Multi channel strategy for retailers

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Information about Multi channel strategy for retailers
Business & Mgmt

Published on February 5, 2014

Author: KrishanSingh6



The presentation talks about the challenges of multi-channel environment in which retailers are operating. Retailers need to provide a consistent and frictionless experience to their customers. They can adopt the recommendations given in the presentation to layout a roadmap for a multi-channel strategy.

Multi-Channel Strategy for Retailers

For Any Retailer… Multi-Channel is the Key

In an ideal World In the morning, on her way to work, Katie Taylor pre-orders a coffee at Starbucks from her phone app. There is a queue, but her order is ready when she arrives. In the parking lot, a digital signage is displaying an offer on iPhone5S. She scans the QR code, and orders the phone for her daughter Michelle, selecting immediate delivery option. In the Afternoon, she logs on to the Sainsbury website from her office computer, and orders Groceries which she would collect in the evening At home on her laptop, she finds a family holiday offer on the Nectar site, and logs in to her account to see whether she has enough points In the evening, she collects the groceries, and in the store, she receives a notification on her smartphone that the TV in her wish-list is on 20% discount. So, she orders the TV for home delivery. She logs in, and sees that because Mr Taylor had bought a TV monitor from Sainsbury, the nectar card has enough points for the holiday. She books it.

Let’s look at the real world …

A typical Customer can interact by … Logging to Website Web Mobile Shopping In Stores Online Click & Collect Making Payment In Store POS Online Getting Rewarded Loyalty Cards

Challenges of a multi-channel experience For Customers Frictionless & Seamless interaction at ALL the touch points For Retailers How to get Integrated view of customers

Problems Customers are facing Multiple log-ins to be remembered Lengthy Checkout process Online Long queue wait time in Stores Lost/Forgotten loyalty cards, and tracking loyalty points

Leads to lost opportunities for Business Lost opportunity to acquire new online customers The average conversion rate for a e-commerce site is 2.5% Lost opportunity to Cross/Up Sell Amazon cross selling accounts for 35% of Sales Lost revenue due to abandoned baskets online 66.7% of online baskets are abandoned Lost revenues In stores due to queue wait time An average shopper waits for 5.45 minutes before abandoning their trolley

What is the Solution? To provide a frictionless and seamless shopping experience to the customers, and to get an integrated view of customers across multiple channels, in order to serve them better, and get a larger share of their wallet

Remember the Ideal World …

Frictionless & Seamless experience in both the digital and physical channels

Single Sign-on across multiple websites

Nothing less than 1-Click Payment would do

Queue Busting in Stores

Reward Loyalty in Real-time

New POS: Signage, Posters, Magazines

How do retailers get an Integrated view of the Customers?

Short Term Ask your IT team to provide a single View from multiple data stores. It’s Easy.

Long Term Buy or Build a Big Data ready infrastructure

Recommendations Short Term Streamline the Login, Payment and Loyalty Processes, and provide a consistent user experience across multiple channels. Medium Term Integrate the back-end to get a single view of the customer. Leverage analytics to serve customer better, and predict inventory levels. Long Term Move from hardware based POS system to software based system. Buy or Build Big Data ready system.

Krishan Singh @Krishaned LinkedIn: Blog: + 44 7880 362 136

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