needs of digital shoppers. Omnichannel is best in creating an Immersive retail experience that fades the boundaries between online and offline shopping. To sell on any channel say brick & mortar store, an open-air market, an eCommerce site, or a combination of these, retailers should invest in a payment processor that helps their business grow.
Wallets are all-time industry leaders in payment processing solutions across the globe. With state of the art security standards, flexible online choices, and the ability to accept and process payments in international currencies, help retailers meet to meet their omnichannel goals.
Choose one-stop payment processor that helps retailers process transactions online or in person. offering a consistent payment process on all platforms to create a cohesive shopping experience that evolves with your customers.
6. Omnichannel Supply Chain
Challenges: Optimal visibility, quick order processing and fulfilment processes, warehousing space creation and to eliminate wasted space wherever possible, easy products return policy are significant supply chain challenges
Solutions: Implementing automation with Standards-based technology such as EPC-enabled RFID Technologies including handheld device scanners, RFID tags, Bluetooth technologies, automated identification and data capture (AIDC) is the best solutions.
Research conducted by Sapio and Zebra Technologies on behalf of supply chain technology specialists Zetes reveals
- Nearly a third of retailers offer customers access to accurate inventory levels for products across all store locations and 45% offer no access to inventory levels at all
- Just 20% of retailers are using automated systems that are updated in real time and only 19% of store associates can check product availability via a mobile device
- Over half (58%) of consumers will be less likely to use a retailer if returning items is a challenging process
Various pressures such as to create warehousing space eliminating wasted space wherever possible, enabling last-mile delivery within hours, optimize load consolidation processes and reduce costs across the organization are typical supply chain challenges faced by every business.
Moreover, for an Omnichannel retailer, sales originate through all available means which include e-commerce, social media, printed advertising and brick-mortar store, etc. So, demand management is N time more cumbersome, and inventory is 45% higher if omnichannel planning is missing. Strong integration between warehouse management, shipment, and billing systems is essential to promoting a cyclic movement of goods to supply consumers what they require. Creating a robust omnichannel supply chain is made possible through modern supply chain technologies.
Therefore, the first towards implementing an omnichannel supply chain strategy is automation. Powerful Integration among all channels using Internet of Things (IoT), supply chain automation tools, etc. are necessary to overcome pressures related to supply chain and logistics management.
Technologies used in this step comprise, handheld device scanners, automated radio frequency identification tags, Bluetooth technologies and automated identification and data capture (AIDC), comparable to RFID tags. The options are limitless, but the key lies in automating the collection of information into a central location, like the cloud. By deploying these technologies, enhancing collaboration and ensuring optimal visibility across the supply chain, companies can achieve omnichannel status.
Very soon, single channel retailers will become obsolete and omnichannel retailer wins more purchases from the rapidly growing omnichannel shoppers. Omnichannel retailers can easily gain buyers loyalty by showcasing their products on various channels.
A shopper should experience your brand, not the channels. Hence retailer should focus on merging all the metrics which is possible only with omnichannel retail strategy and cannot be dealt if omnichannel planning is missed out.