Retail Omnichannel Urgency Alert!


Published on Omnichannel approaches are imperative to brand relevance. In this presentation you'll learn how smart retailers can use insights and data to determine engagement and supply chain strategies.

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Retail Omnichannel Urgency Alert!

  1. 1. RETAIL URGENCY ALERT How Omnichannel Approaches Are Imperative to Brand Relevance
  2. 2. OMNICHANNEL RETAIL THRIVES OFF INSIGHTS Retail consumers want it all – the same information, promotions, and product availability regardless of where and how they shop. Retail marketers must lead the charge in bringing the needed consistency across channels to reduce missed sales opportunities and grow revenue. Data insights and an omnichannel mind-set are key. With the right information, retail marketers can: • Deliver attractive offers that personalize content to a specific segment, profile, or even individual • Produce promotion plans that align with real-time consumer preferences, knowing the most effective channels for specific promotions • Elevate the brand and develop long-lasting, profitable consumer relationships 22
  3. 3. TOP CHANNELS FOR CONSUMER ENGAGEMENT Retailers must understand the primary channels driving retail consumer interactions. How do consumers move from channel to channel, and how do their needs change? With fewer barriers of entry for new businesses and many new channels for sales, consistent branding and information are critical. Retailers should monitor their top three channels for actionable insights daily. Top channels according to surveyed retailers:1 87% Online 70% Physicalstore 56% Mobile Callcenter 56% Socialmedia 52% 1 “Omnichannel Retailing 2013: The Quest for the Holy Grail,”Aberdeen Group 33
  4. 4. UNLOCK QUICK INSIGHTS FOR OMNICHANNEL WINS There’s no lack of information for retailers to receive transparent feedback on their products and services that can be used in real-time marketing efforts. Here are two quick ways to start gathering information for analysis: 1. Monitor top retail channels: • Select three to four channels to monitor • Assign select individuals to spend 10 to 15 minutes gathering information daily • Have weekly meetings to share insights for promotion and messaging campaigns 2. Conduct transactional surveys (at end of every purchase): • Keep them short, with no more than 12 questions • Distribute via links on receipts, in-person data capture, or online polls • Focus on questions to identify broken processes, quality-control issues, and key moments of need • Be prepared with follow-up with personalized programs for fixing consumer issues and rewarding feedback 4
  5. 5. OMNICHANNEL STRATEGY DEFINES RETAIL WINNERS Winning retailers have discovered the key to creating profitable, engaging experiences is aligning marketing efforts with consumer needs across the supply chain. Product fulfillment via preference channels and proactive inventory balancing between locations are clear strategic advantages for raising consumer satisfaction. Top omnichannel capabilities according to top-performing retailers:2 Sharing order-management information across channels Shipping online orders from the store Incorporating consumer insights into supply-chain plans 62% 54% 54% 2 “Omnichannel Retailing 2013: The Quest for the Holy Grail,”Aberdeen Group 5
  6. 6. ENSURE BRAND PROMISES REGARDING INVENTORY Retention rates and consumer satisfaction plummet when desired items are out of stock – especially when it happens in-store. Retail winners have reached a 98% on- time delivery rate with help from business intelligence (BI) solutions that consolidate incoming and pending order data. Marketers must consider shifting preferences and other gleaned insights when devising promotion calendars. Top supply-chain technologies for fostering enhanced experience, according to top-performing retailers:3 Inventory management module Distributed order-management systems 62% 54% 3 “Omnichannel Retailing 2013: The Quest for the Holy Grail,”Aberdeen Group 66
  7. 7. OMNICHANNEL IS NOW Consumers are not waiting for retailers to adopt the necessary processes for delivering compelling and contextually relevant experiences. With unlimited options, switching to a competitor that better meets their needs is easy. Retail marketers not only have the opportunity to improve their programs, but they can also inject meaningful improvements throughout the organization. The consumer experience involves sales, finance, customer service, and the supply chain. Retail winners are showing how specific BI or in-memory tools can unlock the insights needed to take the organization to the next level. 77
  8. 8. THE RETAIL REVOLUTION STARTS NOW. ARE YOU IN? Learn how to improve year-over-year consumer retention, response, and frequency rates with a holistic approach. WANT FREE TIPS AND CASE STUDIES ON HOW YOU CAN IMPROVE DEMAND SENSING AND BOOST YOUR PREDICTIVE POWER? DOWNLOAD FREE CONTENT