Tag: Omni-channel

Six Effective Strategies for Managing Multi-Channel Retail Operations

Posted on by Omprasad Devadiga

Managing multi-channel retail operations isn’t just a challenge but an opportunity in today’s fast-paced retail landscape. Today’s consumers love shopping across various platforms, whether physical stores, e-Commerce websites, social media, or marketplaces. This means businesses need to up their game and have a robust strategy that ensures seamless integration and exceptional customer experiences. In this blog, we will outline six effective strategies that will help you manage multi-channel retail operations and also explain why ETP V5, our Omni-channel Retail Solution, is the perfect solution to handle these complexities.

What is Multi-Channel Retail?

Multi-channel retail refers to selling products across various platforms to meet customers where they shop. This includes physical stores, online platforms, mobile apps, and third-party marketplaces. While it broadens the customer base, managing operations across these channels demands efficiency, consistency, and precision.

1. Centralise Your Inventory Management

One of the common challenges in multi-channel retail is managing inventory. Inconsistencies in stock levels can lead to customer dissatisfaction, overstocking, or lost sales.

  • Implement Real-Time Inventory Tracking: Use a system that tracks inventory across all sales channels in real-time to avoid overselling or stockouts.
  • Automated Replenishment: Automatically reorder products when stock levels hit predefined thresholds.
  • Unified Stock View: Provide staff with a consolidated view of inventory to manage stock across locations and channels effectively.

ETP V5 Solution: ETP V5 offers centralised inventory management, enabling real-time visibility and seamless stock updates across all channels.

2. Streamline Order Fulfillment

Another critical aspect of multi-channel retail is efficient order fulfillment wherein customers often expect quick and accurate delivery, regardless of where they have purchased from.

  • Omnichannel Fulfillment Options: Offer flexibility like buy online, pick up in-store (BOPIS), or ship-from-store options.
  • Integrated Warehouse Systems: Connect warehouses, stores, and logistics partners to ensure smooth operations.
  • Error-Free Order Processing: Reduce manual errors through automated order management systems.

ETP V5 Solution: ETP V5 facilitates seamless order fulfillment by integrating all channels, providing accurate data, and automating workflows to enhance efficiency.

3. Provide a Consistent Customer Experience

The third important aspect of multi-channel retail is making your customers feel that they are engaging with a familiar brand whether shopping online or in-store. And how do you do it? By enhancing your customer’s experience and being consistent with it! Yes, consistency is key to building customer trust and loyalty.

  • Unified Branding: Maintain a consistent brand message, pricing, and promotions across all channels.
  • Personalised Experiences: Use data to provide tailored recommendations, offers, and communication.
  • Customer Support Integration: Ensure all channels provide cohesive customer service, with access to shared purchase and service histories.

ETP V5 Solution: With ETP V5’s omni-channel retail capabilities, retailers can deliver a consistent brand experience, from promotions to personalised services.

4. Optimise Marketing Across Channels

Ever wondered how some retailers always seem to have exactly what their customers are looking for, right when they need it? Yes, an effective marketing strategy will help you be one such retailer. It ensures you reach the right audience on the right platform at the right time.

  • Omnichannel Campaigns: Coordinate marketing campaigns across email, social media, in-store displays, and mobile apps.
  • Customer Data Utilisation: Leverage customer behavior and purchase history to create targeted campaigns.
  • Measure Performance: Use analytics to track the success of campaigns and refine strategies.

ETP V5 Solution: ETP V5 integrates marketing tools to execute, monitor, and optimise campaigns, ensuring cohesive messaging and impactful results.

5. Leverage Technology for Seamless Operations

Modern technology is the backbone of successful multi-channel retail operations, seamlessly connecting every sales channel to deliver a unified shopping experience. From advanced inventory management systems to personalised customer engagement tools, technology empowers retailers to stay agile, meet customer demands, and drive growth in an increasingly competitive market. It’s not just about keeping up with trends—it’s about creating a retail ecosystem that thrives on efficiency, adaptability, and innovation.

  • Integrated Retail Software: Use tools that unify operations like sales, inventory, CRM, and marketing.
  • AI and Machine Learning: Employ AI-driven insights to predict demand, optimise pricing, and personalise experiences.
  • Scalable Solutions: Choose technologies that grow with your business to handle increasing complexities.

ETP V5 Solution: ETP V5 is a scalable retail management platform that integrates sales, inventory, CRM, and analytics, making it the perfect solution for managing multi-channel retail operations.

6. Focus on Analytics and Reporting

Last but not least, making data-driven decisions! Data-driven decisions are essential for multi-channel success because they turn insights into impactful actions. By analysing customer behaviour, sales trends, and inventory performance across all channels, retailers can make informed choices that enhance the shopping experience and optimise operations. Whether it’s personalising promotions, forecasting demand, or ensuring the right products are available at the right time, leveraging data helps retailers stay ahead in a dynamic market.

  • Real-Time Insights: Access up-to-date data on sales, customer behavior, and channel performance.
  • Comprehensive Reporting: Generate detailed reports to identify trends, challenges, and opportunities.
  • Predictive Analytics: Use forecasting tools to plan inventory, staffing, and marketing strategies.

ETP V5 Solution: With its advanced analytics and reporting features, ETP V5 provides actionable insights to improve decision-making and optimise operations.

Why ETP V5 is the Ultimate Solution for Seamless Multi-Channel Retail Operations

ETP V5 is a robust retail management solution designed to address the complexities of multi-channel retailing. Here’s why it’s the ideal choice for retailers:

  • Seamless Integration: ETP V5 integrates sales, inventory, and customer data across channels, ensuring a unified view of operations.
  • Real-Time Operations: With real-time updates, retailers can manage inventory, orders, and promotions effortlessly.
  • Enhanced Customer Engagement: ETP V5 enables personalised marketing, loyalty programs, and consistent customer experiences.
  • Scalability: Whether you’re managing a few channels or expanding globally, ETP V5 grows with your business.
  • Ease of Use: Its user-friendly interface ensures smooth adoption and efficient operation across teams.

By choosing ETP V5, retailers gain a comprehensive solution that simplifies multi-channel management, boosts efficiency, and enhances customer satisfaction.

Managing multi-channel retail operations requires a strategic approach and the right technology. By centralising inventory, streamlining order fulfillment, ensuring consistent customer experiences, optimising marketing, leveraging technology, and focusing on analytics, retailers can thrive in today’s competitive market.

With ETP V5, businesses gain a powerful ally in managing the complexities of multi-channel retail. Its comprehensive features and real-time capabilities make it the perfect solution for achieving operational excellence and delivering exceptional customer experiences.

ETP group is omni-channel technology partner at ET Great India Retail Summit & Awards 2024

Posted on by Omprasad Devadiga

The Economic Times Great India Retail Summit (GIRS) 2024 – India’s largest retail intelligence event – is being held at The Westin Mumbai Powai Lake, India on 15th & 16th February 2024. This exceptional two-day live event is poised to reshape the course of the Indian retail landscape. Bringing together leaders from every corner of the retail world, this conference and summit is a gathering of ambitions, innovations, and forward-thinking. With representation from diverse sectors, including FMCG giants, retailers, e-commerce leaders, D2C pioneers, policymakers, industrialists, industry experts, and technology solution providers, it promises an unmatched exchange of ideas.

ETP is the Omni-channel Technology Partner at #ETGIRS2024.

ETP Group is a leading Retail Software Solutions company with a 35 year track record of delivering top-of-the line retail technology products across 24 countries in Asia Pacific. ETP’s strength lies in its ability to provide robust and innovative retail solutions built with the latest technology, architecture and design. 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.

The “Great India Retail Summit 2024 (ETGIRS)” stands ready to script a new chapter in the annals of commerce. Prepare to embark on a journey where aspirations meet action, where innovations shape industries, and where the future of retail is not just imagined – it’s realized.

