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Epic Guide to Omnichannel Marketing and Commerce

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Explore the unique and powerful world of omnichannel marketing and commerce. See how it impacts customer purchase journey, purchase frequency as well as lifetime value. Make the most out of your omnichannel marketing and commerce.

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Epic Guide to Omnichannel Marketing and Commerce

  1. 1. EPIC GUIDE TO ADVANCED OMNICHANNEL MARKETING AND COMMERCE Specialist@Orkiv.com Powered By Orkiv.com 401-300-4653 Learn the secrets to operating smoothly across channels, leveraging technology, and enhancing the customer experience.
  2. 2. Unique Qualifications As the Chief Executive at Orkiv, Alex has had a direct impact over a short, robust career working with retailers. Along with his partners, the Orkiv team has been able to help nearly 100 retailers throughout the USA and beyond. Alex has been a long-time entrepreneur and wanted to completely derail the way retail worked to make a model more efficient, smarter, and easier than anything out there. This led to the creation of world class retail software, which helps to align retailers online and offline worlds. Through delivering these solutions, Alex has acquired a vast amount of knowledge working with retailers to improve their operations from a technical grounds up. Let him guide you to retail success with the right people, processes, and technologies to make it happen. Specialist@Orkiv.com Powered By Orkiv.com 401-300-4653 Alex Senn About the Author Founder/CEO at Orkiv.com Say Hi @Senner10
  3. 3. CONTENTS Specialist@Orkiv.com Orkiv.com 401-300-4653 Status Check - What is my current omnichannel position? 4. What should my system handle? 8. How to fully leverage omnichannel technology for a sales boost 12. Closing the Gap - Online vs. Offline 16. Summary and Info23.
  4. 4. Status Check - What do you Have? Specialist@Orkiv.com Orkiv.com 401-300-4653 “Quality is not what you put into a product. It’s what the customer gets out of it” - Peter Drucker
  5. 5. A Need for Retail Change Classic retail systems are not utilizing technology to the fullest extent. Classic retail struggles to adapt and change with market trends and innovate through outside forces while understanding customers wants and needs. In order to compete you must take advantage of the massive leaps in retail technology. Orkiv automates essential components of the marketing and commerce funnel to supercharge customer acquisition and purchase frequency. Specialist@Orkiv.com Orkiv.com 401-300-4653
  6. 6. Causes of the Slowdown? In many cases the real reason for economic slowdown in any industry is a simple outpace of supply with decreasing demand. In this case the supply has gone up, but so hasn’t the demand. Retail continues to increase as a whole, especially in the eCommerce segment. The problem facing current retailers is how to best tackle the omnichannel aspects they need to. The chart mentioned shows this. When you facilitate an easy convergence of online technologies and your physical storefronts so they benefit each other, this is when the true pace of innovation speeds up. Specialist@Orkiv.com Orkiv.com 401-300-4653 Take Inventory What is your current system capable of? On the next page we look at a few basics, as well as the more advanced omnichannel capabilities. If you don’t meet most of these basics, it may be time to reconsider with something like Orkiv marketing and commerce. Only 45% of Retailers Cite Omnichannel as a Major Priority in 2015
  7. 7. Cover the Basics Here’s a few of the basics you should already have covered in order to have a well rounded omnichannel presence. Specialist@Orkiv.com Orkiv.com 401-300-4653 Online order, Pickup In-Store, Ship from Store etc. Automated order message updates for buyer and seller Automated smart recommendation using 6 data points Integrated loyalty and social intelligence marketing system Event based email/message triggering Shipping integration with 30+ vendors
  8. 8. 3 Things Your Omnichannel Should Be Able to Handle Specialist@Orkiv.com Orkiv.com 401-300-4653 “We are products of our own past, but we don’t need to be a prisoner of it” - Rick Warren
