Omni channel Retailing
The Situation Today
The concept of Omni channel retailing has revolutionized the thinking and action style of both the retailers and consumers. Today’s hyper connected customer traverses several channels before finally making a purchase. The customer has therefore evolved from being an information provider to information gatherer which necessitates the retailers to provide a seamless customer experience irrespective of the channel. Omni channel retailing provides the following benefits to retailers:
- Improved customer perception and engagement through the preferred channels
- Increased sales through a variety of engagement points for the customer to make a purchase, increases the convenience and ease of sales, thus boosting profit.
- More opportunities to gather information about customers from multi-channel engagement points
- Enhanced productivity through arming workers with new technology with more information and increasing their efficiency
It is important to note the transformation on one of the core channels in this Omni channel era - the physical stores. Stores being the core customer touch-point, a strong refocus on physical stores is essential ‘to bring buying experience up-to-date’. Increase in adoption of technologies like Cloud based POS, Beacons, Wearables like Google Glass, Augmented Reality, 3D Printing etc. is one way by which in-store shopping experience can be personalized and can compete with online retailers.
Omni channel success is critical to driving profitable growth in any retail context and if successfully executed, the various channels can create a multiplier effect. It requires a new operating model, one that provides new capabilities to help increase consumer loyalty, drive revenue growth and reduce operating costs. Over time, the benefits will come from increased customer satisfaction, improved cross-sell and up-sell, and greater share of wallet.
HCL has experience in providing thought leadership and in successfully crafting and delivering large multichannel transformation programs for retailers. Not only has HCL devised multichannel strategy and roadmap but has also enabled seamless integration to achieve inventory visibility and have a Single View of Customer (SVOC).
HCL’s services in Omni channel spans across Distributed Order Management, Cross channel visibility & integration, Single View of Customer (SVOC), Customer engagement and Returns management across channels.
Some of HCL solutions in e-commerce and omni-channel for retail include: