OMNICHANNEL
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71pc of retailers have insufficient omnichannel processes I Luxury Daily

71pc of retailers have insufficient omnichannel processes I Luxury Daily | OMNICHANNEL | Scoop.it

While consumers are now armed with a throng of technology devices and experiences, organizations within retailers’ businesses create a series of red tape, preventing a true omnichannel experience that is needed in today’s market.

According to BRP’s Merchandise Planning Survey, luxury brands and retailers are not equipped to provide the all around experience consumers are looking for in today’s on-demand market, with 71 percent retailers lacking a formal omnichannel process. While 44 percent of retailer’s do have integrated planning teams, more than 86 percent are in dire need of improvement.

 

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Omnichannel, Deliverable Capability Will Aid Department Stores’ Fight Against Amazon I Luxury Daily 

Omnichannel, Deliverable Capability Will Aid Department Stores’ Fight Against Amazon I Luxury Daily  | OMNICHANNEL | Scoop.it

Nordstrom’s diverse omnichannel strategy leverages mobile in-store companions, customer incentives and influential use of social media, causing L2 to classify it as the lead department store in its latest Department Store Index.

Department stores such as Nordstrom are seeing the most success by leveraging an omnichannel strategy but digital retailers such as Amazon and Asos are giving mass merchants a run for their money by offering greater capability. Retailers need to be sure the digital products they are advertising live up to the experience in real life or risk losing customers to younger companies that do it better.

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Think Tank: Strategies To Better Engage Shoppers, Online And In Stores I WWD

Think Tank: Strategies To Better Engage Shoppers, Online And In Stores I WWD | OMNICHANNEL | Scoop.it

We all know every retail brand needs an online presence to be relevant – if you can’t be bought on the web, to your would-be-customers, it’s as though your brand doesn’t really exist. But the other extreme is to place all eggs in the digital basket, believing e-commerce alone is the sure-fire ticket to high profits. While e-commerce is essential, brands who focus on it exclusively, or too much, lose out hugely on giving customers what they really want.

Speaking to the deficiencies of ecommerce may defy conventional wisdom, as we hear daily reports of online retailer’s success causing department stores to close their doors. And while this is true for some stores, it’s an oversimplification of the overall shifts in retail.

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Think Tank: How Retailers Cope As the Nature of Commerce Evolves I WWD

Think Tank: How Retailers Cope As the Nature of Commerce Evolves I WWD | OMNICHANNEL | Scoop.it

Commerce is everywhere, including social media, with “Buy Now” buttons and social shopping networks. These days, if you see something on Facebook that you like, all you need to do is tap your finger a couple of times and those reflective camo Chucks that caught your eye are on the way to your front door.

With internet-enabled payment options, you don’t even need your credit card at hand anymore. And now that “chat bots” have hit the scene, you don’t need to sift through a brand’s web site to find what you’re looking for.

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Retailers Who Have Found The Omnichannel Retail Holy Grail I Insider Trends

Retailers Who Have Found The Omnichannel Retail Holy Grail I Insider Trends | OMNICHANNEL | Scoop.it

Omnichannel is the word on every retailer’s lips as devices of all kinds become more and more integrated into the ways of experiencing information around us. A recent study commissioned by Deloitte and Ebay acknowledges that the potential value of omnichannel usage within company sales strategies was worth up to £9bn in 2014 alone. But, as in vogue as this concept is, it seems that very few businesses succeed in refining this dynamic retail experience to an inspirational and effective level.

Perhaps a part of the reason why the vague notion of a great omnichannel strategy is such an elusive thing to nail down is precisely because a top-of-class experience should be so seamless – as a user changes between smartphone, desktop and physical store – as not to be perceived. Despite the ephemeral quality to this success, however, by examining the core characteristics of a modern shopping experience and the ways in which some retailers are making the most of it, these findings can be adapted for use by any brand.

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True Omnichannel Shopping Experiences Still Years Away I Luxury Daily

True Omnichannel Shopping Experiences Still Years Away I Luxury Daily | OMNICHANNEL | Scoop.it

A unified commerce experience hosting a single cart across all channels is the future of retail, but retailers are struggling to deliver, according to a new report by Boston Retail Partners. Eighty-five percent of retailers list unified commerce as a top priority, meaning that soon customers will be able to shop, ship and pick-up products from wherever they wish. Getting there will involve improvements in point-of-sale hardware and software as well as increased support of mobile technology both for purchasing and recognition purposes.
 

