As a retailer selling in multiple channels, it can be challenging to manage your operations and maintain data accuracy across your tech stack.
As a retailer selling in multiple channels, it can be challenging to manage your operations and maintain data accuracy across your tech stack.
While eCommerce sales have been growing quicker than brick-and-mortar store sales in the past few years, this growth took a massive leap forward in 2020.
Without the right setup, retailers quickly run into problems keeping accurate and available inventory across all sales channels (i. e. multi-channel inventory management.)
Today, customers shop across multiple channels: in-store, on your site using tablets and phones, and on Facebook, Amazon and eBay. This simplicity and choice on the customer side has become second-nature, but it means huge operational challenges on the retailer’s side.
Seventy-four percent of customers now shop across more than one channel during every purchase. This creates new demand-planning and experience challenges for even the most celebrated brands.
If inventory isn’t available wherever your customer happens to be, sales are at risk—even if you nail every other aspect of the experience. How can you make sure stock is available everywhere at once?
Omnichannel retail is all about customer centricity. It provides a new framework for creating a business strategy built to meet customers’ needs and wants, in hopes of building strong relationships that result in a high average lifetime value.
Brick-and-mortar retail was supposed to be dead. But while many legacy retailers have had a rough go of it, modern retailers, including boutiques, aren’t just surviving. They’re finding ways to thrive. Research shows that for every company shuttering its stores, more than five other brands are opening new stores to fill that space.
Today’s retailers can’t survive without at least some elements of omnichannel retail at work in their stores. This is especially true for businesses operating multiple store locations.
Want to increase customer satisfaction? Make sure you have a great return policy in place. Though some businesses think of returns and exchanges as a necessary evil of the retail world, there’s plenty of evidence that a customer-friendly return policy can improve customer satisfaction and even improve your bottom line.