Do meet the ETP team at the ET Great India Retail Summit & Awards 2024 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!

Seamless Shopping: Enhancing Retail Customer Experience through Omni-Channel CRM and Inventory Management

Posted on by Omprasad Devadiga

In today’s fast-paced retail landscape, where customers have a multitude of options at their fingertips, enhancing their shopping experience has become the holy grail of success for retailers. Enter the dynamic duo: Omni-Channel Customer Relationship Management (CRM) and Inventory Management. These two pillars of modern retailing work in harmony to create a seamless, customer-centric shopping journey.

Understanding the Customer Journey

Mapping the Customer Journey across Different Channels

The modern shopper is a versatile explorer. They might start their journey browsing online, switch to visiting a physical store, and finalize their purchase via a mobile app. Omni-Channel CRM begins by mapping this intricate journey, tracking customer interactions across diverse touchpoints.

Identifying Touchpoints and Pain Points

Every interaction is a touchpoint. Effective CRM identifies these touchpoints, from website visits to in-store visits to social media engagement. Moreover, it pinpoints the pain points—those moments of friction in the customer journey that need smoothing.

Collecting and Analyzing Customer Data

Omni-Channel CRM collects data at every juncture, forging a comprehensive understanding of the customer. This data is gold; it fuels personalized experiences, efficient inventory management, and targeted marketing strategies.

Integration of Channels

Establishing a Consistent Brand Identity

Customers should experience your brand cohesively across all channels. Omni-Channel CRM ensures a consistent brand identity, aligning messaging, imagery, and values.

Syncing Inventory and Product Information

Inventory Management keeps the product information in sync. It ensures that whether customers check stock levels online or in-store, they receive accurate, real-time data. No more disappointed customers due to out-of-stock items!

Implementing a Unified Customer Database

Omni-Channel CRM unifies customer data, storing it in a central database. This means that whether a customer makes a purchase online, over the phone, or in a store, the information is consistent and accessible across the organization.

Personalization and Targeting

Leveraging Customer Data for Personalized Experiences

This unified customer database allows retailers to craft personalized experiences. Imagine a customer receiving recommendations based on their past purchases and preferences. It’s like having a personal shopping assistant.

Utilizing Segmentation and Targeting Strategies

CRM allows segmentation based on various factors, from demographics to buying behavior. Targeted campaigns can then be created, ensuring your marketing efforts resonate with specific customer groups.

Offering Personalized Product Recommendations

Inventory Management, powered by CRM data, can suggest complementary products or alternatives when a desired item is out of stock. This enhances cross-selling opportunities and customer satisfaction.

Seamless Transition between Channels

Seamless Navigation Across Channels

Customers should transition between channels effortlessly. A product saved in the online cart should still be there when they visit the physical store. CRM ensures the customer’s journey is smooth, irrespective of the channel.

Consistent Design and User Experience

The visual and user experience should mirror your brand, whether customers are shopping on your website, mobile app, or walking through the store’s aisles. A cohesive design ensures customers feel at home across all channels.

Syncing Shopping Carts and Wishlists

Ever added items to your online shopping cart and wished you could access it in-store? Inventory Management makes that possible. It syncs shopping carts and wishlists across channels, making the transition seamless.

Implementing Technology Solutions

Adopting a Robust Omni-Channel Retail Software Platform

Central to this seamless experience is adopting a robust omni-channel retail software platform. This software acts as the conductor of the orchestra, ensuring that every part of the retail operation plays in harmony.

Utilizing CRM and Marketing Automation Tools

Omni-Channel CRM is powered by advanced tools and analytics. It’s not just about data collection; it’s about how you use that data. Marketing automation tools help tailor messages and campaigns for individual customers.

Integrating AI and Machine Learning for Predictive Analytics

The future of retail is predictive. AI and machine learning, fueled by customer data, can predict buying patterns, stock demand, and even customer preferences, helping retailers stay ahead of the curve.