“Retailers have been struggling the last 3-5 years to incorporate omnichannel capabilities,” said Brian Brunk, principal at Boston Retail Partners. “Many retailers have implemented those capabilities but ultimately the customer is not satisfied with how they have been implemented.

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Online Commerce Needs An Offline Experience I TechCrunch

Online Commerce Needs An Offline Experience I TechCrunch | OMNICHANNEL | Scoop.it

Here’s a funny reality. Despite the steady rise of e-commerce since the 1990s, we still stroll through malls and shops. Even with one-click ordering and overnight delivery, we purchase many of our day-to-day products and services locally and offline.
 

A big reason we do so is that shopping engages us with the wider world. You head to a mall with a group of friends, try things on and show them to each other and maybe catch a movie or have a glass of wine when you’re done.

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Sephora's New Retail Stores Will Take Cues From YouTube I Digiday

Sephora's New Retail Stores Will Take Cues From YouTube I Digiday | OMNICHANNEL | Scoop.it

Sephora’s new in-store retail model puts a real-life spin on makeup tutorial videos, which have grown massively popular on YouTube. The beauty retailer already prominently places video how-tos in its mobile and online stores, and now, Sephora’s retail stores will bridge the gap between digital demonstrations and the in-store visit.
 

In its new San Francisco store, which opened recently, Sephora has designated stations called the “Beauty Workshop,” where customers can watch video tutorials, take a class with a Sephora team member, and share content online. It’s the center of the new store’s design, and up to 12 customers at a time can sit down to watch videos, practice with new products and learn from Sephora’s team members.

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Amazon Is Opening A New Physical Bookstore In Seattle I Mashable

Amazon Is Opening A New Physical Bookstore In Seattle I Mashable | OMNICHANNEL | Scoop.it

Called simply Amazon Books, the online retailer is opening its first brick-and-mortar store on Tuesday morning.

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Omnichannel Services Attract Holiday Shoppers But Free Shipping Reigns Supreme I Luxury Daily

Omnichannel Services Attract Holiday Shoppers But Free Shipping Reigns Supreme I Luxury Daily | OMNICHANNEL | Scoop.it

Bricks-and-mortar retailers are heeding the demands of shoppers and doubling down on omnichannel services such as order online, pickup in-store and same-delivery this holiday season, but free shipping still remains the best way to encourage online gift purchases.
 

Free shipping has long been a favorite holiday promotion for shoppers. As mobile shopping grows, and with it the demand for instant gratification, services such as order online, pickup in-store are getting a lot of attention, but in terms of volume, free shipping still has the bigger influence.

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Ecommerce Growth Does Not Need To Mean Slowed In-Store Conversions I Luxury Daily

Ecommerce Growth Does Not Need To Mean Slowed In-Store Conversions I Luxury Daily | OMNICHANNEL | Scoop.it

Online fashion retail is poised for rapid growth, but that does not mean that in-store retail will falter or become less important, according to a new report by Fashionbi.
 

Although less than 5 percent of luxury goods are sold online, that number is expected to skyrocket to 20 percent by 2020, thanks in part to dependably large growth in the Asia-Pacific region. As this rapid growth takes place, brands must enable omnichannel interactions that provide consumers with one, smooth, inter-linked brand experience rather than thinking of them as separate digital, mobile and in-store platforms.

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The ROI In Omnichannel | L2

The ROI In Omnichannel | L2 | OMNICHANNEL | Scoop.it

Just like traditional advertising and brick-and-mortar, returns on digital investments are often elusive and opaque. That has left marketers to blindly allocate budgets to trending areas (mobile advertising, social media, etc.) or underinvest and risk falling behind. E-commerce has been particularly difficult from a cost perspective, as pure play e-tailers earn just 77 cents for every dollar spent due to costly returns.

Omnichannel investments, however, are already proving to be a pathway to returns. Shoppers who return an item they bought online, exit the store with a basket size 107% of their original purchase. Most purchases brought into the store for a return are exchanged, and consumers pick up incremental items during the process. These behaviors are rarely seen in digital stores.

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Six Tips For Merging Online And Offline Commerce | L2

Six Tips For Merging Online And Offline Commerce | L2 | OMNICHANNEL | Scoop.it

The traditional consumer path to purchase has evolved. Shoppers are no longer divided between online and in-store, and individual sales are difficult to classify as e-commerce or brick-and-mortar since a single purchase can be inspired by mobile, researched on desktop, and bought in-store. Digital influence is expected to grow, and an estimated 64% of sales in 2015 will be influenced by a digital channel.
 

