Omnichannel Retailing

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Master the Challenges of Multichannel Pricing

Retail customers may accept different prices on different channels — but retailers need to manage new complexities to make it work. These include understanding what customers value in each channel and how that affects what they will pay, giving store employees the right language for talking about price differences, and working out operational challenges. Getting it right has a real payoff: Retailers that effectively price differently across all channels see bottom-line growth of 2 to 5%.

The Store Is Dead — Long Live the Store

At the same time that many traditional retailers are closing offline stores, digitally native vertical brands such as Bonobos and Warby Parker are aggressively expanding into offline locations. And both online and offline retailers are converging in experience-oriented “showrooms.”

How to Win in an Omnichannel World

Retail customers now readily use both online and offline retail channels. To thrive in this new environment, retailers need to reexamine their strategies for delivering information and products. Companies that are successful at navigating the omnichannel environment take a customer perspective and view the activities of the company through two core functions: information and fulfillment. They also consider hybrid online-offline approaches, including inventory-only showrooms and “buy online, pick up in store” options.

Raising the Bar With Analytics

More than half of managers surveyed strongly agree that their organizations need to step up analytics use, according to a 2013 global survey by MIT Sloan Management Review and SAS Institute. In addition, survey data suggests that in companies where analytics has improved the ability to innovate, managers are more likely to share data with partners and suppliers.

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Omnichannel Retailing and Data Analytics: Leveling the Playing Field

We’re in a new world of omnichannel retailing that includes physical, online and mobile channels. And those channels are blurring. In a recent AllAnaltyics video and web chat, Analytics in the Age of Omnichannel Retailing, researchers Erik Brynjolfsson, Yu Jeffrey Hu and Mohammad Rahman discussed the challenges facing retailers.

From the Editor: Creating and Leading Change

Consumers are driving change for retailers. As the new article “Competing in the Age of Omnichannel Retailing” notes, “Recent technology advances in mobile computing and augmented reality are blurring the boundaries between traditional and Internet retailing.” Meanwhile, “The Executive’s Role in Social Business” notes that while C-suite executives see social business as an opportunity, they are having a hard time turning that potential into reality.

How to Drive Customer Satisfaction

There are six significant drivers of customer satisfaction for companies to pay attention to: adaptability, commitment to customers, connection with other customers, product assortment, easy transactions and appealing environment. A Trader Joe’s grocery store, for instance, carries about 4,000 items, compared to 50,000 in a typical store. Less is better: Items are chosen to match the demographic and psychographic profiles of Trader Joe’s customers, and provide the assortment customers want.

Google Glass

Competing in the Age of Omnichannel Retailing

Recent technology advances in mobile computing and augmented reality are blurring the boundaries between traditional and Internet retailing, enabling retailers to interact with consumers through multiple touch points and expose them to a rich blend of offline sensory information and online content. In response to these changes, retailers and their supply-chain partners will need to rethink their competitive strategies.

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