Tag Archives: Omni-Channel

The Struggle to Overcome Cross-Channel Commerce Challenges is Real

1WorldSync Omni-Channel Data Study: Charting Course for Global Commerce

A new data study commissioned by 1WorldSync highlighted some of the key challenges suppliers and retailers face when trying to achieve true cross-commerce capabilities.  The study surveyed 400 merchants and suppliers from Europe and the U.S. with more than $500 million in annual revenue, and uncovered key insights into the struggles that are faced in today’s omni-channel world.

As the global $1.9 trillion e-commerce landscape continues to expand, companies are facing difficulties successfully managing cross-channel commerce across continents, supply chains, and software systems, and are losing revenue as a result. Some even doubt the value of investing in these capabilities. In a key finding nearly half of global merchants and suppliers report having lost at least a million dollars in revenue to cross-channel commerce challenges.

The study sheds light on the apparent struggles both ends of the supply chain face in a fast paced market places where Artificial Intelligence, and online/mobile commerce emerge as top trends for consumers.

Merchants and Suppliers Face Significant Roadblocks in Navigating Cross-Channel Commerce

Key findings suggest that a majority of merchants and suppliers are not fully prepared to meet the varied demands of modern customers. Channel readiness is a significant struggle throughout the supply chain as e-commerce continues to evolve. Other data highlights include:

  • Future investment plans don’t address current e-commerce weakness: Forty-five percent of merchants and suppliers have lost more than $1 million in revenue due to cross-channel commerce challenges, and more than one in ten (13 percent) have lost more than $3 million.
  • Lack of content solutions hamper success: Half of merchants and suppliers do not use a third-party content provider, which hinders their ability to syndicate product content across channels and platforms.
  • Merchants lag when it comes to cross-channel commerce: Fifty-one percent of merchants cannot support mobile commerce, and 80 percent don’t integrate product information management across web, mobile, applications, and physical stores.

Market Leaders Show the Path Forward

While many merchants and suppliers surveyed struggle with different aspects of the retail experience, there are clear lessons to be learned from market leaders (defined as companies that complete 51 percent or more of sales online). For companies looking to learn from these market leaders and upgrade their e-commerce capabilities, top action items include:

  • Invest now in cross-channel capabilities: Sixty-five percent of market leaders have dedicated more than 30 percent of their commerce budget to digital and mobile commerce expansion in the last year. Today, 73 percent of merchant market leaders can fully execute mobile commerce, nearly 20 percent more than market laggards. Investments here help in the short and long term.
  • Engage with a third-party content provider: Eighty percent of market leaders use a third-party content provider, which is undoubtedly one reason this group reports greater visibility between trading partners.
  • Migrate to the cloud: Ninety-five percent of supplier market leaders use a cloud-based product information system, which simplifies the online sales process and enhances supply chain efficiency.

Blurred Lines & Blended Commerce – The Changing Face of Retail

“The shift in retail to the Internet is a huge change… every retail company is trying to manage the transition. It’s not well defined or understood and there’s no road map” said Simeon Gutman, a retailing analyst for Morgan Stanley (New York Times 2015).

Download a copy of our full data study here.

Digital Catalogs Drive Conversions

Are you at risk of losing share of the $23.4 trillion in worldwide e-commerce sales predicted for 2017? (Source: eMarketer)  

Today’s buyers and modern-day voyagers are tasked with navigating an ever-evolving e-commerce landscape. Companies are investigating newer and better strategies to meet the evolving demands of partners and consumers.

There’s huge opportunity for merchants and suppliers to use the digital channel to reach shoppers in a new way.

  • Have you ever wanted to send over your seasonal product collection to your buyers?
  • Would a mobile-friendly catalog with information enable your business to train your sales team more effectively?
  • Do you have the ability to give your smaller retailers a place to get your latest, up-to-date product information?
  • Are you ready to go digital, sell everywhere and deliver content efficiently?

Enter the Sales Kit App!

The 1WorldSync Sales Kit App, part of our Product Information Cloud, is a digital catalog that provides businesses with the ability to render their own Digital Catalog(s). Sales Kit mobilizes product content and enables the easy creation of selling sheets, catalogs, slicks and other digital sales aids.

