Multi channel strategy for retailers
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Multi-Channel Strategy for Retailers
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For Any Retailer…
Multi-Channel is the Key
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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
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Let’s look at the real world …
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A typical Customer can interact by …Logging to Website
WebMobile
ShoppingIn StoresOnlineClick & Collect
Making PaymentIn Store POS Online
Getting RewardedLoyalty Cards
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Challenges of a multi-channel experience
For CustomersFrictionless & Seamless interaction at ALL the touch points
For RetailersHow to get Integrated view of customers
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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
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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
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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
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Remember the Ideal World …
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Frictionless & Seamless experience in both the digital and physical channels
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Single Sign-on across multiple websites
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Nothing less than 1-Click Payment would do
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Queue Busting in Stores
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Reward Loyalty in Real-time
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New POS: Signage, Posters, Magazines
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How do retailers get an Integrated view of the Customers?
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Ask your IT team to provide a single View from multiple data stores. It’s Easy.
Short Term
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Buy or Build a Big Data ready infrastructure
Long Term
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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.
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Krishan Singh
[email protected] @Krishaned
LinkedIn: http://uk.linkedin.com/in/singhkrishan Blog: http://techpointofview.blogspot.co.uk
+ 44 7880 362 136