1) Web 2.0 Customers
A customer wants to be able to buy online, receive the order confirmation on a smart phone, the item to be delivered at home, possibly return the item in the store and share the purchase and shopping experience online with friends, in real time. From now on, it’s the store which goes to the consumer. The 2.0 customer has stronger and more regular interaction with the different retail channels. - “Shopping anywhere, anytime”!
2) An increased coherence
Far from jeopardizing sales, the multiplication of channels increases buying frequency and average spending. However, it is important to note that cross channel selling necessitates rethinking the retail value chain, flow of goods, stocks, information etc., and requires new processes and practices. Assortments, stocks, inventories, prices, promotions, replenishment… have to be rethought entirely. Increase or decrease the store prices? Share the stock? The customer relationship and shopping experience needs to be rethought to be as effective as possible.
3) A unique vision (e-, c-, m- and f-commerce)
Whether we call it mobile (m-commerce), electronic (e-commerce), Facebook (f-commerce) or universal (U-commerce), this new commerce requires a homogenous, shared and integrated IT system and organization which centralizes and coordinates a single retail database: customers, products, suppliers, stocks etc. Pay particular attention to this to avoid data duplication, incorrect information and incoherence between channels and applications.
TRANSFORMATION THROUGH MOBILITY
 4) Mobile for all
An IDC consulting firm study on mobile phones in Europe confirms 1 in 2 phones sold in the last quarter of 2010 was a Smartphone! By 2013, all mobile phones will be sold with NFC (contactless) embedded. We are already in the mobile shopping era - The consumer wants to use his mobile phone to locate a store, research a product, compare prices, receive personalized promotions, consult his loyalty points and pay (e-wallet).
5) In store human resources - freeing up precious time
As well as consumers, more and more mobile applications are being used to improve the efficiency of sales staff, reducing the time they spend on low value tasks in favor of customer-centric tasks. As well as the fixed point-of-sale (POS) in the store, we can use Ipads or other tablets, kiosks and PDAs to do queue busting, payments, and provide real time information on product availability and characteristics (in stock or nearby stores); customer’s purchase history, loyalty programme details, pending services and purchases. The sales process is improved thanks to these elements, which considerably improve the customer/brand relationship.
6) Growing automation of back office tasks
Inventories, stock management, product search, re-labeling of new products or goods on sale, merchandise reception in-store… so many repetitive tasks that can now be managed through mobile devices and buys the salesperson more time with the customer.
TRANSFORMATION THROUGH SOCIAL NETWORKS
 7) The Y generation influence
Today’s sharing, thinking and buying modes are being shaped by the « digital natives ». Born in the 80s, this generation is considerably influencing the buying habits of other generations. Grandchildren are influencing grandparents on all types of products! Fluidity, speed, instantaneity, connectivity, emotional experiences... brands need to rethink their value propositions.
8) Inventing new experiences
The social networks – especially Facebook with 500 million users and potential retail customers (potentially the largest store in the world!) are inventing new ways for retailers to connect with consumers. Retailers can use the social networks to test new products, increase their branding influence, sell online, involve their customers in product design, vote for new styles, rate products etc. This is clearly in the brands’ interest as studies show that a customer using social networks has a much higher brand loyalty rate!
9) A personalized shopping experience
Consumers now expect a new, personalized, intense and interactive shopping experience from a brand. Consumers want to be recognized. For example: - a fashion store where customers can design their own t-shirt within the store – a fast food chain who wraps your burger up in a box with your photo on it (camera in store taking photo at POS) - new social labels including the new Twitter Moms label on Facebook or – interactive changing rooms where you can post a photo directly online to share and shop with friends etc.
TRANSFORMATION THROUGH STORES
 10) Don’t forget your stores!
No – the stores are not about to disappear! On the contrary, they play an even more important role in the omnichannel retailing approach. They are a key differentiator especially when all the retailers have gone mobile and they are a privileged point of personal contact. The pure e-retail specialists have understood this and are now opening their own stores and showrooms, or partnering with brands on common marketing programmes. Tomorrow’s store will and must be client-centric, connected, and interactive and offer a personalized shopping experience. RFID, video, mobility, interactive kiosks… are some of the standard technologies to be used. Have a pleasant shopping experience!
And what about an Omni-channel retail management system?
All these trends can only deliver their full potential if the brands have the right information system in place capable of managing the value chain from supply to the channels. The key factor; a single vision of the truth thanks to a single database shared by all channels, updated in real time.
Yourcegid Retail provides technology and best practices to support retailers worldwide in delivering the Omni channel – client centric retail promise. |
