The Omnichannel Weekly – Edition 1
05 Jan 2018 The Omnichannel Weekly – Edition 1
We are seriously serious when it comes to keeping ourselves updated about how omnichannel strategies are evolving. We also believe that knowledge not shared is knowledge wasted and hence we present to you the Omnichannel Weekly – a short and sweet digest of what’s happening in the world of omnichannel this week.
Omni-channel retail’s balancing act
- Future Group has recently launched Retail 3.0 – a business model which allows customers to place orders directly through Whatsapp
- More than 65% of customers today search online before walking into a physical store. 55% of customers read reviews and 57% check out the retailer’s website before their visit.
- 1.5% of Max Fashion’s annual revenue comes through e-commerce. The brand hopes to increase it to 10% by next year by converting their offline customers to omnichannel customers through a better experience on their online properties.
- Shoppers Stop has invested Rs 60 crore in their online journey and aims to achieve 10% of sales from e-commerce by 2020.
- Most brands are investing in technology solutions which enable them to have a single view of customer, order and inventory.
- Some brands are adapting their offline solutions for online and vice-versa e.g. online returns for offline customers.
7 trends that will disrupt and define retail in 2018
- Personalization and customization will move from predictive technology to segmentation and individualization. Case in point being Lowe’s holorooms, Starbucks payment app and Sephora’s beauty stations.
- Retailers will invest in personalizing physical stores and not just online ones.
- Brick and mortar experimentation will increase and technology – mobile, IoT, or otherwise – will drive it to compete with the online experience.
- Voice assisted shopping will be on the rise and we’ll probably see (or hear?) the first voice assisted ads on Amazon and Google.
- Private label brands will continue to grow and try to offer greater value than just price.
- Online marketplaces will become the new malls.
Retail 3.0: The emergence of the omni channel in 2017
- Amazon has picked up a 5% stake in Shoppers Stop. The latter will sell 400 of its brands on the former while the former will set up experience centres in the latter to promote its fashion brands.
- Myntra will be launching physical stores for its private brands HRX, Roadster and All About You.
- Walmart’s omni-channel business in the US is giving serious competition to Amazon.
- The Future Group will set up 10,000 technology enabled EasyDay stores which will act as a marketplace for customers to access the company’s entire inventory and also cut down on visits to neighbourhood stores.
- D’Mart has launched D’Mart Ready stores in Mumbai which allows customers to pick up orders which have been ordered online (home delivery is chargeable).
7 Deadly Omnichannel Sins Killing Customer Service
- More than 50% of all customers engage with companies on more than one channel to get an issue resolved.
- Leveraging AI for customer service through self-learning chatbots will not only help brands to increase efficiency but also collect data for marketing insights.
- Brands need to provide the same customer experience across all channels and they need to use automation to do this.
- Only 30% of contact center managers empower their agents to be able to support communication across multiple channels.
- It is a good idea to work with a vendor as you will be able to tap into their experience of having worked with multiple brands and stay abreast of new trends and technologies at the same time as well.
- There should be a good cross-channel measurement strategy in place which consists of the right benchmarks and easy analytics to measure them.
- Omnichannel customer support should start with the omni-customer and not the channels.
Planning to set up your omni-channel business? We can help.