Leveraging your company’s product data that’s been loaded into the 1WorldSync Product Information Cloud Sales Kit enables:

  • Creation of a public or private online catalog with complete product details
  • Delivery of field selling sheets, spec sheets, product slicks and other digital sales aids to help drive global sales
  • Power and drive sales through eCommerce, global websites and other digital applications

Are you ready to go digital, sell everywhere and deliver content efficiently? Digital Catalogs clearly help drive online sales for large and small brands. To learn more about the 1WorldSync Sales Kit and our Omni-Channel solutions, visit here.

Shoptalk 2017 Recap

It was a great week at Shoptalk 2017.  Connected Commerce is the name of the game…companies are mobilizing behind mobile and beyond!  From sessions on how online is going offline to rising mobile commerce in China;  with major retail and brand speakers like eBay, Nordstrom, Walmart, Kimberly-Clark, Mondelez, Samsung, HSN, Apple, Lowe’s and on and on and on….the discussions were insightful and engaging.  Not to mention the appearance of the Bumby’s for fair and honest appraisals of attendee appearances.

So for our loyal 1WorldSync followers, let’s boil it down on a few key insights relative to product content.

  • Shoppers will start and end their purchase journey in different places.  It’s a fact.  Brands and retailers alike must make their cross-channel commerce capabilities and content in those channels consistent, authentic and engaging.
  • Omni = Om-need…one speaker coined a phrased that omni really means om-need.  As a brand, you need to have your product content available when the shopper wants it, needs it, and when they ask for it.  Is it a Dash button?  Store Display? Alexa? Challenges abound!
  • Content is global, distribution is local.  Content is not “one-size-fits-all;” yet, brand reputation, recognition and market position has to be consistent globally.  However, consumers around the world consume that information differently – it must be tailored for local markets.  Product content strategies are following global commerce strategies and no longer siloed within channels.
  • The “connectivity of things” means product content is traveling and traversing mediums in exponential fashion.  Voice search to physical outcome is not easy.  Natural processing language and search context are just the start of challenges (or opportunities) facing retailers and brands on the consumer path to purchase.

All this points to the fact that connected commerce is growing, changing, evolving, iterating, exploding and imploding…all at once. Product content in this environment must be trustworthy, authentic, consistent, relevant and timely.  Brands and retailers need partners to help them in this quest for delivering frictionless commerce.  The eco-system is growing, these global power houses are choosing trusted, experienced experts to help them on their journey!

 

Thank you Shoptalk for another great year of rewriting the commerce blueprint!

Omni-Channel Starter Kit for GS1 Member Organizations – The Launch

Digital Product Content is now as strategically important for any company as the product itself. It’s become key for brands and retailers to seamlessly connect all of their online and offline sales channels creating an “cross- commerce” shopping experience, requires clearing multiple hurdles before brands will find success. A cross-commerce shopping experience  is about the virtual world coming together with the physical world seamlessly so that the consumer or contractor’s experience is frictionless. Continue reading

Essential 2017 Omni-Channel Tips: How to Beat The Competition In The Digital Era

There is no denying it…2016 was a rough year for various brick and mortar retailers. The 2016 holiday season  wasn’t as merry as industry pundits anticipated, resulting in the following store closures:

  • Hancock Fabrics:  Filed chapter 11; all 255 stores    
  • The Limited: Filed chapter 11; all 250 stores
  • Office Depot/Office Max – Merged; closed 400 stores
  • Sears / Kmart:  Closed 142 stores (10% of its store base)
  • Sports Authority: Filed chapter 11; all 140 stores
  • Macys: Closed 100 stores
  • American Eagle: Closed 150 stores   

The ‘Amazon’ Effect Takes a Bite Out of Brick & Mortar

The root of their problems may lie with a company that isn’t even competing with them for customers at the mall: Amazon.com. Amazon has been poised for success in its pursuit of relentless innovation and a seamless blend of the warehouse processing efficiencies with the e-commerce shopping experience.  

