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Omni-channel as a Growth Driver

Omni-channel as a Growth Driver

Excellor

Omni-channel shoppers have a 30% higher lifetime value than those who shop using only one channel

 

Today’s digital consumer has a very complex consumer purchase journey. The number of touchpoints between a brand and a consumer has dramatically increased and it is very important to offer a seamless connected experience across channels.

According to a study conducted by Google

Omni-channel shoppers have a 30% higher lifetime value than those who shop using only one channel.

Need of the hour for Retailers

Having a multiple-channel approach with different strategies for online and in-store is not sufficient to engage today’s tech savvy consumers.

The changing consumer expectations presents with a fundamental need for retail brands to offer uniform experience across channels. Essentially Omni-channel enables consumers to interact with the brand across channels with each interaction extending to other channels seamlessly.

To deliver Omni-channel experience, retailers need the right brand strategy with technology adoption. Retailers need one view of inventory, orders, customers and loyalty point schemes to be able to deliver consistent experience.

Choosing a right Ecommerce platform will enable retailers to sync orders, inventory and customer data across channels with ERP integration. This will enable customers to use the channel of their choice anywhere, anytime and access product catalogues, promotions, discounts, loyalty points and payment regardless of channel.

E-commerce Platform Enablers for Omni-channel

In order to deliver an omni-channel experience, an ecommerce platform should support multiple touch points and also be able to integrate it with the backend processes. An omni-channel landscape would include the following aspects:

Pillars of E-Commerce Platform
Modules Features Implementation
Order Management System
  • OMS provides the organization with real-time information throughout the entire order cycle,
    regardless of delivery channel or point of order.
  • OMS must be integrated with different systems that are processing orders and managing inventory along the supply chain, including warehouse management, transportation management, and distribution planning.
  • OMS layer exists between the ERP and WMS systems and makes decisions about how to best fulfil each order.
Content Management System
  • A strong CMS gives a brand advantage of using content to drive brand story and engagement.
  • CMS helps brand manage media and content. It includes managing text, images, audios or videos which results in an increased average time spent on the website.
  • A CMS with an architecture which separates content from presentation allows content to be edited and published across channels, enabling brands to manage channels in real time and add channels as needed.
Reporting and Analytics
  • Data aggregated from browsing, transactions performed and social networks allows organizations to market more effectively before and during a purchase, and offer better support after the sale
  • Big Data solutions like MongoDB and Hadoop are capable of handling large amounts of aggregated data.
  • Data governance strategy such as Master Data Management (MDM) manages multiple views of the customer by standardizing customer data and eliminating duplicate data.
Pricing and Promotion
  • Customer may start an interaction with a company on the web, continue on to mobile and voice channels and finish transaction in-store.
  • Pricing and promotions offered should be consistent across all these channels
  • Initially prices and promotions are defined in ERP, however the goal is to have them appear in a central platform in which uniform prices are recorded and promotions may arise on the basis of customer relationships, market demand and availability.
Payment Solutions
  • Omni-channel customers expect convenient and multiple payment options that can process transactions securely.
  • Payment solutions can make the use of Tokenisation. Tokenisation encrypts customer data at the point of sale and thereby helps to track payments. It does so by assigning an alphanumeric code or ‘token’ in place of payment data when a transaction is processed. A common token for the consumer across channels gives the retailer a single view of customers.
Pricing and Promotion
  • Customer may start an interaction with a company on the web, continue on to mobile and voice channels and finish transaction in-store. Pricing and promotions offered should be consistent across all these channels
  • Initially prices and promotions are defined in ERP, however the goal is to have them appear in a central platform in which uniform prices are recorded
    and promotions may arise on the basis of customer relationships, market demand and availability.
Loyalty points
  • Loyalty programs helps in keeping current customers engaged and earn repeat business. Additionally, it also gives access to customer data that can help to better serve them and grow business.
  • To track a loyalty program through POS system, sales or purchases, one needs to work with POS company, credit card processor, or third-party loyalty system.
    Of the three, third-party loyalty services, are typically the most flexible, allowing integration with almost any POS system or processing company.

Advantages of Omni-channel strategy

Implementing Omni-channel strategy will optimize the online marketing cost and offline operations cost. This will improve the ROI of the business.

Additionally it also helps in

  • Brand building
  • Integrated communication
  • Improving sales
  • Data collection and analysis