multi channel strategy for retailers

Multi-Channel Strategy for Retailers

For Any Retailer…

Multi-Channel is the Key

In an ideal WorldIn 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 Afternoon, she logs on to the Sainsbury website from her office computer, and orders Groceries which she would collect in the evening

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.

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.

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.

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

Let’s look at the real world …

A typical Customer can interact by …Logging to Website

WebMobile

ShoppingIn StoresOnlineClick & Collect

Making PaymentIn Store POS Online

Getting RewardedLoyalty Cards

Challenges of a multi-channel experience

For CustomersFrictionless & Seamless interaction at ALL the touch points

For RetailersHow 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 SellAmazon 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 timeAn 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?

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

Short Term

Buy or Build a Big Data ready infrastructure

Long Term

Recommendations

Short TermStreamline the Login, Payment and Loyalty Processes, and provide a

consistent user experience across multiple channels.

Medium TermIntegrate the back-end to get a single view of the customer. Leverage

analytics to serve customer better, and predict inventory levels.

Long TermMove from hardware based POS system to software based system.

Buy or Build Big Data ready system.

Krishan Singh

krishan.singh@hec.edu @Krishaned

LinkedIn: http://uk.linkedin.com/in/singhkrishan Blog: http://techpointofview.blogspot.co.uk

+ 44 7880 362 136