Retailing continues to evolve. Stores such as Target and Kohl’s, known primarily for their superstores, have begun opening small branches in the hearts of communities. So far, at least according to Target’s recent earnings call, the small stores have been a success. Sales are more than double the company’s average. The secret? Target is leveraging omnichannel analytics to uniquely stock each store with items specific to the locale based on past customer buying behavior. This is yet another example of how effective omnichannel retailing can be.
The unavoidable truth about omnichannel
Unfortunately, many retailers are between a rock and a hard place. Most know that omnichannel retailing is the future, but it’s not easy to pull off from a technical standpoint. Retailers either have to rip and replace entire systems (POS, CRM, inventory, etc.) or spend time and money on having these existing systems integrated. The benefits of omnichannel can’t be realized until there’s a seamless flow of traffic between all business systems. That’s where you come in.
Whether installing a new omnichannel system or integrated existing systems, the timing for you to get involved is perfect. That is, as long as you’re willing to get outside your comfort zone. Omnichannel can be complex and requires you to have a thorough understanding of your customers’ systems and goals and your customers’ customers.
Analytics are key to omnichannel success
When it comes to understanding and making key decisions, one area you should focus on is analytics. It’s one thing for a retailer to have data, but another thing entirely to turn that data into something actionable. Essentially, analytics can be used to positively impact every step of a customer journey to ensure they have a good experience and continue to buy from the retailer.
With integrated systems and data analytics, it’s possible for retailers to improve customer experience by understanding customers’ past behaviors (online and in-store), predicting future behaviors and interest in items, personalize offers, and optimize inventory to ensure items are available for purchase.
Omnichannel success can be measured many ways, but most often it’s associated with elevated levels of customer engagement and improved experience. By helping your retailers implement an omnichannel strategy and tap into powerful analytics, you can help them achieve their omnichannel vision. Perhaps even more important, at a time when most other solution providers are passing up on omnichannel projects due to the complexity, you’ll be positioning yourself as an authority and putting your company on a path to long-term success. Get involved today.