Providing Comprehensive Training to Store Staff on Omni-Channel Strategies

Implementing omni-channel strategies isn’t just about technology; it’s about people too. Comprehensive training empowers store staff to provide exceptional customer service, bridging the gap between online and offline.

Tracking and Analyzing Key Performance Indicators (KPIs)

To ensure continuous improvement, retailers must track and analyze key performance indicators. From customer satisfaction scores to inventory turnover rates, these metrics provide insights for refining the omni-channel experience.

Continuously Optimizing the Omni-Channel Experience

The retail landscape evolves, and so should your omni-channel strategy. Continuous optimization based on customer feedback and data-driven insights keeps you at the forefront of retail innovation.

Enhancing the retail customer experience through omni-channel CRM and inventory management isn’t just a strategy; it’s a retail imperative. Understanding the customer journey, integrating channels, personalization, and seamless transitions all contribute to creating an experience that keeps customers coming back. Technology solutions, staff training, and performance tracking ensure that this journey is not a one-time adventure but a continuous elevation of retail performance.

Leverage the Power of Omni Channel Retail Software: Strategies for Seamless Customer Experiences

Posted on by Omprasad Devadiga

With the rise of technology, omni channel retail software has become an invaluable tool for retailers. This powerful software enables businesses to integrate their various sales channels such as online stores, physical stores, and mobile apps into a single unified platform. In today’s highly competitive retail landscape, delivering seamless customer experiences across multiple channels is crucial for business success. In this blog, let’s look at the strategies to leverage the power of omni channel retail software and enhance customer experiences.

Understand Your Customers’ Journey:

To provide seamless experiences, it is vital to understand your customers’ journey across different channels. Omni channel retail software allows you to gather and analyze data from various touchpoints, providing valuable insights into customer preferences and behaviour. Comprehending how customers interact with your brand allows you to personalize their experiences and tailor your marketing efforts accordingly.

Integrate Inventory Management:

One of the key advantages of omni channel retail software is the ability to synchronize inventory across all channels. This integration ensures accurate stock levels, preventing a customer from placing an order only to find out that the item is out of stock. With real-time inventory visibility, you can offer customers the possibility to buy online and pick up in-store or vice versa and endless aisle, improving convenience and reducing the chances of lost sales.

Provide Consistent Product Information:

Consistency in product information is essential for building trust and providing exceptional customer experiences. With omni-channel retail software, you can maintain a centralized product catalogue, ensuring that all channels display accurate and up-to-date information. Whether a customer is browsing your website, or mobile app, or visiting a physical store, they should have access to consistent details about your products, such as descriptions, pricing, and availability.

Enable Cross-Channel Communication:

Omni-channel retail software enables seamless communication between different channels, allowing customers to switch between them without disruption. For instance, a customer can start an interaction on your website and continue it through a live chat on your mobile app. This cross-channel communication ensures that customers receive consistent and timely support, enhancing their overall experience with your brand.

Personalize Customer Experiences:

Personalization is a powerful tool for creating memorable customer experiences. Omni-channel retail software can track customer preferences and purchase history, enabling you to offer personalized recommendations and promotions. By leveraging this data, you can tailor marketing campaigns to specific customer segments and deliver relevant content across all channels. Personalization enhances the customer experience, increases customer loyalty, and drives sales.

Implement a Unified Loyalty Program:

An effective loyalty program can significantly impact customer retention and engagement. With omni-channel retail software, you can implement a unified loyalty program that rewards customers regardless of the channel they choose to shop from. This integration allows customers to earn and redeem points seamlessly, encouraging repeat purchases and fostering brand loyalty.

Embrace Mobile Technology:

Mobile devices have become an essential part of customers’ shopping journeys. Omni-channel retail software provides mobile-friendly features such as mobile apps, mobile-responsive websites, and mobile payment options. By embracing mobile technology, you can engage customers on their preferred devices, offering a convenient and streamlined shopping experience.

