Nearly 85% of customers begin the purchase process on one device before finishing it on another, which is why omnichannel needs to be considered in today’s competitive market. With an accelerated change in the retail industry, organisations are welcoming the new world of omnichannel retail. It is no more about online versus offline, but now it’s omnichannel, and it’s here to stay. Omnichannel strategy lets shoppers toggle between different means for reaching out to the business, which in turn provides a completely seamless and integrated shopping experience for the customer.
Why Invest in an Omni-Channel Commerce Solution?
The Global Omnichannel Commerce Market is expected to have growth from 2.99 billion USD in 2017 to 11.01 billion USD by 2023, at a compound annual growth rate (CAGR) of 21.48%. In today’s global marketplace, when a business is visible across multiple channels, it increases the possibility of impulsive purchasing and provides a more personalised user experience.
Following are the list of problems that brands are struggling to keep up with:
- Changing consumer behaviour
- Inventory management
- Allocation is prioritised for most active channels
- Warehouse locations are not optimal to store locations, distribution, shipping channels retail network, and other channels of sales
- Lack of technology that combines various supply chain component
We have understood why a brand needs Omnichannel solutions and what are the problems that today’s brands are facing, now let’s discuss five tips which are useful in efficient Omnichannel distribution.
- Choosing the right technology solutions: With global competition and Omnichannel operations, brands need the right technology scales according to their needs; which are responsive in solving modern-day needs and which also helps them in staying ahead of the market. In today’s competitive market, modern-day solutions help brands in maintaining online and offline platforms efficiently, so that they don’t lose in-store consumers in the process of satisfying the needs of online consumers.
- Automation: Another essential component that you need to implement is an efficient Automation system. Few of the brands are still using traditional, outdated systems for automation. These processes can lead to inefficiencies and inconsistencies, as running a business means that you have to deal with a high volume of sales orders every day and brands need to hire or train staff every time for adding a new channel of sales. To enhance productivity and stay ahead of the competitive world, brands need to automate repetitive functions, which can have a positive effect on cost reduction as automation can reduce 25-40% costs on average per order on daily onboarding and other related tasks.
- Visibility: If brands do not have the proper visibility, as to where their inventory is, whether they sit in a store or at a distribution centre, how can they make proper decisions relating to order fulfilment inventory placements? The only way to intelligently make decisions and prevent fulfilment options from causing out-of-stock situations is by having proper visibility over inventory and other operations.
- Return Management: According to a study by Forrester “around 86 per cent of customers expect to be allowed to return online orders in the store” which makes it difficult for the brands to handle return and refund. By using intelligent Omnicahnnel strategy, brands can provide their customers a delightful buying and return experience, whether they make the purchase from the store, online or any other platform.
- Order Management: Efficient order management system can help the brand in making sure whether the customer purchases are effectively handled, prepared to pick up or delivered. Having a well-functioning automated order fulfilment system is crucial, as it can help in cataloguing, listing, inventory update, order fulfilment, etc. which will reduce shipping costs while still meeting your customer’s expectations.
With an increase in the number of sales, the retail operation becomes more and more complex. Retailers need to tackle it by managing products across channels, aligning inventory and delivery, Customers often feel let down when they don’t have what they’re looking for. This makes it difficult to reduce costs and to satisfy the demands of customers. Retailers can overcome this issue by updating new management which is better suited for today’s competitive market.