  9. 9. A) Effective Omnichannel Components More Time with Automated Workflows Combining essential components to facilitate a one-stop-shop for customers no matter where they come from ensures a seamless shopping experience. Interweaving this with intelligent commerce that knows the customer is how you keep them coming back. Smarter Website Conversion Omnichannel Everything Event Based Email Automation Social Conversion Location Relevant Targeting Interactive Buying Experience Less Pressure with Increased Purchase Frequency Happier Customers means More Loyalty Essential Marketing and Commerce Components within Orkiv Specialist@Orkiv.com Orkiv.com 401-300-4653
  10. 10. B) Integrating Made Easy A modern omnichannel commerce system should be able to handle nearly any software pieces you throw at it. From your POS to the beacons you plan to put around your stores, your omnichannel system needs to be able to connect and leverage those new technologies. Here’s a few things you may want to integrate with: Accounting Your Omnichannel Specialist@Orkiv.com Orkiv.com 401-300-4653 Marketing ERP Merchandising POS Customer Service When executing your omnichannel system within a larger organization it’s crucial to keep in mind the flexibility you will need to integrate on the fly. You have to balance multiple areas of the business, which will all rely on active communication with your omnichannel commerce system. This will be a whole lot easier when you can integrate with a few lines of code. When running smoothly, you can use all the information to make smarter business decisions.
  11. 11. C) Innovation on Demand A true test of a good omnichannel system will be it’s ability to experiment and test rapidly. This will allow you to try new things, seeing what works and what does not. Such things as price points, automatic demand generation, intelligent product recommendations and email automation are great to test. Here’s some experiments you can try: Specialist@Orkiv.com Orkiv.com 401-300-4653 1 Smart Pricing When you shop Jet, Amazon, Airbnb or Uber you are buying through an algorithm that adjusts prices based on demand. 2 Advanced Marketing Beyond just the simple tactics with messaging and pricing, test the ability of marketing your products through augmented reality or programmatic ads. 3 Marketplaces Test different marketplaces to see which sell your products best. Compare the results with A/B testing to identify and optimize for sales. 4 Social Hacks Have your system track mentions of a particular hashtag, reward customers based on how many people they refer. “Shoppers who purchase both in-store and online have 30% more lifetime value as compared to single channel shoppers”
  12. 12. How Do You Fully Leverage Omnichannel? Specialist@Orkiv.com Orkiv.com 401-300-4653 “One way to get the most out of life is to look upon it as an adventure” - William Feather
  13. 13. Automated Omnichannel Specialist@Orkiv.com Orkiv.com 401-300-4653 Omnichannel is a way of business, it’s an opportunity to present the best possible experience to your customers. If done correctly, you can certainly improve your bottom line sales. One of the most important aspects to get right is full automation of the way the system is bringing in customers. To demonstrate, see the components below which describe a marketing funnel and how automated systems embedded within make your life easier. Lead Customer Traffic To Your Site Evangelist Hack #1 Utilize sponsored social posting to limit the amount of time spent creating, while maximizing the targeted reach. Do as much as possible to have customers create your content. Hack #2 Use email automation and smart event flows to target people and convert at the time they take action. Utilize your omnichannel system to source the right products to provide this customer. Hack #3 Recommend the products related to a recent purchase in order to increase average order value. Send these products at relevant times during, middle and after the transaction. Hack #4 Grab the opportunity to turn one customer into multiple customers with an automated referral system. Award points or benefits to people as they share with their social networks. This is well worth the investment as it’s your marketing on autopilot.