Conclusion:

In today’s omni-channel retail landscape, leveraging the power of omni-channel retail software is vital for delivering seamless customer experiences. By understanding your customers’ journey, integrating inventory management, providing consistent product information, enabling cross-channel communication, personalizing customer experiences, implementing a unified loyalty program, and embracing mobile technology, you can create a cohesive and exceptional shopping experience that drives customer satisfaction, loyalty, and business growth.

Embrace the power of ETP omni-channel retail software and stay ahead in the competitive retail industry.

Unlocking the Benefits of Personalization in Omni-channel Retailing

Posted on by Omprasad Devadiga

In today’s highly competitive retail landscape, staying ahead of the curve requires embracing the power of personalization. As customers increasingly expect tailored experiences, omni-channel retailing presents a valuable opportunity to engage and retain them. Retailers can provide a unified and personalized shopping journey by integrating multiple channels seamlessly. In this blog, we explore the numerous benefits that personalization brings to the table in the context of Omni-channel Retailing.

Enhanced Customer Experience

Personalization lies at the heart of delivering exceptional customer experiences in omni-channel retailing. By leveraging customer data such as buyer preferences, purchase history, and browsing behaviour, retailers can customize interactions across various touchpoints. Whether targeted product recommendations, personalized offers, or tailored content, customers feel valued and understood. This fosters loyalty and drives repeat sales.

Increased Customer Engagement

In the vast sea of marketing messages, personalized experiences stand out. Through omni-channel personalization, retailers can craft highly relevant and timely communications that capture customers’ attention and resonate with their needs. By connecting with customers deeper, retailers can boost engagement metrics, such as click-through rates, conversion rates, and social media interactions, leading to more increased sales and brand advocacy.

Seamless Channel Integration

Omni-channel retailing breaks down the barriers between online and offline channels, providing customers with a seamless shopping experience. Personalization plays a pivotal role in ensuring this integration remains smooth and consistent. By tracking customer interactions across channels, retailers can deliver contextually relevant experiences such as personalized recommendations, payment method, or order fulfilment option based on previous in-store purchases. This channel synergy enhances convenience, reduces friction, and strengthens brand perception.

Improved Customer Retention

Personalization has the power to transform one-time customers into loyal brand advocates. By understanding customers’ preferences and purchase patterns, retailers can anticipate their needs, proactively offering tailored recommendations and incentives. Retailers can foster stronger connections through personalized loyalty programs and exclusive perks, driving customer retention and reducing churn rates. Satisfied, loyal customers are likelier to promote the brand through word-of-mouth, referrals, and positive online reviews.

Efficient Marketing Spend

In traditional retail, mass marketing campaigns targeting a broad audience often result in wasted resources. Personalization in omni-channel retailing allows retailers to optimize their marketing spend by focusing on high-value customers. By analyzing customer data, retailers can identify segments with the highest potential for conversion and allocate marketing resources accordingly. This targeted approach ensures that marketing efforts reach the right audience, maximizing return on investment and minimizing waste.

Data-Driven Insights

Personalization in Omni-channel Retailing generates a wealth of valuable data. Retailers gain insights into customer behavior, preferences, and trends by analysing their interactions across channels. These data-driven insights provide a competitive advantage enabling retailers to make informed business decisions. From product assortment planning to inventory management and pricing strategies, personalization-driven data empowers retailers to optimize operations and stay ahead of market trends.

As the retail landscape continues to evolve, personalization remains a powerful tool for success in omni-channel retailing. It helps retailers to thrive in a highly competitive environment by enabling them to offer enhanced customer experiences, foster engagement, and drive customer loyalty. The seamless integration of channels, improved customer retention, optimized marketing spend, and data-driven insights further cement personalization as a strategic imperative for retailers. By embracing personalization in omni-channel retailing with ETP V5, ETP Group’s robust and outstanding retail software solution, retailers can create meaningful connections with customers, delivering tailored experiences that leave a lasting impact.