Today, consumers expect a channel-agnostic experience that enables them to buy online, pick up and return in-store. This requires brands to share SKU and collect consumer data across all channels, a difficult task that only a few brands have done successfully. Yet, it’s an investment worth making. As shown in the graph from L2’s Omnichannel research briefing, a channel agnostic strategy can significantly boost net sales.

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Connection Between Offline, Online Will Have Major Role In Holiday Shopping I Luxury Daily

Connection Between Offline, Online Will Have Major Role In Holiday Shopping I Luxury Daily | OMNICHANNEL | Scoop.it

Luxury retailers need to support in-store experiences with full-bodied online strategies more so than ever now that shoppers are taking their time in the decision-making process for the upcoming holiday season.

Shoppers have a bevy of resources at their fingertips that can shift their gift purchasing decisions, and now 77 percent are taking long periods of time to determine the best presents. Even though online and mobile sales are growing exponentially, bricks-and-mortar will still be key as 87 percent of shoppers are likely to buy in stores.

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Current Retail Technology And Consumer Behavior Not Yet In Sync I Luxury Daily 

Current Retail Technology And Consumer Behavior Not Yet In Sync I Luxury Daily  | OMNICHANNEL | Scoop.it

Retailers are currently in the investment and adoption phase of the future of retail, a plateau on which practices and consumer behavior have yet to catch up with technology, according to a report by Walker Sands.

Walker Sands’ third annual “Future of Retail 2016” study analyzes emerging retail technologies, placing an emphasis on consumer reaction to these potential game-changers and how the adoption of such strategies will affect spending habits. As to be expected, the technology leading retail’s evolution is ecommerce, with nearly a third of surveyed consumers shopping online at least once a week, a jump of 41 percent from 2014.

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The Best Retailers Combine Bricks And Clicks I TechCrunch

The Best Retailers Combine Bricks And Clicks I TechCrunch | OMNICHANNEL | Scoop.it

Retail profits are plummeting. Stores are closing. Malls are emptying. The depressing stories just keep coming. Reading the Macy’s, Nordstrom, and Target earnings announcements is about as uplifting as a tour of an intensive care unit. The Internet is apparently taking down yet another industry. Brick and mortar stores seem to be going the way of the yellow pages. Sure enough, the Census Bureau just released data showing that online retail sales surged 15.2 percent between the first quarter of 2015 and the first quarter of 2016.

But before you dump all of your retail stocks, there are more facts you should consider. Looking only at that 15.2 percent “surge” would be misleading. It was an increase was on a small base of 6.9 percent. Even when a tiny number grows by a large percentage terms, it is often still tiny.

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Study Shows Staggering Fulfillment Costs For Omnichannel Retailing I WWD

Study Shows Staggering Fulfillment Costs For Omnichannel Retailing I WWD | OMNICHANNEL | Scoop.it

In a Think Tank column published in the fall in WWD, Antony Karabus, chief executive officer of HRC Advisory, noted that the “Amazon effect” was pushing retailers “to shed a disproportionate amount of their capital spend on e-commerce, despite the reality that most of their profits are still coming from their brick-and-mortar sales.”

Indeed, investments to expand e-commerce have been undertaken by nearly every top U.S. retailer including Wal-Mart Stores Inc., Target Corp., Macy’s Inc. and J.C. Penney & Co. As a result, online sales have reached $201 billion in the U.S., according to eMarketer. But as Karabus notes, the investments made to achieve these sales erode profits.

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Stephane Leduc's curator insight, March 25, 2016 1:53 PM

Amazon is experiencing the same. What are the options for small and medium retailers?

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Omnichannel Retailing Is Getting Personal I Luxury Daily

Omnichannel Retailing Is Getting Personal I Luxury Daily | OMNICHANNEL | Scoop.it

It is time our industry takes a step forward and considers how we think about consumers: the very person interested in your brand. A unified customer experience, or unichannel for short, has to link disparate channels into just one experience that makes sense to Joe Public.
 

Some retailers started building CRM and clienteling solutions to blur the lines between physical stores, online and mobile channels. While these digital technologies do improve the customer experience, consumers do not think in these terms at all. People want to easily search for and buy products and goods, wherever they are, whenever they want.

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E-Commerce Isn’t Everything I TechCrunch

E-Commerce Isn’t Everything I TechCrunch | OMNICHANNEL | Scoop.it

For the past two decades, Silicon Valley has focused almost exclusively on a niche of retail that accounts for a single-digit percentage of overall sales — e-commerce. It’s time to think about the other 93 percent.

