The Omni-channel Retail – Creating a Seamless Customer Experience
Author: Omprasad Devadiga
ETP Group is the Retail Technology Partner at Phygital Retail Convention 2023, India
The Phygital Retail Convention (PRC) 2023 – India’s largest retail intelligence event – is being held at the Jio World Convention Centre, Mumbai, India on 11th & 12th May 2023. The event aims to power the retail digital transformation in both the online and offline markets of the fifth largest economy in the world, which is complex but also rewarding to those retailers who can be highly scalable. The event is expected to attract the most prominent C-suite professionals and decision makers from some of the most exciting and iconic brands, retail and e-commerce majors from India and across the globe.
ETP is the Retail Techonology Partner at #PRC2023.
ETP Group, Asia’s leading enterprise-class retail technology company, is enabling both brick and mortar as well as online retailers to embrace unified commerce and drive their brands and customer relationships in a seamless manner. ETP brings you two outstanding products – ETP V5 and Ordazzle, with localisation in 24 countries across Asia Pacific. ETP V5 includes omni-channel modules like POS, CRM, Promotions, and Analytics so you can drive more traffic to stores, have a higher fulfilment percentage, and gain customer loyalty. ORDAZZLE is an e-commerce management platform that elevates the entire e-commerce journey so you can process millions of orders/day, meet delivery SLAs, and improve margins with marketplace reconciliations. And so much more!
Do meet the ETP team at the Phygital Retail Convention (PRC) 2023 to know more about how ETP can help you in elevating your retail performance and e-commerce business. Connect with us to gain insights on how to kick-off your journey to creating amazing customer experiences.
Elevating Retail Performance with Omni-channel Retail Solutions
In today’s dynamic retail landscape, businesses need to adapt and thrive across various channels to meet the evolving needs of customers. Elevating retail performance requires a comprehensive approach that integrates all aspects of the retail experience. This is where Omni-channel Retail Solutions play a pivotal role in revolutionizing your retail operations.
Centralize All Your Channels in One Place
With Omni-channel Retail Solutions, you can seamlessly centralize all your channels, whether it’s online, mobile, or in-store, into a single platform. This integration eliminates data silos, streamlines operations, and provides a consistent customer experience. From managing inventory to processing orders, having a centralized hub empowers retailers to efficiently monitor and control their entire retail enterprise.
Get a 360-Degree View of Your Customer Data across Channels
Omni-channel Retail Software enables retailers to gain a comprehensive understanding of customer behavior and preferences by capturing and consolidating data from various touchpoints. By integrating customer data from online interactions, in-store purchases, social media, and more, retailers can build a 360-degree view of their customers. This holistic perspective empowers businesses to deliver personalized experiences, targeted marketing campaigns, and tailored product recommendations.
Get a Complete View of Trusted and Real-Time Inventory Information
Effective order fulfillment is critical to customer satisfaction. Omni-channel Inventory Management Solutions provide retailers with real-time visibility into their inventory across multiple channels. With modern methods such as Click & Collect, Click & Deliver, Endless Aisle, and Direct-to-Consumer (D2C), retailers can maximize order fulfillment capabilities. By ensuring accurate stock availability, businesses can optimize operations, reduce out-of-stock instances, and enhance customer trust.
Personalize Promotional Messages & Offers across Multiple Channels
One-size-fits-all marketing approaches are no longer effective. Omni-channel Retailing using an efficient Promotions Planning Software such as ETP Accelerator empowers retailers to deliver personalized promotional messages and offers across multiple channels. By leveraging customer data and segmentation, retailers can target specific customer segments with tailored promotions, discounts, and recommendations. This level of personalization enhances customer engagement, fosters loyalty, and increases conversion rates.
Drive Traffic from Online to Offline Stores
While online shopping has gained significant traction, physical stores remain a vital component of the retail experience. OCRS helps bridge the gap between online and offline by driving traffic from digital channels to brick-and-mortar stores. By integrating online promotions, loyalty programs, and personalized incentives, retailers can encourage customers to visit physical stores. This convergence of channels strengthens customer relationships and creates opportunities for cross-selling and upselling.