  14. 14. Convert - Smarter Omnichannel ❖ Online product selection adapts to prior customer interactions/purchases ❖ Customers events trigger smart messages with relevant products/sales etc. ❖ Referral program increases customer base automatically ❖ Easier workflows and fulfillment throughout the entire process In order to give customers freedom to shop (and buy) wherever they please, your people should have the freedom to create the right environment to make it happen in. Using a smart commerce system increases purchase frequency, and average order value. Something like Epic Commerce provides a smooth transition from buying to receiving product. Using a smart system you can connect with the customer throughout their entire journey, and continue the whole process until the next journey starts. Specialist@Orkiv.com Orkiv.com 401-300-4653
  15. 15. A Note About Subscriptions One of the best ways to ensure you are getting the most out of your overall commerce business is to integrate a recurring model one way or another. It can vary widely from what that might be but here are a few examples. Specialist@Orkiv.com Orkiv.com 401-300-4653 Toys Socks Dog Food Make it Work The subscription model works by getting customers to sign up for a recurring shipment of your goods. Your offer can vary widely between a random assortment within one product vertical, or tailored goods depending on the customer's preferences. At the end of the day, the customer is paying for this monthly or quarterly shipment of goods which you have described. This ensures consistent cash flows and offers a great way to keep existing customers more loyal.
  16. 16. Closing the Online - Offline Gap Specialist@Orkiv.com Orkiv.com 401-300-4653 “Great things are done through a series of small things brought together” - Vincent Van Gogh
  17. 17. Connect It All Beyond the basics of omnichannel there are many ways you can really close the gap between online and offline. Perhaps one of the most important is to simply mention the other channel directly. On purchases, on your website, in the aisle, through your email, whatever it is mention the other channel. Make customers understand and feel natural buying from both your online and offline presence. Do these quick things in order to make customers more aware: Specialist@Orkiv.com Orkiv.com 401-300-4653 Simple Signage Your stores are a great place to make it abundantly clear you offer customers the convenience of online shopping, in-store pickup Drip Campaign After making an online purchase, or delivering their email at checkout, reach out to them 4-5 times to show and alert customers of the benefits of online/in-store ordering. Perhaps suggest products along the way. On Receipts Your customers usually look at the receipt, online or offline. Make their day by announcing the new/existing benefits they receive buying through one of your other channels. Offer a special code to first time users and see what happens. Checkout During your checkout process, in online and offline cases, you will be able to announce and even suggest trying an alternative form of buying. If online, add an extra button or highlight “pickup in store.”
  18. 18. Tools For Online-Offline Interaction Specialist@Orkiv.com Orkiv.com 401-300-4653 C) Augmented Reality While it may seem futuristic, we have already begun implementing it. Augmented reality puts a digital layer over real-life objects. In this case, your mobile app could pick up on special 3D coupons outside your storefront. It’s a truly unique interaction that is poised for growth. B) Beacons Beacons are the preferred choice of hyperlocal communication with customers coming nearby. They are easy to deploy and can interact directly with someone as they are walking by your storefront. Beacons use bluetooth, but they can be placed around your store to increase sales as customers walk by a particular item. A) Geolocation/IP For a longer range approach to online-offline marketing try using geolocation and IP detection. This will work across mobile/web devices to alert someone when they are within a certain radius. In the case of Proximo, this lets you target and make an offer all via geolocation/IP targeting. Apply this technology to make it easier for customers to purchase while in the store, as well as online where they can then come in to grab the product. This channel uses an “Uber” style infrastructure using the phone as the only source of payment. An example of this is in the Nike stores, as well as Apple stores. D) Frictionless Checkout
