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These are the four cornerstones of omnichannel retail success
Corey Gale, Omnichannel Strategy Director, and Michael Colpitts, Vice President of Software Development took to the stage at Oracle Retail Cross Talk 2022 to discuss retailer challenges and how new innovations in Oracle Retail omnichannel solution are helping them adapt to the changing environment. We have listed some of the key takeaways that were taken from the session.
Today’s Retailers Face
The team discussed how retailers struggle to keep up with industry changes while meeting customer expectations and building customer loyalty. These challenges may be familiar to you in your business line.
- I am struggling to meet the constantly changing expectations of my customers.
- I’m not able to attract and keep the best talent needed to deliver my brand experience in-store.
- I don’t have the omnichannel capabilities I need.
Store inventory operations
- My store associates aren’t confident in the inventory.
- I want my store to be an integral part of my omnichannel fulfillment.
- It doesn’t suffice to have the item in my possession; I must also know where it is located.
- There are many customer records scattered throughout the company. I need one view of all my customers.
- I know that 20% of our sales comes from 20% of our customers. They are too mysterious for me to comprehend.
- Customers interact with us through multiple channels and touchpoints. They expect to be rewarded for their loyalty.
- My current OMS has a negative impact on our ability to serve the customer.
- I’m not using my inventory efficiently.
- Our margins are being eroded by our fulfillment costs.
Ready to face these challenges head-on.
1. Experience: Turn browsers into buyers by providing a consistent, relevant, and memorable experience that builds customer loyalty.
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It’s not enough to deliver a white-glove customer experience. It’s important to create sticky loyalty and power relationships with customers. It is important to think about the customer and associate experience. Many retailers have problems staffing their stores and finding the right talent to hire. Giving store associates the latest technology that allows them to see inventory gives them the ability to inspire confidence in customers by providing a great customer experience. Customer loyalty is enhanced when associate satisfaction leads to better customer engagement.
2. Digitization: Digitalize the line between physical and digital experiences in order to create a consistent brand.
You can take advantage of today’s digital technology in-store to create a more engaging and fluid shopping experience. Consumers see their interaction with brands as a relationship, and not with channels. The overall experience is a must-have as we continue to see blurring between digital and physical retail. While consumers have come to expect personalization through digital channels, personalization in brick-and-mortar settings is becoming more common. While ecommerce traffic increased across the board in the aftermath of the pandemics, retailers should have curbside pickup or BOPIS to satisfy customers’ expectations.
3. Journeys: Deliver what the customer wants, when she wants it, where it is, and how it is delivered.
You can use one customer journey to fund the next. Customer journeys should not be funded by the company. You should be able use the ROI of the first journey to fund the next. This approach builds trust with customers and the company.
It is nearly impossible to combine legacy systems in a way that meets customer expectations. This can lead to poor experiences and low retention. To determine where technology and process changes can have a significant impact on their business, retailers can conduct an Omnichannel Maturity Assessment. Some investments provide quick ROI and allow for you to pay for the next project. It is important to choose a platform that grows and contracts with your business, and allows you to create new service models.
4. Operation: Predict consumer demand, improve sales, cut costs, optimize inventory, and drive flawless execution of Omnichannel Orders with real-time inventory visibility.
The store’s role is constantly changing. Retail businesses must adapt to ensure their success. This includes making it easier for customers to shop in popup shops, remotely selling or just completing transactions while they consult with shoppers in the store aisles. Retailers can choose the best solution for their business by using a flexible solution.