Boost Retail Sales with Reporting Insights
Data-driven insights are crucial for making informed business decisions. Omni-channel Retail Solutions provide comprehensive reporting and analytics capabilities, enabling retailers to track key performance indicators, measure campaign effectiveness, and identify growth opportunities. By leveraging these insights, retailers can optimize sales strategies, identify top-performing products, and refine their marketing efforts, ultimately driving retail sales and revenue growth.
By harnessing the power of Omni-channel Retail Software Solutions, retailers can achieve astounding results in elevating retail performance across all their sales channels. By centralizing channels, gaining a 360-degree view of customer data, optimizing inventory management, personalizing promotions, driving traffic across channels, and leveraging business intelligence, retailers can enhance their customer experience, improve operational efficiency, and boost overall sales performance. Embracing Omni-channel Retail Technology is essential for retailers striving to thrive in today’s competitive retail landscape.
Embark on Elevating Retail Performance with ETP’s Omni-channel Solutions this Easter Season
Easter is just around the corner, and retailers are gearing up to make the most of this festive season. It is a time when customers are in the mood to do some celebratory shopping. The modern retailer can make the most of it by leveraging the power of forward-looking retail technologies. The right kind of retail software, particularly omni-channel retail software, allow retail businesses to meet their customer wherever (channel) and whenever (time) they decide to shop by integrating the offline and online retail touchpoints. It also enables the retailers to capture customer data across channels, plan and deploy customized promotions (personalization), manage loyalty instantly, and create amazing customer experiences that will drive online traffic to their physical stores allowing them to cross sell or up sell for a boost in sales and profits.
Omni-channel retail software can help retailers capture customer data across all channels. This means that retailers can understand their customers’ preferences, buying behaviour, and purchase history. Retailers can use this data to create personalized offers and promotions that are tailored to each customer’s needs. This helps retailers to provide better customer service, which can lead to increased customer loyalty and repeat buying.
Easter is the perfect time for retailers to offer egg-ceptional deals, discounts and promotions to their customers. But, planning these promotions can be a daunting process. Omni-channel retail software that includes a powerful promotion planning solutions engine, such as ETP V5 Accelerator, can help retailers plan and execute customer-specific promotions seamlessly across all channels. This means that customers can receive the same offer, whether they shop online, in-store, or on their mobile devices and yet, be receiving an offer that has been created for them exclusively. This also ensures that retailers have a consistent message across all channels, which helps to build brand loyalty.
Loyalty programs are a great way to incentivize customers to shop with a particular retailer. However, managing loyalty programs across different channels and in real-time can be a challenge. Omni-channel retail software with an in-built retail CRM can help businesses manage their loyalty programs seamlessly across all channels. This means that customers can earn and redeem loyalty points immediately whether they shop online, in-store, or on their mobile devices. This also helps retailers to track customer behaviour and preferences, which can lead to optimized planning and increased revenues.
Retailers that have both online and offline stores need to ensure that these touchpoints are integrated seamlessly. Omni-channel retail software can help retailers do this by providing a unified view of their customers’ shopping behaviour across all channels. This means that retailers can provide a consistent message to customers, regardless of whether they are shopping online or in-store. This also ensures that customers have a unified shopping experience. This means that customers can shop online, in-store, or on their mobile devices, and receive the same level of service and quality, which can lead to increased customer loyalty. This also helps retailers to drive traffic to their stores as customers can shop online and pick up their purchases in-store.
In conclusion, Easter is a great time for retailers to leverage the power of omni-channel retail software. It can help them provide amazing customer experiences across various channels. This means that customers can shop on their own terms, whether online, in-store, or on their mobile devices. This also means that retailers can provide personalized offers and promotions, which can lead to increased customer satisfaction and loyalty.
