We’re living in changing times for retail. To help our customers navigate the omnichannel journey, we diagnose the challenges you face, develop a strategy which is right for you and we are very focused on delivery. We’re living in changing times for retail and the change is set to continue. It’s now or never!
We’re living in changing times for retail and the change is set to continue. The omnichannel revolution which is taking place creates a mandate for organisational change like never before. Be bold, invest and reap the reward. Stand still at your peril. Some things we look at in our workshops:
- Long term business strategy and market trends: channel objectives, systems, people impact
- Omnichannel objectives and future customer requirements: managing the store, multi-channeling, key functionality and future proofing of front and back end systems
- Financial analysis and planning: cost of change, adapt or change, making it work
- Current and future pricing strategies – dynamic pricing: agility and scaleability, optimization, discounting vs. loyalty
- Going international: omnichannel as a route to international growth, the digital network with a store, optimizing supply chain at customer touch points
- Cloud or service hosting: IT network management requirements, availability and accessibility, capacity and security
Getting the metrics right – a successful global e-tailer case study
There’s no point in having a great strategy without a great set of metrics. Mobile, social, technology and logistics are key themes in delivering above market performance:
It’s critically important to get mobile right. Fast mobile checkout is crucial, offering a great customer experience. What type of metrics are they looking at? According to a Forrester study, "56% of consumers have used their mobile device to research products at home with 38% having used their mobile device to check inventory availability while on their way to a store and 34% who have used their mobile device to research products while in a store." (Forrester)
Social is key to engaging the your target audience across channels, using emotionally-engaging content and experiences. According to research conducted by Zendesk, "87% of customers think brands need to put more effort into providing a seamless experience" (Zandesk) across all its channels. Engaging with your customer by embracing click-and-shop in social media is crucial for their experience as almost "90% of customers expect consistent interactions across channels" (SDL) and "omnichannel shoppers have a 30% higher lifetime value than those who shop using only one channel" (Google). And there is still room to grow in omnichannel. According to research by The CMO Council, "55% of companies have no cross-channel strategy in place" (The CMO Council).
Another key component is customer engagement - "companies with extremely strong omnichannel customer engagement retain on average 89% of their customers, compared to 33% for companies with weak omnichannel customer engagement" (Aberdeen Group). Loyalty programs, which offer a space where customers can track their order status and loyalty points, could be a great way of engaging not only new but mainly returning customers. According to Google, "Omnichannel shoppers have a 30% higher lifetime value than those who shop using only one channel" (Google). According to Aberdeen Group, "Companies with extremely strong omnichannel customer engagement see a 9.5% year-over-year increase in annual revenue, compared to 3.4% for weak omnichannel companies. Similarly, strong omnichannel companies see a 7.5% year-over-year decrease in cost per contact, compared to a 0.2% year-over-year decrease for weak companies." (Aberdeen Group). Also, only those who actually engage with the customers have really cracked the omnichannel approach. Cross channel customer service: social media, live chat, email and over the phone, 24/7 using languages that are local to customers, with local language speaking support is important - "64% of customers expect to receive real-time assistance regardless of the customer service channel they use" (Zendesk). Also "Over 35% of customers expect to be able to contact the same customer service representative on any channel" (Zendesk) as "89% of customers get frustrated having to repeat their issues to multiple representatives" (Accenture). Answering queries in a real time, regardless of the channel is key to great customer service in an omnichannel world.
Delivery and returns, and providing the best customer proposition, are crucial. According to Forrester, "50% of shoppers expect that they will be able to make a purchase online and pick up in-store" (Forrester). "28% of shoppers will abandon their shopping cart if presented with unexpected shipping costs" according to Visual Website Optimizer. The abandonment of the shopping basket is going to happen, but you can minimise it by establishing why your customers are doing so. Your delivery and returns policy needs to be fit to your omnichannel strategy. Give your customers a choice and watch that 28% shrink right before your eyes.
Invest in high performance, flexible technology. To your customers it all happens as if it's magic; they click, pay and it just appears. For this experience to be as easy as that, you need to be prepared. All your systems need to be in sync, front and back end, integration with your logistic partners, payments, data analysis. It all requires you to think forward, but like with everything in omninchannel, remember that the customer is always the focal point of everything. Whether you choose to buy a new system, commission someone to create a bespoke solution just for your company or outsource it, do it with your customer not at the back but at the front of your mind. After all "Businesses that adopt omnichannel strategies achieve 91% greater year-over-year customer retention rates compared to business that don’t" (Aspect Software).
All part of a digital dream? No, not at all – it’s all part of today’s digital retail innovation and tomorrow’s omnichannel reality.
Exorigo360 – tomorrow’s omnichannel – today’s reality.