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How Retailers Can Succeed at Omnichannel

How Retailers Can Succeed at Omnichannel

The dramatic rise in e-commerce has challenged the position of traditional retailers. Consumers now willingly embrace the digital experience, offering more convenience and comfort. As per Harvard Business Review, about 73% of consumers prefer shopping through different channels, and such omnichannel customers can offer a 30% higher lifetime value.

Let’s understand the importance of omnichannel presence for retailers today and explore how these businesses can efficiently implement a successful omnichannel strategy.

What is Omnichannel?

It is a multichannel sales approach aiming to fulfill customer needs at every touchpoint. Retail channels can be traditional brick-and-mortar stores, websites, mobile apps, social media, email, or over-the-phone. The key benefits of an omnichannel strategy are that it can offer a fluid and flexible shopping experience and capture lucrative markets through emerging channels.

Modern-day customers use multiple channels for their purchasing decisions. With a wide range of technologies and online resources, they can access different platforms like social media, e-marketplaces, retailer websites, review sites, and other digital touch points to make a purchase. Retailers can use these platforms best and create a unified shopping experience for their customers through better interaction and promotion.

Omnichannel opportunities for retailers

Retailers can utilize omnichannel opportunities to expand their customer base and offer an increase in choice and convenience. Besides, business models can be optimized with a broad online presence and integration of data and systems. Channel diversification also improves operational efficiency for retailers, strengthens the brand image, and increases the likelihood of more purchases.

However, embracing the omnichannel trend without a well-strategized approach can offer little value to retailers. Therefore, it is crucial to have clarity on the objectives behind such initiatives. Investing time and resources in the right fundamentals can help retailers achieve omnichannel excellence.

Augmenting Omnichannel Retail Capabilities

For omnichannel success, the laser focus should be on improving the customer experience. Recent reports show that the purchase frequency is 250% higher on omnichannel compared to single channel retailers. Therefore, businesses should realize this opportunity and embrace omnichannel retailing while focussing on some essential points such as:

Customer-centered strategy

Understanding consumer behavior and accommodating different sales channels is essential to create maximum impact. Also, synchronizing the physical and digital worlds can be highly beneficial.

Holistic approach

Retailers must also align their operations to develop an integrated platform with more advanced capabilities. This integrated culture must be promoted across the organization to optimize omnichannel performance.

Strong technical framework

Investing in a myriad of tools and applications cannot guarantee outstanding results. Instead, choosing the right solutions is vital for a successful omnichannel agenda.

The Tools Retailers Need to Succeed with Omnichannel

Adopting the right technology solutions can reshape the retail business and help them capture incremental sales. Here are some top solutions retailers can leverage to serve their customers better and offer them a seamless omnichannel experience.

Odoo

Odoo is an all-in-one solution that offers a full suite of business apps that can be natively integrated into the existing infrastructure for automating retail processes. From CRM, point of sale, and live chat to marketing automation and helpdesk, Odoo offers various apps that retailers can leverage to build effective omnichannel experiences for their consumers.

Booxi

Booxi facilitates better customer connection with efficient appointment management. It offers real-time availability for slot booking and personalized connection, complemented by reminder management for increasing retention rates. Besides, retailers can also customize their booking rules and optimize resource management.

Analyticalways

This app helps retailers enhance stock management and ensures that they have the right product at the right place at the right time. In addition, it can help with commercial planning, sales planning, automated forecasts and suggestions, KPI management, promotion management, and several other processes with efficient tactics.

Netmera

Netmera is an integrated engagement platform that helps create a better customer experience and a stronger connection with detailed engagement analytics, segmentation and targeting, and mobile and web engagement. This platform can boost leads across all stages and nurture and drive them across proper sales funnels for increased conversions.

Frequentiel

This app can help retailers with reliable stock information, serving them an entire network of stock open to all customers. Besides, it allows businesses to focus on customer experience with operational KPI insights, fast product localization, shrinkage prevention and 99% accuracy delivering on promises: as you displayed accurate quantities.

Omnichannel Needs Strategic Technology Investments

A solid omnichannel presence can build positive customer brand experiences and drive considerable business value and revenue. However, to create such a successful omnichannel experience, retailers must make the right technology investments. They must have tools that provide access to customer data across all the sales channels to facilitate seamless, personalized experiences for the customers.

At Altavant, we help retailers create unique omnichannel experiences for their end customers with end-to-end strategic omnichannel solutions. Get in touch with us to learn more.

