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Omnichannel Checklist

Published by divya.chauhan1950, 2016-09-20 07:28:02

Description: Omnichannel Checklist


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Are You Using The RightRetail Technology ToMeet Today’s ShopperExpectations?A 10-Question Checklist To Focus Your Omnichannel IT PlanIntroduction The good news for retailers: Greater insight into customer behavior is available more now than everIt’s no secret that the shopper journey is becoming more before. The bad news: Unintegrated systems cancomplex. Smartphones and eCommerce sites have create difficulties for the right information to get into theempowered todays’ shoppers with multiple research and hands of those who need it most.purchasing options. Although shoppers are interactingwith brands via multiple channels, they continue to seek Luckily, shoppers aren’t the only ones using new toolsan uninterrupted and excellent experience, regardless of to assist their journey. Retailers also have access towhere that interaction occurs. new tools and dashboards that take a holistic approach to providing the right data at the right time to theThis has led to the evolution of more advanced IT right person. By creating a single point of access, datasolutions in retail. Just five years ago, retailers were becomes easier to manage, act upon and retailers gainfocused on more process-oriented challenges such as more flexibility in how they serve customers.inventory management. Now it’s all about improving thecustomer experience through omnichannel. The following checklist, sponsored by iVend Retail, will help you learn where to focus efforts.Yes No 1 Are product promotions and pricing accurate and consistent across all channels? It’s well documented that shoppers still prefer to shop the traditional way – in a brick- and-mortar store, but today’s buying journey features multiple stops along the way to the final sale. And customers will certainly notice any pricing discrepancies between the physical store and the online or mobile site. Retailers that do not maintain consistency across all channels are not meeting the demands of today’s shoppers. 42% of U.S. shoppers think retailers offer different prices online and in stores, and 52% find issues with in-store stock availability compared to e-Commerce channels.1 Page 1Are You Using the Right Retail Technology To Meet Today’s Shopper Expectations?

CHECKLISTYes No 2 Does store technology and current infrastructure meet theYes No data needs of all departments?Yes No Organizations that are unable to access a complete view of their business and its customers face increased difficulties in attempts to improve the shopper experience. Without the visibility to effectively identify pain points, retailers constantly struggle to identify where to focus marketing and merchandising efforts. Only 16% of businesses say that they are currently meeting all business and analysis needs for consumer experience via multi-channel.2 3 Is there a single source of information that contains the necessary insights to create engaging customer facing strategies? Many retailers have been focused on obtaining one-off, best-in-class solutions that address different business needs. This approach results in a complex environment comprised of solutions from a variety of vendors. Integration and upgrade challenges often prevent these organizations from moving forward with new strategies. On the contrary, a single, integrated system allows retailers to focus efforts on innovative strategies, because they are spending less time trying to ensure multiple systems are working together cohesively. It also provides an opportunity for more seamless upgrades as new business needs arise. 48% of retailers with between $250 million and $999 million in revenue say that their existing technology and infrastructure prevents them from moving forward with new solutions. 32% of retailers with revenue less than $250 million agree.3 4 Moving business intelligence applications to the cloud — would this decision improve our ability to find and act upon the right data at the right time? The cloud provides easier access to actionable intelligence and reduces the number of incremental investments that often are necessary to support infrastructure — both in-store and at HQ. 48% of retailers and restaurants that currently use the cloud are better able to leverage data to provide insights.4Page 2 Are You Using the Right Retail Technology To Meet Today’s Shopper Expectations?

CHECKLISTYes No 5 Are we currently using dashboards as single point of accessYes No to view data from multiple sources to draw actionableYes No inisghts (i.e., pricing data, sales metrics or customer loyalty data)? Dashboards designed specifically for retail can provide users with information that goes far beyond traditional metrics, such as contribution analysis. For example, a dashboard could deliver metrics that identify which products are selling more than others, profitability by store, or loss prevention statistics — all through a single point of access. 47% of retailers say that tools that can collate all the unstructured data they gather would help them overcome technical issues.5 6 Are our stores able to view an accurate snapshot of enterprise-wide inventory levels for any item across the supply chain? Nothing damages the customer experience quite like the inability to provide the right products at the right time, delivered via the shopper’s channel of choice. Increased visibility into inventory will save the sale — even if the store is out-of-stock. To avoid inventory mishaps, retailers must integrate all inventory processes, from the warehouse through checkout. A number of enabling technologies can make this process easier — from handheld tracking devices in the warehouse to integrated POS solutions that provide a single view of stock. Within 3 years, 91% of retailers will have real-time inventory information available at the POS.6 7 Does our current solution manage replenishment planning that allows business users to easily reallocate inventory from store to store, or store to home? An effective replenishment solution provides retailers with a view of existing stock within stores and distribution centers. Rather than purchasing additional inventory to restock stores, this type of solution allows users to reallocate stock as necessary. For example, if one store isn’t moving red dresses, while another can’t keep them in stock, the system can identify and resolve this issue in real-time. 94% of all distribution companies are looking to either enhance existing, or implement new dynamic and interactive warehouse processes.7 Page 3Are You Using the Right Retail Technology To Meet Today’s Shopper Expectations?

CHECKLISTYes No 8 Does our POS system provide customer information, such as customer loyalty data, purchase history or product recommendations that enable store associates to deliver a better shopping experience? Smart retailers want systems that include integrated customer and loyalty management. The right loyalty program rewards existing customers and entices them to make repeat purchases. With this information in hand, sales associates can provide the personalized experiences that create a more memorable and satisfying customer experience, and ultimately lead to more sales. 46% of retailers said that their legacy store POS was holding them back from providing a consistent customer experience across all channels.8Yes No 9 Have we enabled our store associates with mobile solutions, such as mPOS or mobile payments? Digital passbooks, or mobile wallets, allow retailers to distribute loyalty points or gift cards to customers. Many also offer the ability to complete payments from anywhere in the store. Mobile solutions enhance the customer experience by decreasing checkout times, with mobile POS, or providing relevant customer information to associates as they interact with shoppers. By 2018, 60% of omnichannel retailers will have launched customer mobile payment initiatives to enhance existing e-Commerce, loyalty and in-store mobile POS investments.9Yes No 10 Have we begun to explore location-based technologies such as beacons or geofencing? Location-based technologies offer a number of opportunities for retailers to enhance the customer experience. Geo-location solutions alert store staff that a high-value customer is nearby or in the store. Beacon technology can deliver targeted promotions or offers to shoppers at shelf-edge. In 2016, 85% of U.S. retail locations will be equipped with beacon technology.10Page 4 Are You Using the Right Retail Technology To Meet Today’s Shopper Expectations?

CHECKLISTConclusion Take a closer look at the issues addressed within the questions where you answered “No”. Perhaps increasingBy streamlining and integrating businesses processes efficiencies or creating new strategies could help youwherever possible, retailers can lessen the pain points improve the customer experience.of working with information from multiple source andfree up time to focus on what’s really important: Giving 10 Points: You seem well aware of the challenges thatshoppers the experience they demand. today’s omnichannel environment presents and have taken the necessary steps that ensure your brand staysIt’s time to find out how close your brand is to ahead of the curve. You can now focus on adding uniqueaccomplishing this goal. Give yourself one point for each and innovative strategies that will keep you movingquestion that you answered “Yes.” ahead of the competition.1-4 Points: It’s time to start examining the ways your Regardless of which bucket you landed in, it’s always abusiness could ease the pain points along the path to good idea to stay up to speed on the latest trends. Checkomnichannel excellence. By taking action now, you could out this video and visit the omnichannelensure a profitable future stocked with loyal customers. page to discover the tools you need to drive retail profit today.5-9 Points: You’re off to a good start and seem to havea handle on many of the issues in today’s marketplace.About iVend Retail Part of Citixsys worldwide, iVend is an innovator in retail technology and a recognized industry leader for CloudiVend delivers omnichannel retail management management and mobile retail. As well as providingsolutions for the way retailers work today, implementing traditional fixed till and back office server solutions wetechnology that is built to enable change, not just built to are experts in developing solutions for complex retaillast. – multi-format, multi-location, multi-channel and multi- sector retailers.We believe that retailers shouldn’t have to worry aboutmanaging hardware, software licenses, upgrades – theyjust need the tools to deliver great customer service.Sources1 Displaydata, Rethinking Retail Series: Reinventing The Store Shelf Edge In The Age Of Omni-Channel Shopping, rethinkingretail.pdf2 SAP, The Race For Omnichannel Excellence, Retail Systems Research, Commerce Convergence: Closing the Gap Between Online and In-Store, KPMG, Elevating Business In The Cloud, Retail Systems Research, Advanced Analytics: Retailers Fixate On The Customer, Boston Retail Partners, Real-time Retail — The New Retail Imperative,, The 2015 Loyalty Census, Aberdeen Group, Voice Technology Meets The Omnichannel Replenishment Challenge, Retail Systems Research, Commerce Convergence: Closing the Gap Between Online and In-Store, IDC Retail Insights, IDC FutureScape: Worldwide Retail Agenda 2015 Predictions, Business Insider, The Beacons Report, Page 5Are You Using the Right Retail Technology To Meet Today’s Shopper Expectations?

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