Omnichannel Retail: The Time Is Now
Delivering an easy shopping experience to your customers with a carefully integrated online, in-store, and mobile sales strategy is more important now than ever. While each of these channels is important, it’s the integration and seamless “shop whenever from wherever” mindset that will set you apart from your competitors.
A recent HRC Advisory study reveals that 80% of retailers want to offer a more omni-channel focused and customer-centric shopping experience, but they are just aren’t.
If ever there was a time to dedicate resources to pushing your business into the future, it’s now. Here are three tactics you can use today to help execute a stellar omni-channel strategy.
Increase basket size by implementing a distributed order management system
No longer a function of the back office, distributed order management systems offer a means by which to track customer interest. Understanding who is on your website, how long they spend shopping, and how many browsing sessions result in actual sales is valuable information that will provide important insights into how your customers want to learn about and buy your product.
Start small by increasing inventory visibility on high-velocity items
Migrating to omni-channel is a huge undertaking that affects every aspect of a business. In-store cash registers and e-commerce fulfillment centers, in addition to every other system that tracks inventory and sales, must communicate effectively with each other. Starting small may be the only option for businesses that can’t afford to take on company-wide omni-channel retail all at once. Increase inventory visibility on high-velocity items as a test-run and pay attention to the effect it has on other systems.
Offer shoppers a “one store” experience by working toward 90% inventory accuracy
Inventory accuracy for retailers is 68%. Trying to reach 90% to offer a “one store” experience for shoppers may seem daunting, but it’s a worthy goal. It’s best to start with just a few popular items and work toward 90% accuracy. Once achieved, it’s easier to take on another small group and another until all inventory is at 90% accuracy.
Offering a personalized and easy shopping experience for customers is a great way to set your business apart from the competition. Not being “ready” for the changes you’ll need to make to produce a viable omni-channel strategy for your customers isn’t a good enough excuse, anymore. Your customers are ready for the change.