Tech-Enabled Inventory Management: A 5-Stars Customer Experience

A quick question to all retailers; do you have an accurate idea of your inventory right now? Or even more importantly, can you give a detailed report of the items in your stock within the next hour or so?

If that’s a no, or even a mixed yes and no, you need an inventory optimization.

But what exactly does stock/inventory management mean in retail?

Using technology in warehouses is the prime way to define inventory optimization. A company’s reasons for improving and holding inventory, ironing out the supply chain, and reducing returns are to deliver to its customers what they want, where they want it, and via the platform they choose to purchase it on.

Ultimately, a positive and remarkably satisfying customer experience is largely dependent on successful inventory control. However, the problem lies in evolving customer expectations, which seemed to take an altogether U-turn ever since the pandemic occurred.

Retailers ought to realize that it isn’t a trend. It is the new reality that is affecting the very core of the future of supply chain operations. And we’ve got to find a solution that works.

Key Challenges Facing Retailers in Stock Management

With the advancement in solutions that digitize the entire chain of commerce, the challenges facing supply chain and fulfillment leaders have amplified, if anything.

  • Teams don’t have the information they need when they need it. This is because the inventory data is scattered across siloed systems in and outside of the organizations.
  • Retailers lack the right tools to connect and correlate inventory data. Due to this, they are unable to gauge the impact that external events can bring, thus making it virtually impossible to proactively address any disruptions to the inbound supply to meet demand.
  • Costs are continually rising. From addressing return shipments to meeting customer expectations for same-day or next-day delivery. The digital side of the retail supply chain is expected to step up at a much faster rate to keep up with the pace.

As consumers’ comfort with online shopping continues to increase with technology becoming ubiquitous, customers actively switch exclusively to digital channels to meet all of their needs, be it clothes, groceries, to entertainment. In such a scenario, the demand to safely fulfill these orders fast remain a top priority.

Building customer confidence and satisfaction is a big challenge if you don’t have real-time insights into inventory data.

4 Ways You Can Improve & Optimize Through Technology

Businesses spend magnificently on customer experience because according to a survey, 86% of consumers are willing to pay more for a better experience. Jeopardizing inventory management, therefore, can impact the bottom line of customer experience altogether, leaving your customers annoyed.

1.      Technology improves order fulfillment accuracy

Experiencing a botched delivery at some point in online shopping is bound to happen. Social media is abuzz with users posting their delivered items versus that which was advertised in an appalling quality difference.

This happens not because the seller intended to sell a bad product but instead, due to the direct result of poor inventory management. Failure to see what’s in the inventory and shipping of an inferior graded product without checking in real-time causes poor fulfillment accuracy and a bad customer experience.

Tech solutions that streamline integration and manage pre-season, as well as in-season systems, allow retailers to monitor what’s available, in what quality, and at what location for ensuring optimal stock delivery.

2.      Technology prevents stock-outs

The second biggest way in which technology helps build optimal customer experience via stock management is by erasing stock-outs. If there’s anything detrimental to the sustainability of your business, it is a stocked-out item that is made known to the buyer only once he/she places the order.

Radio-frequency identification (RFID) in the supply chain is a technological tool that allows retailers to identify items using radio waves by transmitting data from an RFID tag to the reader. This significantly increases supply chain visibility and inventory accuracy. In fact, with RFID, retailers can automate and improve accuracy by 30% and reduce out-of-stock situations by 50%.

Customers won’t wait or care for an explanation; they’ll simply move to the next buyer and won’t look back. Maintaining a perpetual inventory management system that allows real-time recording and live updates helps you keep in touch with the products in your warehouse. This is particularly important during “in-season” when peak purchase seasons must be met with equal enthusiasm by the sellers.

3.      Technology supports effective lead-time management

A unique selling point of many top brands is the quickest delivery time. The handling and processing of orders play a critical role in how happy your customer gets – the faster the order is delivered, the better the experience.

A streamlined inventory management system can keep retailers abreast of the location of their items, such that the time taken to find, sort, pack, and ship is drastically reduced.

4.      Technology makes handling easier

The unbearable cost of returns is a critical challenge to overcome, compounded by devastating insights and stats into bad customer experience and handling of returns. Customers with bad purchase experiences are 140% less likely to spend than those with a positive experience. Importantly, retailers can only recoup a maximum of 25% of the loss incurred in prices on each returned item. Therefore, a returned product is a collective loss of consumer and opportunity.

The key is to arrange an instant swap until the product is still under warranty or send a new product in exchange for the returned one if you have enough in your stock inventory. Again, this calls for a proper inventory management system that is strong and streamlined to ensure proper return handling and regaining of customers’ trust.