Travel in Style, Cash in on ETP Retail Software with the Luggage and Handbags Market on the Rise
The global luggage and handbags market size had reached US$ 16.2 Billion in 2021 and is expected to reach US$ 23.2 Billion by 2027, exhibiting a growth rate (CAGR) of 6.32% during 2022-2027. ETP has been helping several eminent luggage and handbag retailers across the Asia Pacific, India and Middle East regions to deliver value to their customers by creating amazing customer moments across channels.
Have you spoken to our Luggage & Handbags Retail Software Solutions expert yet?
Business Benefits:
- Capture additional attributes such as material, season and product group, and create colour/size matrix for articles
- Provide visibility of sales and inventory across channels to replenish at SKU level
- Manage end-of-season sale efficiently by introducing innovative promotions and increase ticket size
- Enable real time KPIs’ information of store sales performance, hourly sales movement, customer conversions, target vs actuals, salesperson-wise performance
- Manage cross promotions, bundle promotions and price-point based promotions to increase sales
- Enable in-store mobility with a secure Mobile POS to service customers or setup small store formats
- Avoid lost sales by providing ‘endless aisle’ capability in-store to service customers better
- Manage product, price and promotions across multiple retail channels
- Fulfill online/e-commerce orders from store inventory and allow for any store returns for both in-store and online purchases
- Manage merchandise, time, location and customer hierarchies for planning category-wise and location based promotions
ETP has been helping several eminent luggage and handbag retailers across the Asia Pacific, India and Middle East regions to deliver value to their customers by creating amazing customer moments across channels. Have you spoken to our Luggage & Handbags Retail Software Solutions expert yet?
Talk to us: https://www.etpgroup.com/industries/luggage-and-handbags/
How to Keep Time in the Booming Watch Market for a Successful Future
Revenue in the Watches segment (timepieces) amounts to US$66.07bn in 2022. The market is projected to grow annually by 6.90% (CAGR 2022-2026). In 2022, 44% of sales in the Watches segment will be attributable to Luxury wrist watch segment. In global comparison, Asia Pacific is the fast growing market for timepieces.
Several lifestyle retailers in Asia Pacific, India and the Middle East have been adopting ETP Omni-channel Retail Software Solutions for efficiently running their timepieces business due to the specific and relevant benefits that ETP offers to the timepieces vertical.
Learn how ETP is doing this: https://www.etpgroup.com/industries/timepieces/
Business Benefits:
- Capture additional attributes such dial size and strap material
- Avoid fake inventory by tracking barcodes/serial nos. as well as warranty cards
- Track customer buying behavior to enable cross-selling/up-selling across categories/brands/accessories of interest
- Facilitate easy co-ordination with vendors and inventory tracking
- Manage product, price and promotions across multiple retail channels
- Enable in-store mobility with a secure Mobile POS to service customers or setup small store formats
- Capture shop-in-shop sales for daily sales analysis and regular replenishments based on sell-throughs
- Use ‘endless isle’ function to service orders based on nearby stores’ inventory and reduce lost sales
- Have a single customer ID across all retail channels for registered customers and enable unified loyalty management
- Fulfill online/e-commerce orders from store inventory and allow for any store returns for both in-store and online purchases
Unlock the Power of Retail
Revenue in the Health & Beauty market amounts to US$528.60bn in 2022. The market is expected to grow annually by 4.64% (CAGR 2022-2027). The market’s largest segment is the segment Personal Care with a market volume of US$238.60bn in 2022.
