Enterprise

The Power of the Omnichannel Experience for Retail

By November 19, 2018 No Comments
The Power of the Omnichannel Experience for Retail

It’s no secret that e-commerce has disrupted the retail industry. But the reality is, most consumers are no longer shopping solely in-store or online. Instead it’s often a hybrid, consumers shop or engage with your brand wherever and whenever they want, whether that’s in a physical store, on their phone, or in many cases, a combination.

Brands like eyewear retailer Warby Parker are a perfect example of a company using omnichannel data and targeting to their advantage. They use web traffic location data to determine the best places to open stores then equipt stores with iPads so consumers can take and send photos of themselves in their favorite frames. Consumers can later access the photos and easily purchase them from any device. This is the perfect example of the omnichannel loop that data can provide. As a result of their omnichannel strategy, Warby parker saw a 28% increase in sales in 2016 compared to eyewear juggernaut, Luxottica who saw a mere 1% increase.

Omnichannel Impact for RetailBeyond enhancing the omnichannel experience , new technologies, and innovative data solutions can help retailers leverage data even further. For example, retailers are utilizing custom AI solutions to tailor pricing and promotions in real-time, as well as personalizing content across all channels. Sensors have revolutionized brick and mortar stores and shopping malls, uncovering visibility into high traffic areas, eye-catching layouts and displays, as well as understanding what their consumers are picking up. Retailers can then utilize this data both in-store and online by offering personalized discounts based on a customer’s behavior and make smarter, faster decisions through the use of analytics.

Data-driven decision making not only uncovers the most appealing design, merchandising techniques, and selling tactics, but it can also help foster relationships with the consumer. By understanding purchase history, preferences, and strategizing marketing content, retailers can showcase relevant products and coupons, which will result in a more responsive audience and propensity to buy. This will also lead to increased customer loyalty – their preferences and behavior are heard and accounted for as brands merchandise to their specific needs. By understanding buying habits and making the purchasing experience easier for them, customers feel more valued.

If retailers want to remain competitive, it’s crucial to embrace and implement solutions ranging from data analytics and real-time customer engagement to automation and AI. While it may be tempting to buy the latest and greatest new tools and technologies to accomplish these tasks, without the right data strategy and structure in place, you’ll struggle to get the results you want and future growth with these technologies will be hard to achieve. Before investing in the latest retail trends such as implementing high-tech sensors to track customer activity in your store, take a step back and think about your long-term vision and make sure you have the right data foundation in place.

Aptitive’s retail analytics team understands the big picture. They can help you navigate and build the full data ecosystem you need to better understand and market to your customer. That strategic mindset combined with their certifications and partnerships with key technologies in this space. If you’re looking for help using data to better engage your customers and increase sales, contact us for a no-cost strategy session.

Reference:
https://retail.emarketer.com/article/warby-parkers-growing-ambitions/59824b5cebd40003acdf2ddf

Tayva is a data & technology consultant at Aptitive. Through her background in information technology and retail analytics she helps transform organizations through the use of data-driven strategies and innovative solutions.