  19. 19. A) Geolocation/IP Specialist@Orkiv.com Orkiv.com 401-300-4653 Range: No Limit Cost: Small Accuracy: 50%-80% Tech Level: Beginner Advantages: ● Great for longer-distance targeting ● Minimal user requirements ● Very limited infrastructure needed ● Utilizes two forms of gathering location (GPS, IP Ping) This form of targeting is very effective when you need to reach out to new or existing customers who are within a few miles range. It can be used via both web and mobile, and is super versatile in it’s ability to target. The great thing about it is there is no limit in the range you can target. So you could target from 500 meters to 500 miles. Disadvantages: ● Lower accuracy with IP ● Users opt-out of sharing location ~12% of the time
  20. 20. B) Beacons Specialist@Orkiv.com Orkiv.com 401-300-4653 Range: ~0.5M-60M Cost: Medium Accuracy: 70%-90% Tech Level: Intermediate Advantages: ● Always-On targeting ● Accurate short-term targeting ● Deliver interactive buying experiences ● Real-time product suggestions Beacons have great advantages in that they are hyperlocal, always on and always looking for “attention” since they put out a signal hoping to connect. If opted into, the beacon can send push notifications of a store offer, or even a product offer on the shelf. They range in how well they target based on the level of energy the beacon puts out. Depending on this, beacons can cost anywhere from $10-$33 per. Disadvantages: ● Low range capability ● Requires initial investment to buy beacons ● Maintenance
  21. 21. C) Augmented Reality Specialist@Orkiv.com Orkiv.com 401-300-4653 Range: 1M-200M Cost: Small Accuracy: 90% Tech Level: Advanced Advantages: ● Augmented world ● 3D, life-like shopping experience ● Most differentiated ● Digital imagery Augmented reality, while not technically a location based tool, combines the best of online and offline through a digital world. Augmented reality presents a unique and powerful way for retailers to bring offers, digital clothes trying, and virtual shopping into their overall customer experience. Combine it with clever illustrations and life-like offers to captivate and convert. Disadvantages: ● Hard to produce ● Limited market adoption
  22. 22. D) Frictionless Payment Specialist@Orkiv.com Orkiv.com 401-300-4653 Range: 10M Cost: Small Accuracy: 100% Tech Level: Intermediate Advantages: ● Less staff cost ● More purchases ● Directly connected to multiple payment methods It’s role is to make paying for goods so efficient your customers don’t even notice. While payments has come a long way, it’s clunky, slow, and often leads to excessive wait times still. Frictionless payments provides a way for customers to assemble products in their cart and simply swipe their fingerprint for payment is to get back to their lives. It has enormous potential in the right use cases. Disadvantages: ● Adoption ● Security ● Integration
  23. 23. Summary and Information Specialist@Orkiv.com Orkiv.com 401-300-4653 “Surrender to what is. Let go of what was. Have faith is what will be.” - Sonia Ricotti
  24. 24. Tips to Get Started Specialist@Orkiv.com Orkiv.com 401-300-4653 There’s been quite a few new ideas and methods to utilize omnichannel thrown in here. In this case it can seem overwhelming to take it all on at once. With our clients if they are not ready to combine several services for a complete omnichannel operation, we usually start with one aspect and test from there. The key to a good omnichannel system is that it adapts quickly and on demand. The First Three Here’s a few of the best ways to begin advancing your own omnichannel efforts. Event: 24 Hours After Web Visit #1 - Send an Event Based Email to Navigate In Store Good Email Open Rate Range 25%-45% Good ClickThrough Rate 7%-18%
  25. 25. Getting Started Specialist@Orkiv.com Orkiv.com 401-300-4653 #3 - Migrate to Smarter Commerce 86% of Consumers Will Buy Online & Pickup In Store to Save Money 79% of Consumers Will Buy Additional Merchandise While Picking Up an Order #2 - Target Customers Based on Relevant Local Products 40% of Purchases Involve More than one Channel 89% of customers were retained from retailers with the strongest omnichannel presence
  26. 26. We’re Here to Help Specialist@Orkiv.com Orkiv.com 401-300-4653 With the information provided here, the only goal, and only way it will be of any use is if it makes a difference to you. Many of the things mentioned here while advanced were not explored as fully as they certainly should be. If you find you may have questions or want to hear more about something in particular please don’t hesitate to reach out to myself or one of our specialists. Your omnichannel journey deserves the right guidance, platforms, and direction, let us help you out on that. Omnichannel Platforms to Make Your Marketing and Commerce Epic Epic Commerce: A Smarter Omnichannel Inventory System Sapphire: a simpler website content management and maintenance platform Proximo: the easiest way to find and convert customers near your stores

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