It is estimated that Amazon makes up about 7% of the U.S. apparel market, and that figure is predicted to increase to 19% by 2020 (Barrons 2016). Moreover, the 2016 “State of Amazon” study revealed that Amazon is often involved in almost all online shopping activities (Consumer Goods Technology 2016). Approximately 9 in 10 consumers will check Amazon even if they find a product they want on another retailer’s website.

Blurred Lines & Blended Commerce – The Changing Face of Retail

Today’s consumers float freely from physical shopping to virtual experiences as traditional and modern shopping models unify  into blended commerce. Pure e-commerce retailers are evaluating retail store fronts, while traditional brick and mortar retailers are rapidly pursuing online and mobile commerce channels.

“The shift in retail to the Internet is a huge change… every retail company is trying to manage the transition. It’s not well defined or understood and there’s no road map” said Simeon Gutman, a retailing analyst for Morgan Stanley (New York Times 2015).

Given the consumer’s lofty expectations for an integrated cross-channel shopping experience, there is a steady race to remain relevant in a hyper-competitive retail environment.

While Amazon is expanding its physical presence, Walmart is strengthening its ecommerce strides (eMarketer 2017).

At the beginning of 2017, Amazon announced that it will open its newest brick-and-mortar bookstore in New York City. At the same time, Jet.com – a Walmart subsidiary – announced that they purchased online footwear retailer ShoeBuy.

Achieving Operational Excellence Between Brick And Click

Clearly, today’s world of commerce requires a multi-pronged approach. Trying to match the convenience of Amazon with an integrated supply chain with personalized and trusted product content is no easy feat.

A connected commerce approach supports a harmonious model in which transactional and product data work together to optimize the supply chain process.

1WorldSync and DiCentral have set out to explore how brick & mortar retailers can develop the operational backbone that supports e-commerce investments.

Download their joint whitepaper now  and discover how to:

  • Equip your organizations with strategies that set leading digital commerce business apart
  • Connect cloud-based B2B integration with product content aggregation and syndication;
  • Achieve streamlined end-to-end digital commerce in a cost-effective and scalable manner.

References

  1. “Amazon Could Be Largest U.S. Company by 2020.” Barrons. 2 June 2016, http://www.barrons.com/articles/amazon-could-be-largest-u-s-company-by-2020-1464866783
  2. “Amazon Set to Dominate 2016 Holiday Shopping”. Consumer Goods Technology. 27 September 2016. https://consumergoods.com/amazon-set-dominate-2016-holiday-shopping
  3. “Walmart Plays Catch-Up with Amazon.” New York Times, October 22, 2015. https://www.nytimes.com/2015/10/23/business/walmart-plays-catch-up-with-amazon.html?_r=0
  4. “Omnichannel 2017: Amazon and Walmart Make Moves”. EMarketer. 9 Jan 2017. https://www.emarketer.com/Article/Omnichannel-2017-Amazon-Walmart-Make-Moves/1015000

Love is in the Air for Trusted Product Content

Roses are red, violets are blue, we love trusted product content, and so should you! It’s that time of the year again to share the love, and this year, our love goes to connecting trusted product content everywhere!

Who Says Love Don’t Cost A Thing?

Whether you’re in the store, on your phone, or even in your home, product content is everywhere. With Valentine’s Day quickly approaching and flowers, sweets, and cards to distribute to that “special someone”, make sure your products bring convenience and accurate product content to your consumers.

In the 21st century, a consumer’s journey begins at the favorable option of a digital interface. In preparation for Valentine’s Day, people are relying on eCommerce sites to find all the items they need and how quickly they can get it.

Not only are they looking for accessibility, but more importantly they are expecting dependability. The National Retail Federation reports that U.S. consumer spending on gifts this year will drop approximately 8% from last year’s record-high of $19.7 billion (NRF, 2017).

How Retailers Show Consumers A Little Love

That being said, your products need to stand out in order to meet your sales expectations this year. Here are 3 ways to ensure that your site’s products outrank your competitors.