Manage your COCO, FOCO and FOFO stores as well as shop-in-shop outlets easily using ETP’s proven, All-in-1 retail POS and retail mobile POS solutions that enable you to have a single view of your customer and one version of truth of your inventory across online and offline channels. ETP V5 Retail Software has been enabling health & beauty retailers just like you in elevating retail performance to manage your cash flow better by tracking your sales and inventory real time. Learn more: https://www.etpgroup.com/industries/health-and-beauty/
Business Benefits:
- Capture additional attributes such as certification no., valid till date, as well as handle batch no. and expiry date for items
- Have enhanced CRM with a single customer ID across all retail channels to enable unified loyalty management
- Enable real time KPIs’ information of store sales performance, hourly sales movement, customer conversions, target vs actuals, salesperson-wise performance
- Avoid lost sales by providing ‘endless aisle’ capability in-store to service customers better
- Manage product, price and promotions across multiple retail channels
- Provide visibility of sales and inventory across channels to replenish at SKU level
- Manage end-of-season sales, price points, mix & match and bundle based promotions and increase ticket size
- Fulfill online/e-commerce orders from store inventory and allow for any store returns for both in-store and online purchases
- Enhance customer experience by providing quality service and offering a seamless omni-channel shopping experience
- Enable in-store mobility with a secure Mobile POS to service customers or setup small store formats
Maximizing Your Jewelry Retail Business
The lion’s share of the jewelry market revenue is attributed to China, followed closely by the United States and India. In 2022, the total global jewelry market was valued at approximately 270 billion U.S. dollars and is forecast to increase by more than 30 billion U.S. dollars to 307 billion dollars by 2026.
Jewelry retailers can grab a share of this massive growth by adopting the right retail software solutions. ETP V5 Retail Software has been enabling retailers just like you in elevating retail performance to facilitate cross-selling/up-selling and increase conversions on footfalls.
Learn more: https://www.etpgroup.com/industries/jewelry/
Benefits:
- Increase sales during festivities by creating targeted promotions at category/sub category or even at SKU level and exercise control over pricing
- Enhance customer experience by providing quality service and offering a seamless omni-channel shopping experience
- Provide visibility of sales and inventory across channels to replenish at SKU level
- Manage product, price and promotions across multiple retail channels
- Fulfill online/e-commerce orders from store inventory and allow for any store returns for both, in-store and online purchases
- Manage merchandise, time, location and customer hierarchies for planning category-wise and location based promotions
- Avoid lost sales by providing ‘endless aisle’ capability in-store to service customers better
- Enable in-store mobility with a secure Mobile POS to service customers faster and also perform queue bursting
- Manage inventory at SKU level as well as track sales, inventory and delivery for smooth flow of products, especially for high value products
- Track each individual piece based on a serial number and capture additional attributes such weight, carats and material
Significance of Frictionless Payment Systems Integration for Retailers
The retail industry wants to be rid of all speed bumps when it comes to paying. Frictionless payments, which are data-driven methods of payment integrate data from various devices, apps, and websites to simplify the purchasing process. This reduces the steps in both online and offline buying to minimise churn and shopping cart abandonment. Checkouts need to be quick and waiting time in the payment queue has to be minimal. For this, transaction processes has to be easy, expedited, and effortless. Key tools for frictionless shopping include mobile and digital wallets, contactless card payments, device-initiated payments, in-app and one-click payments, and auto-renewing subscriptions.
Replacing the traditional checkout experience, frictionless payments have become the default way for consumers to pay for goods and services. From mobile wallets and mobile apps to one-tap contactless card payments, customers now expect a fully frictionless payment experience as they benefit from a quick, smooth, and stress-free checkout experience. At the same time, businesses experience increased levels of customer satisfaction and lower cart abandonment rates. To stay competitive, retailers need to adopt a robust frictionless payment strategy and system. You will always be at risk of losing your customers to a competitor who proffers them a variety of frictionless payment options if you don’t do that already.
The international marketing statistics portal, Statista, estimates frictionless payment technology will grow to $8 trillion by 2024.
Types of Frictionless Payments:
Mobile wallets and digital wallets
Mobile wallets and digital wallets are often used interchangeably. Fact is, these two forms of frictionless mobile payments do differ in the way they’re applied.
Mobile wallets are mostly used by consumers who do not prefer carrying a physical wallet during in-store purchases, whereas digital wallets are mainly used for online transactions. As an example, popular digital wallets such as Google Pay and Apple Pay when used alongside mobile payment services and devices (i.e. POS terminal), they are defined as a mobile wallet due to the added in-store functionality.
Digital wallets are used through third-party smartphone apps and ensure that all your payment details are stored in one place. These apps protect consumers’ data via passwords and encryption (also known as payment tokenization), making online payments fast and secure.