Creating a Better Customer Experience

In conclusion, a robust inventory management system optimized for assortment, order, and delivery helps you orchestrate your entire fulfillment network and deliver amazing omnichannel capabilities. The goal of stock management is to have the right product at the right time and the right place to avoid losing money on overstocking and lost sales.

This is enabled by inventory visibility and technology solutions, helping sellers track their products from manufacturers to warehouses and the point-of-sale. At the end of this optimization is a long-lasting, positive, and guaranteed 5-star customer experience.

For more information on how the potential of the technology can be unleashed through human-centric solutions in optimizing your inventories, visit the retail and logistic digital experts, altavantconsulting.com.

Accelerate Digital Transformation and omni-channel with ease! What are the 5 trends?

01. Adoption of new platforms that enable seamless omni- channel experience

  • Primary way of doing business in retail: click-and-collect, BOPIS (buy online, pick up in-store) and ship-from-store.

02. Optimized inventory management

  • Refreshed inventory levels
  • Make timely decisions
  • Replace siloed data stores with real-time platform
  • Fill click-and-collect order in 1 hour
  • Leverage fulfilment points
  • Faster customer demand satisfaction
  • Reduce costs and its carbon footprint

03. Increased Sustainability and Social Responsibility

  • Staff benefits
  • Growing customer interest
  • Conscientious sourcing
  • Organic materials
  • Keeping products out of landfills
  • Heightened scrutiny moving forward

04. Full SaaS adoption

  • Leverage from anywhere
  • Cloud-hosted applications
  • Better cyberattack protection


 

05. Accelerate digital and mobile

  • In-store mapping
  • Personalised recommendations
  • Live streams
  • Product demos
  • Custom configuration
  • Contactless mobile payment
  • No-contact channels (ship-from-store and curb side pickup)

4 Steps to Better Inventory Accuracy : “How to avoid overstock?”

01. Adoption of new platforms that enable seamless omni- channel experience

  • Primary way of doing business in retail: click-and-collect, BOPIS (buy online, pick up in-store) and ship-from-store.

02. Optimized inventory management

  • Refreshed inventory levels
  • Make timely decisions
  • Replace siloed data stores with real-time platform
  • Fill click-and-collect order in 1 hour
  • Leverage fulfilment points
  • Faster customer demand satisfaction
  • Reduce costs and its carbon footprint

03. Increased Sustainability and Social Responsibility

  • Staff benefits
  • Growing customer interest
  • Conscientious sourcing
  • Organic materials
  • Keeping products out of landfills
  • Heightened scrutiny moving forward

04. Full SaaS adoption

  • Leverage from anywhere
  • Cloud-hosted applications
  • Better cyberattack protection


 

05. Accelerate digital and mobile

  • In-store mapping
  • Personalised recommendations
  • Live streams
  • Product demos
  • Custom configuration
  • Contactless mobile payment
  • No-contact channels (ship-from-store and curb side pickup)

4 Must-Have Retail POS Software Features to Boost Business Efficiency

01. Adoption of new platforms that enable seamless omni- channel experience

  • Primary way of doing business in retail: click-and-collect, BOPIS (buy online, pick up in-store) and ship-from-store.

02. Optimized inventory management

  • Refreshed inventory levels
  • Make timely decisions
  • Replace siloed data stores with real-time platform
  • Fill click-and-collect order in 1 hour
  • Leverage fulfilment points
  • Faster customer demand satisfaction
  • Reduce costs and its carbon footprint

03. Increased Sustainability and Social Responsibility

  • Staff benefits
  • Growing customer interest
  • Conscientious sourcing
  • Organic materials
  • Keeping products out of landfills
  • Heightened scrutiny moving forward

04. Full SaaS adoption

  • Leverage from anywhere
  • Cloud-hosted applications
  • Better cyberattack protection


 

05. Accelerate digital and mobile

  • In-store mapping
  • Personalised recommendations
  • Live streams
  • Product demos
  • Custom configuration
  • Contactless mobile payment
  • No-contact channels (ship-from-store and curb side pickup)

Thought Pieces

Why go digital? Digital Transformation.

Due to the pandemic restrictions preventing the spread of Covid-19, there was a collapse of opportunities, which divided people into those who are “ready to act” and those who decided “to wait

How to avoid overstocking?

Due to the pandemic restrictions preventing the spread of Covid-19, there was a collapse of opportunities, which divided people into those who are “ready to act” and those who decided “to wait