  • Offer bundle deals to maximize sales – According to Bing research, over 50 percent of Americans celebrate Valentine’s Day; though, the average money spent amongst most couples is $146 with expected declines to $136 this year (Goodwin, 2017). Bundle options that include flowers, cards, chocolate, and even those cute little bears will prove to be more successful in sales. When strategizing the types of offers on your sites, be sure to keep in mind these consumer standards.
  • Ensure your products show up as good as they look on screen – Chances are, people aren’t going to be spending too much time bouncing from site to site to get what they need. That doesn’t mean that your products should disappoint. For many online flower companies, Valentine’s Day is one of the highest revenue earning days of the year. However, year after year, people are frequently disappointed in the presentation they receive. What they thought was portrayed online, often shows up dead or wilted. Talk about killing the mood… To avoid consumer dissatisfaction and the risk of future consumer neglect, be sure to offer accurate representation and information about your products. After all, ratings and reviews mean everything! 88% of consumers trust online reviews as much as a personal recommendation (BrightLocal, 2014).
  • Invest in search engine optimization strategies – Of the 50% of Americans that celebrate Valentine’s Day, 28% of their shopping happens online (Goodwin, 2017). Some of the top searched keywords from 2016 accessed through mobile and desktop included jewelry, Valentine’s day, Etsy, and flowers. Optimize search campaigns that include some of these typical searched terms but also invest in others such as last-minute gifts or handmade presents for those searching for specific items to buy for their significant others.

Marrying Brand Loyalty with Trusted, Authentic Product Content

Whether or not your company is planning on utilizing Valentine’s Day to boost sales this year, adapting these 3 techniques are essential to consumer satisfaction and experience. Brands must ensure that they’re distributing trusted and accurate product content if they want brand loyalty.

Word to the wise, dependability on product content is not going anywhere anytime soon. In fact, suppliers, retailers, and even consumers are demanding more detailed and accurate content on eCommerce sites than ever before.

At 1WorldSync, we strive to offer brands our services to share authentic, trusted content with customers and consumers, empowering them to make the right choices, purchases, health and lifestyle decisions. Seize this unique opportunity, play cupid with your consumers and stay ahead of the curve!

Happy Valentine’s Day from 1WorldSync!

 

References

  1. “Valentine’s Day.” National Retail Federation. Web. 10 Feb. 2017.
  2. Goodwin, Danny. “14 Irresistible Valentine’s Day Search Stats From Bing.” Search Engine Journal. Search Engine Journal, 13 Jan. 2017. Web. 10 Feb. 2017.
  3. “Local Consumer Review Survey 2014.” BrightLocal. Web. 10 Feb. 2017.

Still Struggling with the Complexities of Omni-Channel Retailing?

Blame it on the growing millennial generation’s one click mentality but instant gratification is shaping the future of retail.  Whether a baby boomer, generation Xer or millennial, in today’s world, consumers generally rely on e-commerce sites or apps to search for products, access information about those products and make purchases – when they want and how they want.  And retailers and manufacturers have listened to the omni-channel call and have acknowledged that in this multichannel age, consumers expect that the way they shop in store and online be the same.  In fact, with tech-savvy consumers demanding seamless shopping experiences across all channels, some 62% of retailers have responded by introducing Omni-Channel services, according to a survey by JDA Software Group.

Yet why are so few retailers doing it well?  Certainly, the benefits are extraordinary – companies with omnichannel customer engagement strategies retain on average 89% of their customers, compared to 33% for companies with weak omnichannel customer engagement. (Aberdeen Group).  Some experts argue retailers are making strategic errors across phases of their omnichannel initiatives. Why is this so challenging? It’s not for lack of trying, as we see many companies are making the investment.   But the “how-to” on developing that seamless experience between brick-and-mortar, mobile and e-com – is the big knowledge gap.

Embrace the Consumer

Omnichannel efforts must be designed around the user, allowing them to move easily from one channel to the next.  Consumers of course, don’t consider them different channels, and frankly they don’t care.

Embrace a Unified Experience:

Provide customers with personalized recommendations across all your channels. Give your consumers a seamless experience and feelings on every channel. Take for example apparel/lifestyle brand, Vineyard Vines.  At last month’s Salesforce DreamForce event, they spoke about the importance of integrating dynamic ecommerce capabilities across all channels and devices.  Encompassing the catalog, website and store, they are connecting their brand to their customer in one seamless experience.