Mobile payment applications
Mobile payment apps are one of the other most-used forms of frictionless mobile payments. Mobile payment applications are frequently used as a form of mobile wallet for easier in-store purchases. But there are other mobile applications, too.
Near Field Communication (NFC)
Near Field Communication (NFC) is a wholly contactless communication technology that is based on a radio frequency field that permits the exchange of data between two or more devices via touch. Tap to pay is a perfect example of this. This technology is used as a way for consumers to complete one-click and device-initiated payments in-store. It is often used in conjunction with mobile wallets.
Contactless cards
Contactless cards are a frictionless payment method that offer a safer, faster in-person checkout experience. As an off-shoot of NFC, contactless cards use short-range wireless NFC technology to make paying by card completely contactless.
Common methods of contactless card integration that you can use include:
Mobile point of sale terminals (mPOS)
- Pay By Link
- Digital and mobile wallets
- Buy online, pick up in-store (BOPIS)
- Contactless credit cards
If you have a brick-and-mortar business, you can position yourself competitively by incorporating contactless cards into your existing payments infrastructure.
Benefits of implementing a frictionless payment strategy
There are a host of reasons to move towards a frictionless payment strategy from both a buyer’s and a seller’s point of view.
Benefits to the buyer include:
- Eliminating lengthy checkout waiting times.
- Reducing the number of steps to complete checkout.
- Reducing stress at checkout (no credit card details or PINs required).
- Offering flexibility of payment options.
- Delivering enhanced security both online and on-premises. Mobile payments often require biometric authentication measures making them even more secure than chip and PIN transactions.
Benefits to the seller include:
- Lower cart abandonment rates. The easier it is to pay, the more likely customers will stay at checkout.
- Increased efficiency at checkout.
- Greater customer satisfaction rates and increased customer loyalty.
- A reduction in failed payments, easing cash flow concerns.
Secure your payment card data at the point-of-sale
Securing your customer’s payment data during checkout irrespective of the type of frictionless payment option provided or chosen is of utmost importance. Data security experts are saying that luxury and lifestyle retailers need to upgrade their cyber security measures. In India alone, the retail industry recorded 4,805 weekly instances of stolen credit card information in the last six months of 2022 compared to 1,485 such weekly attacks in the first half of the year, according to the Check Point Threat Intelligence Report. Several mid and large-size lifestyle retailers work on dated legacy systems, which are difficult to upgrade to newer technologies. The lack of skilled talent to handle complex payment security systems is also a concern. Measures like automated curation, using multi-factor authentication, and regularly updating security patches must be explored more, the report adds. Dealing with cyber conflict requires a holistic approach to protect against hacking, identity theft, and ransomware.
ETP Omni-channel POS software is flexible enough to seamlessly and easily integrate with various 3P payment applications while ensuring that all sensitive cardholder authentication data is secure. Being compliant with the security standards, we make it easier for our customers around the world to apply for PCI PA-DSS certification, where the use of compliant software solutions is a key element of demonstrating their ability to protect sensitive card data as well as elevating retail performance and customer experience with your brand.
Meet us at the Retail Leadership Summit 2023, Mumbai
Technologically, the pandemic was an eye-opening experience for retail businesses and professionals. With in-person events becoming the norm once again for networking and knowledge sharing, Retailers Association of India (RAI), the apex body for the retail industry in India, with the first of its two premier events – Retail Leadership Summit (RLS), is leading from the front in offering leading retailers a platform to shake hands and exchange ideas with retail technology experts as well as among themselves.
The RLS brings together all the stakeholders of retail for effective conversations on the way forward and hence, has come to be known as a premier knowledge sharing platform where some of the sharpest minds in retail convene to exchange ideas, share insights and deliberate on major, upcoming transformations in retail.
ETP has been the Omni-channel Retail Technology Partner at several Retail Leadership Summits in the near past. This year too, ETP is the Retail Technology Partner at RLS 2023. At the event, #TeamETP will be present in full gusto on both the days (22nd and 23rd February 2023) to share progressive and collaborative thoughts on Elevating Retail Performance.