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I Visited Amazon's First Retail Store, And Here's What I Hated About It I Business Insider

I Visited Amazon's First Retail Store, And Here's What I Hated About It I Business Insider | OMNICHANNEL | Scoop.it

In November, Amazon opened its first brick-and-mortar location,Amazon Books, in Seattle's upscale University Village mall. The store sells not only books, but also Amazon devices such as the Kindle, Echo, Fire TV, and Fire Tablet.
 

But one thing about Amazon's new store is unlike all other retail locations: No prices are listed on any items for sale. Instead, Amazon forces customers to look up prices on its app or at an in-store scanner.

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Elle Uses Beacon Technology To Drive 500,000 Retail Store Visits I Digiday

Elle Uses Beacon Technology To Drive 500,000 Retail Store Visits I Digiday | OMNICHANNEL | Scoop.it

Many publishers add product links to articles to try to get readers to buy online. With a new shopping gambit, Elle magazine is driving consumers into actual physical stores.
 

For the program, called Shop Now, Elle is making its editors’ product picks available to ShopAdvisor’s and RetailMeNot’s apps. (ShopAdvisor is a mobile proximity service and RetailMeNot is a mobile coupon app.) The apps’ users (25 million combined) who have opted in to get push notifications will get a push if they are within a mile of Levi’s, Vince Camuto, Barnes & Noble or Guess stores letting them know Elle’s suggested buys are near. If the customer opens the notification and goes to the store, she’ll get another notification with a promotion. One recent one gave shoppers $25 off their Camuto purchase if they bought the same day. Swirl is providing the beacon technology.

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Maybe* Solutions's curator insight, November 12, 2015 2:04 PM

Could  Beacons provide the missing link in so many mobile journeys? They can certainly ensure messages sent have context - th big question is how do you make teh message relevant to me?

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Omnichannel Lessons From Across The Pond | L2

Omnichannel Lessons From Across The Pond | L2 | OMNICHANNEL | Scoop.it

U.S. retailers are just beginning to experiment with in-store pickup, which means they can learn from their U.K. counterparts who have offered the service for many years. A few consumer pain points to keep in mind: arriving to pick up an item just to be told it is out of stock, long waits at understaff locations, and lack of dedicated areas for in-store pickup to help those customers avoid the crowds. Though it is a more mature market, U.K. brands are still experimenting with the concept. For example, Argos – which fulfills 63% of its digital orders via click-and-collect, is testing new inventory models. It has installed a “hub and spoke” distribution network which recasts the retailer’s 150 large-format stores as shoppable warehouses (hubs) that serve four to six smaller-format stores (spokes) each.

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Retailers Should Leverage Omnichannel Fulfillment Capabilities To Rival Amazon I L2

Retailers Should Leverage Omnichannel Fulfillment Capabilities To Rival Amazon I L2 | OMNICHANNEL | Scoop.it

Retailers need to look at free shipping as an investment, weighing the short-term expense against what can be recouped in the long run, according to a new report by L2.
 

With players such as Amazon offering expedited, free shipping options, other retailers have been pushed to adopt similar services, but keeping up can be costly, as brands need to absorb the price of delivery. However, compared to a solely ecommerce business such as Amazon, retailers with a bricks-and-mortar presence are at an advantage when it comes to earning back the price of shipping through upselling and in-store conversions at the point of return.

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Luxury Brands Continue To Lag In Omnichannel Retail I Luxury Daily

Luxury Brands Continue To Lag In Omnichannel Retail I Luxury Daily | OMNICHANNEL | Scoop.it

In today’s retail environment, digital touchpoints serve as the “connective tissue” between Web sites, bricks-and-mortar storefronts, inventory and the consumer, according to a new report by L2.
 

The “L2 Intelligence Report: Omnichannel Retail 2015,” developed in partnership with RichRelevance, provides insights into how digital alone does not offer marketers substantial ROI. But, an omnichannel approach, offering consumers a number of “fluid” touchpoints, leads to higher consumer spend.

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Department Stores Fight To Remain Relevant With Omnichannel Efforts I Luxury Daily

Department Stores Fight To Remain Relevant With Omnichannel Efforts I Luxury Daily | OMNICHANNEL | Scoop.it

As department stores find themselves facing increasing pressure from ecommerce-only players, a seamless omnichannel approach will enable them to remain competitive, according to a new report from L2.
 

With declining traffic and loss of market share in a more crowded space filled with mono brand boutiques and large ecommerce players, department stores have to leverage their in-store capabilities with their online channels to capture sales from consumers seeking a seamless, hassle-free shopping experience. From opportunities to upsell at point of return to allowing for varied purchase paths, bricks-and-mortar retailers can use their physical locations to their advantage.

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