Embrace Predictive Commerce:

Predictive models and analytics can help businesses determine the intent of their customers and are valuable to track user behavior.  Done well, they enable online retailers to target consumers on the basis of their behaviors. Then retailers are in a great position to offer complementary and/or alternative products, search options, and brands, send targeted product promotions even when a shopper is offline.  The added bonus for retailers is that they’re able to keep visitors on their site longer to help prompt purchases.

Embrace Technology

Several technology trends — the proliferation of cloud services, easier integration through application programming interfaces (APIs) and big data and real-time analytics, among others — are enabling big retailers to converge the business, employee and customer processes of those physical and virtual stores in increasingly sophisticated and comprehensive ways.

This is where the 1WorldSync Omni-Channel solutions helps brands achieve success by providing access to authentic and trusted information helping businesses organize for cross channel sales growth by making their products digital, discoverable and highly shoppable. Request a consultation today and take the first step in overcoming the complexities of Omni-Channel retailing.

It’s The Holiday Season for Omni-Channel Retail

We know it’s only October, but believe it or not, a survey by CreditCard.com says that 1 percent of Americans, or 34 million Santas, say they are done with their shopping. Already. Before the first week of October.  Whether these folks are looking for bargains or are just hyper-organized, experts say those who had their Christmas shopping wrapped up before fall officially arrived likely made their purchases online.  

What about the remaining 99%?  They’ll be shopping, too. On Tuesday, Oct. 4, the National Retail Federation announced that it anticipates holiday sales to increase 3.6% to $655.8 billion.  While in-store purchases will continue to dominate, with 91% of holiday shoppers planning to spend at physical stores, that leaves about 8% or so shopping online (though about 85% of holiday shoppers will likely research online before making in-store purchases). Clearly, holiday shoppers are expecting an omni-channel experience this season with physical and digital retail converging, trying to get consumers to spend.

According to The International Council of Shopping Centers (ICSC), “shoppers intend to take advantage of the diverse options for shopping, spending across channels. Most prominently, consumers are reliant upon omni-channel retailers versus pure play online or solely physical retailers.”

Brands and retailers will have lots to do in order to drive higher conversion rates, so here’s a quick hit list of reminders:

  • Go Digital: Centralize and digitize product content for omni-channel.
  • Get Discovered: Connect with new buyers and category managers to create new opportunities.
  • Sell Everywhere: Showcase and promote products on any channel.
  • Deliver Content Efficiently: Engage and integrate product information with Omni-channel customers.

It’s a crowded omni-channel world especially during the holidays! Can all of this happen in time to take advantage of the anticipated big boost in holiday spending? Absolutely. 1WorldSync omni-channel solutions can help your products stand out and engage the elevated expectations of seasonal shoppers.

The Evolution of Online Shopping Through a Millennial’s Eyes

It’s no secret that over the last decade, online shopping has evolved in ways we (millennials) could not have imagined. Growing up in what may now be classified as the “Digital Age”, technology has allowed e-commerce to virtually customize the way we shop.

We millennials have not only conformed the way all generations have learned to shop online but we’ve also forced industries to adapt this new transformation. For example, if I wanted to go to the mall and buy makeup I would have to physically try it on, see if I like it, and then buy it at the store. Now that millennials have eclipsed all generations from the way we communicate, access information, and live our lives on a daily basis, cosmetic etailers and app providers have even gone as far as offering facial scanning programs; allowing consumers to fill out a form based on their skin type and face shape. They even offer certain brands and products based on the user’s characteristics. If this is the new face of online shopping, it makes me wonder…what did online shopping look like before the connected consumer era? So, I decided to investigate.

E-commerce sites continue to improve in user experience and lifestyle. Current e-commerce statistics state that 40 percent of worldwide internet users have bought products or goods online via desktop, mobile, tablet or other online devices (Statista, 2016). This amounts to more than 1 billion online buyers and is projected to continuously grow. Let’s be honest… “ain’t nobody got time to go to the mall and shop!” It becomes time consuming and you are never guaranteed to find exactly what you are looking for. Been there, done that. What did people do before online shopping existed?!

Through a Millennial’s eyes, here are “5 ways millennials have helped change the way we shop”.

