RETAIL URGENCY ALERTHow Omnichannel Approaches Are Imperative to Brand Relevance

OMNICHANNEL RETAIL THRIVES OFF INSIGHTSRetail 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

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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%Physical store

56%Mobile Call center

56%

Social media52%

1 “Omnichannel Retailing 2013: The Quest for the Holy Grail,” Aberdeen Group33

UNLOCK QUICK INSIGHTS FOR OMNICHANNEL WINSThere’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

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OMNICHANNEL STRATEGY DEFINES RETAIL WINNERSWinning 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

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ENSURE BRAND PROMISES REGARDING INVENTORYRetention 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

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OMNICHANNEL IS NOWConsumers 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.

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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.

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