Converging Retail Channels
In just three short years, the Web will influence $1.8 trillion in retail sales, according to Forrester Research. It’s therefore imperative for retailers to maximize their online potential, and leverage it to enhance traditional store sales, thereby improving overall revenue. By converging the sales channels, retailers can improve inventory ordering, customer satisfaction as well as loyalty.
In the retail marketing world, omnichannel is one of the biggest trends.
GSI Commerce reports that 45% of consumers prefer shopping for clothing online. That number is likely to trend up, not down. Combined with Interactive Advertising Bureau’s finding that a whopping 80% of people shop through the smartphone, retailers, particularly those with traditional storefronts, must find a way to take advantage of e-commerce and m-commerce sales opportunities, while bringing brick and mortar advantages into the mix.
”Click and collect,” or “Buy online, pick up in store” is an example of how a mobile platform may bring a mobile shopper into the brick and mortar storefront. The mobile phone acts as a gateway; the shopper wants information quickly and in a focused manner; the site offers a way to get in and out of the store efficiently, yet with the benefit of trying it on and returning it on the spot if needed. Furthermore, accessory items are just a cash wrap away — a good way of extending the sale and meeting a customers’ needs simultaneously.
To meet the challenges of converging technology to provide a seamless buying experience, retailers are busy implementing business process integration solutions. Through BPI, a company synchronizes its purchasing channels by connecting disparate systems in real-time. A BPI solution will not only automate manual processes and streamline the communication between different systems and databases, but it also lowers operational costs and reduces dependence on proprietary interfaces.
In addition, process integration provides better insight into customer trends, reduces out-of-stocks (as well as over stocks) and increases customer satisfaction. And that leads to rising revenue, and even a boost in marketshare.