1. “We Know Everything” – Shoppers know as much as Salespeople
I can’t tell you how many times I hear… “Millennials think they know everything”. Well, maybe we do!

Then: When going to the mall to shop was the only option people had, they relied heavily on the salesperson’s expertise to advise them on what they needed to buy and all the features of items offered in that store.

Now: With the magical power of Google, Bing, Yahoo, and other wonderful search engines, we have the option of doing our own research and have become “smart shoppers”.  We have the potential and capability to know when we are getting a good deal. After all, every moment in a consumer’s purchasing decision journey matters.

2. Retailers now know everything too!

Then: Apparently, the introduction of retail began with retailers and shopkeepers getting to know their customer’s preferences and needs based on face-to-face interactions. Sounds a bit horse and buggy to me.

Now: In the world of connected commerce, a phone, tablet, or computer can do just that.  E-commerce sites, such as Amazon, integrate customization features that recommend products based on your interests and your online behavior paths. Ultimately, these features allow companies to appropriately offer suggestions and get to know their customers more personally based on their interests.

3. Mobile devices drive foot traffic to stores

Then: Finding the right stores with the right products you needed was either based on familiarity or luck.

Now: It’s much easier nowadays to find a product in a specific store you’re near, right at the touch of your fingertips. Most retail websites such as Target, have features that allow customers to find a store near them that carries the product they’re looking for, pay for it online, and pick it up in-store. Mobile makes it much quicker and more efficient to find exactly what you need while also providing store location information and a product finder all in one.

4. Nothing wrong with a little bit of gossip!

Then: Word of mouth influenced purchase decisions and most retailers relied upon these in order to boost sales. Personal references help, but the retailer could not directly influence.

Now: Word of mouth is a very influential factor. We share our thoughts, opinions and reviews on products within our YouTube, Instagram and Twitter community. This has affected the beauty industry tremendously with the boom of famous beauty gurus uploading “Hit or Miss” tutorials, giving their honest opinions on products and whether they are worth the price or quality. This could affect the reputations of cosmetic brands, if they have bad reviews. It can also provide them with major opportunities to position their brand towards specific targets. I’ve seen products literally fly off the shelves because of these YouTuber’s influence and the “must-have” opinions they give.

5. Products jump off the screen at you!

Then: Paper advertisements and the internet gave an image of what the product looked like but nothing can replace the actual physical feeling of a product and seeing it right in front of you.

Now: Personally, I believe there is still truth to this. Even today, a lot of sites have really stepped up their game when it comes to displaying what a product looks like before you purchase it. Products now have live 360° videos and imagery and zoom capabilities giving the shopper a better sense of what the item really looks like (Think with Google, 2014).

As you can see, we’ve come a long way since the introduction of the internet. As a result, retailers have undergone a digital transformation to meet the needs of today’s online shopping. Living through the differences in what it “used to be” compared to “now” makes us think about how much we rely on technology when it comes to shopping. E-commerce has revolutionized the way we buy and provides shoppers with a more convenient and personalized way to access what they need. At the end of the day, great shopping sites exist because of advances in technology and companies who have conformed to provide accessible, reliable product information to consumers as and when they need it.

How The Consumer Experience is Driven by “I Need to Know Moments”

According to Forrester’s 2015 Customer Experience Index (Forrester, 2015), 86% of companies want to excel at customer experience. But only 27% of brands even qualify as “good” in the eyes of their customers.

Today’s omni-channel consumers expect brands to address their needs in real-time and turn to their mobile devices when contemplating making a purchase.  A wealth of information is a mere tap away via our smartphone apps and a poor experience can be easily replaced with another viable option a click away.

These intent-driven moments of decision-making and preference-shaping have fractured the consumer journey into hundreds of real-time “I want to buy” micro-moments of decision-making and preference-shaping, as termed by Google.  

Today’s Shoppers Demand Information Right Here & Right Now

Welcome to the new world order of 24/7 great expectations shaped by customers who expect to be able to make more intent driven decisions with a seamless experience.

Today’s shoppers demand product information in real-time. Whether it be trusted and authentic reviews, product photos or nutritional information, as consumers we’ve come to want exceptional experiences exactly when and where we want it.  And nowhere is it more apparent than in retail.  

