Phy-gital Roundtable: Breakfast Roundup from Germany and Netherlands

02 May '15 | Debjyoti Paul

German Shoppers: Meet Them in the Fast Lane to Phy-gital

15 January '15 | Ralf Reich

Shoppers Will Share Personal Information (But They Don’t Want to be “Friends”)

15 January '15 | Anil Venkat

Modernize or Perish: Property and Casualty Insurers and IT Solutions

14 January '15 | Manesh Rajendran

Benelux Reaches the Phy-gital Tipping Point: Omnichannel Readiness is Crucial

13 January '15 | Anil Gandharve

The New Omnichannel Dynamic: Finding Core Principles Across Industries

13 January '15 | Debjyoti Paul

Technology does not disrupt business – CIO day 2014 Roundup

02 December '14 | Anshuman Singh

Apple Pay – The Best Is Yet To Come

02 December '14 | Indy Sawhney

Digital transformation is a business transformation enabled by technology

01 December '14 | Amit Varma

3 Stages of FATCA Testing and Quality Assurance

06 October '14 | Raman Suprajarama

3 Reasons why Apple Pay could dominate the payments space

18 September '14 | Gaurav Johri

Beacon of Hope: Serving Growth and Customer Satisfaction

05 August '14 | Debjyoti Paul

The Dos and Don’ts of Emerging Technologies Like iBeacon

30 July '14 | Debjyoti Paul

What You Sold Us On – eCommerce Award Finalist Selections

17 July '14 | Anshuman Singh

3 Steps to Getting Started with Microsoft Azure Cloud Services

04 June '14 | Koushik Ramani

8 Steps to Building a Successful Self Service Portal

03 June '14 | Giridhar LV

Innovation outsourced – a myth or a mirage or a truth staring at us?

13 January '14 | Ramesh Hosahalli

What does a mobile user want?

03 January '14 | Gopikrishna Aravindan

The Omni-Present Store

Posted on: 24 June '14

In this blog you have heard us maintain over and over that, despite doomsday warnings to the contrary, high street retail and brick-and-mortar stores are not dead or doomed. So it’s with great pleasure that we read new evidence in the form or two separate studies by Forrester and O2/Conlumino showing a bright future for physical stores.

But that doesn’t mean retailers can simply sit and wait for customers to come back into their physical stores. The Forrester report says that in four years 44% of in-store sales will have been influenced by the internet, and we already know that in-store sales inspired by internet research earn $5 to every $1 spent in purely online buys. The O2 report says that by 2020, in-store sales in the UK will rise from today’s £278.5bn/year to £338.5bn/year – but only after factoring in mobile-in-store sales, in-store sales inspired online, and click-and-collect-in-store sales.

In other words, retailers need to have a robust Omni-channel strategy if they want to thrive, much less survive. This strategy will center around four pillars:

  • Omni-Channel Marketing: Presenting unified customer experience by offering relevant and personalized content throughout the purchasing journey across all touch-points and all channels.
  • Omni-Channel Commerce: Connecting online and offline touch points in a way that creates a seamless shopping experience for consumers. That means order anywhere, fulfill anywhere, portable shopping carts and user accounts.
  • Omni-Channel Products: Creating a unified backend data store that provides real-time data on product information, inventory and order tracking across all channels.
  • Omni-Channel Consumers: Consolidating consumer data to create a 360-degree view of individual customers that enables cross-channel marketing and loyalty program.

Designing an Omni-Channel Strategy

Mindtree has significant experience with some of the world’s largest retailers in setting an omni-channel plan into motion, and what we’ve learned is that there are certain things to keep in mind for companies just starting out on this journey.

Value speed over perfection and get your consumer-facing omni-channel commerce experience in place as quickly as you can – as long as it truly works seamlessly. This will enable quick wins and make customers happy, and the quicker you make customers happy the faster you will grow.

Make it an easy and stable changeover for your store staff. Omni-channel implementation can require broad change management that can be a shock, so do what you can early on to increase acceptance and usage of change.

Embarking on a true Omni-channel overhaul can be a daunting challenge, but it’s a crucial one. And with the right strategy and the right partners, it can go smoothly, with invaluable rewards at the end.

Sources:
European Cross-Channel Retail Sales Forecast, 2013 To 2018, Forrester, April 28, 2014
The Future of Retail, O2/Conlumino, April 17, 2014.