Retailology: How Not to Run Your Omnichannel Commerce Strategy Like March Madness

March 12, 2018
 

March Madness is one my favorite times of the year. There is something about unpredictable outcomes, the emotion of winning or losing, the challenge of picking the right teams in your bracket, and the anticipation of the next Cinderella team that simply gets me excited.

Millions of people will be filling out their brackets with a variety of strategies – best mascot, most unique school name, or best jersey color – all in hope of having winning results. While strategies centered on hope and luck may work for March Madness, a winning omnichannel commerce strategy should be centered around creating seamless consumer experiences across every buyer touchpoint.

Organizations who are looking to thrive in the era of Amazon should look to incorporate these 5 elements into their omnichannel commerce strategy:

Unified commerce platform

A unified commerce platform is one of the essential elements for delivering true omnichannel experiences. It starts by having a front-end eCommerce website that ties a back-end order management system to provide order routing and processing, flexible inventory sourcing optimization, customer-driven fulfillment, and consistent and personalized customer experiences.

By utilizing integrated software that enables seamless, customer-centric omnichannel experiences that drive more traffic to your website and more foot traffic into stores you reap the benefits of customer loyalty and growth that far exceed that of traditional retail solutions today. Merchants who are able to connect channels to blend digital and in-store touchpoints into one seamless customer experience will be the winners of tomorrow – and it starts with a unified commerce platform.

Scalable and extensible eCommerce

At the core of any omnichannel commerce strategy is modern eCommerce software. With online sales growth outpacing in-store sales, choosing the right enterprise-class eCommerce software is imperative for long-term sustainability. The ideal solution will be built on a truly SaaS foundation to provide continuous, non-disruptive upgrades and reduce your total cost of ownership (TCO). Modern ecommerce software is designed to enable business users to launch new promotions, create landing pages, or publish new content-without burdening IT resources.

A winning solution should provide extensibility with an API-first architecture to allow your organization to drive customized experiences without breaking the upgrade path – allowing you to integrate with best-of-breed third-party applications, such as product reviews, social engagement, payment, or loyalty programs.

Enable omnichannel fulfillment

One of the biggest drivers for converting an online sale is flexible, consumer driven fulfillment. This means providing the consumer with their choice of fulfillment option – whether that is based on lowest price, proximity of inventory, time to delivery, or convenience. Forward thinking retailers and merchants leverage a modern order management software to drive a variety of fulfillment options, such as buy online, pick-up in store (BOPIS), ship from store, ship to store, store-to-store transfer, vendor drop ship, or even return to store.

By leveraging a distributed order management architecture, merchants are able to connect inventory across their ecosystem to their customers in real-time – enabling flexible and convenient delivery of purchases. An order management software that has the appropriate integrations enables the merchant to save costs, provide faster delivery, and expand online product mix by leverage inventory in stores – all proven to increase digital sales and brand loyalty amongst consumers.

Personalized Experiences

Personalized experiences have been on the top of investment list for many merchants for several years. There are several ways a merchant can use personalization throughout the customer lifecycle, but the key is to drive 1:1, individualized experiences that are relevant to the customer.

By investing in personalization software, merchants can drive personalized experiences across each customer across any touchpoint – including website, mobile apps, in-store, email campaigns, and even customer service. The key is to leverage a solution that is based on predictive, big data technology to drive content based on the consumer’s interaction in real-time. An ideal software package will also empower your merchandising teams with the tools required to optimize the omnichannel commerce experience, such as category sorting, recommendations, real-time previews, and simple to use user interface (UI).

Mobile First Design

We live in an instant gratification world where every consumer has a point of sale system attached to their hip at almost every waking hour – the smartphone. This means that mobile commerce must be at the center of any successful omnichannel commerce strategy. Whether you are creating a native mobile app or simply a mobile responsive website experience – the key is to have a seamless experience across device types.

While this might not come at a surprise, the effort and resources many merchants spend on creating superb mobile experiences can be sub-optimal. Merchants must invest in technology that enables them to build once and deploy everywhere. Retail has become extremely competitive, and those who are able to shift their organizations to think “mobile first” will be at a significant advantage over their peers.

March Madness is incredibly unpredictable and most leave their bracket strategies to chance; however your omnichannel commerce strategy should not be left to luck and merchants must look to be proactive and implement the necessary solutions to win a competitive landscape.