  • Fully stocked shelves bursting with variety? Done.  
  • Loyalty program? Goes without saying.  
  • Free overnight delivery? Naturally.  

But these great expectations go beyond the “what” and are firmly rooted in the “how.”  And that’s all about “Omni-channel” being touted as shopping’s new norm.  The bar has been raised and the expectations are clear.  Consumers expect that retailers will/better deliver a seamless and consistent experience across channels and devices.

Omni-Channel Shoppers: An Emerging Reality for Retailers

For the retailer, omni-channel requires overlapping to ensure that the customer remains delighted and perceives a seamless experience from end to end. Helping a customer through their entire buyer’s journey means knocking down internal barriers to hold their hand at each stage, making sure that each hand-off is perfect. (BigCommerce, 2016)

An Aberdeen survey (Internet Retailer, 2013) cites that companies with omnichannel customer engagement strategies retain on average 89% of their customers, compared to customer retention rate of 33% for companies with weak omnichannel customer engagement.

Fortunately, many online retailers and suppliers have already enabled omni-channel functions and are clearly seeing the benefits. They’ve made the required investments in understanding their consumers’ needs and then tailored the rest of the organization to meeting those needs.

It’s An Omni-Channel World After All: Engaging Consumers and Connecting Trusted Product Data Everywhere

By enabling products to stand out in a crowded omni-channel world, 1WorldSync delivers rich and trusted product content, including digital assets and insights – to engage customers and consumers – regardless of location or medium. 1WorldSync’s Omni-Channel solutions helps leading retailers capitalize on product information to drive conversion.  

Walmart is one such retailer that views the omni-channel shopper as its sweet spot. At its annual shareholders meeting last year, Walmart’s CEO, Doug McMillon addressed the importance of an omni-channel strategy (Marketing Land, 2015). He said that Walmart will keep making technology top of mind when it comes to internal and external customer facing initiatives.

“I want us to stop talking about digital and physical retail as if they’re two separate things. The customer doesn’t think of it that way, and we can’t either. One customer can shop with us in so many different ways – in stores, on their phones, at homes, a pick-up point. But they just think they’re shopping at Walmart, at ASDA, at Sam’s Club.”

Exceeding Expectations and Creating Stellar Experiences For Omni-Channel Customers

Conversely, there are countless other retailers that are lagging behind – whether they’ve taken a few wrong turns or are just late to the game.  The consumer’s great expectation remains regardless.

A survey by Synthetix (Synthetix, 2016) indicates that 9 out of 10 customers expect to receive a consistent experience over multiple channels. They expect a valuable, memorable and story-worthy experience.  They expect detailed and consistent product content to aid in decision making.  They expect to see this same level of detail when shopping for another product in another department. They expect a single view with a wide array of efficient and convenient options. And they expect to shop at any time from any number of devices – such as their PCs, smartphones and tablets.

Clearly, given the consumer’s mighty requirements for an integrated omni-channel shopping experience, retailers and suppliers must move quickly to deliver on those soaring expectations or risk the curse of any industry irrelevance.

 

  1. “The US Customer Experience Index, Q1 2015 – Forrester.” 6 Oct. 2016<https://www.forrester.com/report/The+US+Customer+Experience+Index+Q1+2015/-/E-RES117482>
  2.  “Omni-Channel Retail and The Future of Commerce – BigCommerce.” 2016. 6 Oct. 2016 <https://www.bigcommerce.com/blog/omni-channel-retail/>
  3. “Why an omnichannel strategy matters – Internet Retailer.” 2013. 6 Oct. 2016 <https://www.internetretailer.com/2013/12/31/why-omnichannel-strategy-matters>
  4. “Walmart positioned to drive omni-channel marketing in global retailing.” 2015. 5 Aug. 2015 <http://marketingland.com/walmart-positioned-drive-omni-channel-marketing-global-retailing-137007>
  5. “The rise of demand for multi-channel online customer service – Synthetix.” 2016. 6 Oct. 2016 <http://www.synthetix.com/website_documents/Synthetix_Online_Customer_Service_Survey_2012.pdf>