 

 

The Transformative Role of Retail Solutions in Powering Omni-channel Success

Posted on by Omprasad Devadiga

The retail industry has witnessed significant transformations throughout its history, and the rise of omni-channel retailing marks a turning point in how businesses engage with customers. In this article, we delve into the positive impact of the right retail solutions on omni-channel retailing, exploring its various aspects, enablers, and the future of store logistics operations and workforce management.

1. Grasping the Impact of Omni-channel Retailing

Retail has evolved through different eras, from traditional brick-and-mortar stores to the emergence of e-commerce and the current omni-channel landscape. The right retail solutions have enabled businesses to seamlessly navigate these transitions, leveraging technology to integrate online and offline channels, thereby providing a unified shopping experience.

The History of Retail (in the U.S.)

The defining change across each of these eras was the progression in the retail shopping experience. It was synonymous with how the consumer shopped – from shopping at mom and pop corner stores to mass merchants to shopping malls to buying online.

Omni-channel retailing has enhanced the shopping experience further by offering customers flexibility, convenience, and choice. With the right retail solutions, businesses can implement personalized promotions, loyalty management programs, and innovative order fulfilment techniques such as endless aisle that allow customers to access a broader range of products. Click & collect and ship-from-store options further bridge the gap between online and offline, catering to customers’ preferences for speedy and flexible fulfilment.

A technology-savvy consumer shopping journey today often involves

 

Additionally, the omni-channel shopping journey is defined by a diverse set of channel combinations for order fulfilment

Competitive Pricing – Retail software solutions such as omni-channel POS software empower businesses to optimize pricing strategies. With real-time data analysis, retailers can monitor market trends, competitor pricing, and customer behaviour to ensure competitive pricing that attracts and retains customers across all channels.

Differentiating Service – Omni-channel retailing goes beyond transactions; it focuses on building lasting customer relationships. The right retail store software solutions enable businesses to offer personalized services and tailored recommendations, ensuring a superior shopping experience that differentiates them from their competitors. By leveraging data analytics, retailers gain insights into customer preferences and behaviour, enabling targeted marketing efforts and personalized interactions.

2. Understanding the Enablers for Omni-channel Retail

Retail Showrooming – New-age digital transformation solutions facilitate the concept of showrooming, where customers visit physical stores to experience products before making purchases. By integrating digital tools such as interactive displays and mobile applications, retailers can provide in-depth product information, customer reviews, and seamless online ordering options. This showrooming experience becomes an essential touchpoint for customers’ purchase journeys.

Stores as Fulfilment Centres and Distribution Hubs
Omni-channel retail solutions enable the utilization of physical stores as fulfilment centres and distribution hubs. With real-time inventory visibility and order management systems, businesses can efficiently fulfil online orders from the nearest store location, minimizing delivery times and costs. This approach optimizes inventory utilization while providing customers with faster and more convenient order fulfilment.

3. Powering the Next-Generation Intelligent Store

Retail technology solutions play a pivotal role in transforming stores into intelligent spaces that provide enhanced customer experiences. With the integration of IoT devices, artificial intelligence, and data analytics, businesses can gather valuable insights about customer behaviour, store performance, and inventory management. This information enables retailers to deliver personalized experiences, optimize product placements, and offer real-time inventory availability, fostering engagement and driving sales.

4. Store Logistics Operations of the Future

  • Inventory Receiving and Unloading
    Inventory management solutions streamline stocking processes, ensuring efficient receiving and unloading of goods. By employing barcode scanning and automated inventory tracking, businesses can accurately and quickly update inventory levels, reducing human errors and enhancing operational efficiency.
  • Reverse Inventory Logistics
    Efficient management of reverse logistics, including returns, repairs, and recovery, is crucial for customer satisfaction and cost optimization. Retail POS solutions that can handle easy returns facilitate streamlined processes, enabling businesses to track returns, initiate repairs, and manage recovered inventory effectively, minimizing losses and improving overall customer experience.
  • Inventory Put-Away and Storage
    Competent stock management solutions optimize inventory put-away and storage, leveraging automation and intelligent algorithms to determine the most efficient locations for products. This reduces the time taken to locate items and enhances inventory accuracy, leading to improved order fulfilment and customer satisfaction.
  • In-Store Picking, Packaging, and Shipping
    In-store inventory management solutions enable smooth in-store picking, packaging, and shipping processes. By leveraging order management systems, businesses can efficiently allocate staff, manage picking routes, and ensure accurate packaging. This reduces order fulfilment time and enables faster shipping, meeting customers’ expectations for timely delivery.
  • Automation and Robotics
    The future of store logistics operations lies in automation and robotics. Unified retail software solutions facilitate the integration of automation technologies, such as robotic picking systems and autonomous delivery robots. These innovations increase operational efficiency, reduce costs, and enhance the speed and accuracy of order fulfilment processes.

5. Leveraging the Latest Generation of Workforce Management

  • Planning – Cutting-edge retail software solutions provide advanced workforce management tools that help businesses accurately forecast staffing needs based on historical data, sales trends, and seasonality. This enables efficient workforce planning and ensures the right number of employees are available to meet customer demands.
  • Optimized Scheduling – With the right retail solutions, businesses can create optimized schedules that consider employee availability, skills, and workload requirements. By automating scheduling processes, retailers can improve productivity, minimize staffing gaps, and ensure a better work-life balance for employees.

As retailers adapt to evolving customer expectations and market dynamics, the implementation of the right retail solutions becomes essential for sustainable growth, increased profitability, and superior customer experiences.

3 Important Tips for Retail Business Success in 2019

Posted on by admin

Etp-blog-3-important-tips-for-retail-business-success-in-2019
The New Year is almost here and retail businesses must look forward to getting it spot on, right from the word go. It is therefore important for retailers to rely on learnings from the past while strategizing for success in the new year. So let’s look at 3 important factors that will help retailers get it right in retail in 2019.

  • Striving for Seamless integration across the business: It is now or never for retailers, where ‘unified commerce’ is concerned. Shoppers are increasingly demanding seamless experiences across channels. Operating in silos will surely spell doom for retail businesses. On the other hand, integrating channels and business processes will provide dual benefits – single version of the truth, seamless flow of information. Data is key to delivering outstanding experiences to customer. Having the right information related to product and inventory across channels, and having a thorough knowledge of the customer while ensuring that multiple channels are well integrated in the business system will enable retail brands to deliver exceptional retail experiences to their customers.
  • Focusing on Lifetime value rather than transaction value: Retail brands should stop focusing on the value of the transaction, rather they should look at how much value a customer brings to the retail business throughout their lifetime. This approach will provide a more holistic insight while managing customer relationships. While using on a transaction value based approach will help retailers to increase the value of a single transaction, focusing on the lifetime value will allow retailers to design strategies that will be enable them to extract more value of the customer. Further, this approach will aid in customer retention and cementing brand loyalty while ensuring repeat business and creating brand advocates.
  • Staying abreast with technology advancements that could disrupt: Every new technology that made its headway into the retail industry has led to the disruption of the business, primarily in 2 ways; i) consumers adopted technology faster leading to changes in their shopping behavior and shopping journeys, ii) businesses who were early adopters used technology to enhance their processes and operations which made traditional methods obsolete. Some of the biggest game changers in recent times have been e-commerce, mobile commerce, omni-channel, virtual reality (VR) & augmented reality (AR), Internet of things (IoT), and Artificial Intelligence (AI) being the latest entrant. It is necessary for retail owners to equip their business with the right retail technology for futureproofing their investments.

Gearing up with the right attitude while aiming to work towards making their business better using the above tips will allow retailers to have a Happy New Year 2019.