In the last lap towards the holiday season, the retail industry is going over all consumer trends this year to bring targeted promotions and hit campaigns to the table. All warehouses are stocked, the aisles are full with products and yet… at the end of the sales, there will be a number of customers who will be stuck in the check-out lines, missing products and general dissatisfaction.
Some of the oft-ignored realities during such periods are missing loyalty credits, customers who didn’t know all the offers, and people who prefer at-home shopping more than the holiday crush of stores. Most stores and retailers will shrug these statements off, saying it can’t be helped during the mad rush. It is also one of the reasons that a customer don’t hesitate switching to another retailer at the drop of a hat in the name of convenience.
But can it be changed?
Ten years ago, or even five, people went to stores and supermarkets because products had USPs, a tangible worth which extended to an intangible value. The better the USP, the more the value. But with a plethora of choice and the Internet, product USPs and perceptions have undergone a radical shift.
In this chaos of multi-channel world, only an omnichannel-ready retail management suite can deal with the diversity of the holiday shopping sprees. And with finesse at that. With people preferring to do their holiday shopping online as well as in-store, a retailer should now be able to promote and fulfil the same offers in-store as well as online. And there are three areas in which steps have to be taken:
Loyalty – Festive seasons are the perfect settings to show how important Loyalty is to a retailer. Customers appreciate the fact that their accrued loyalty points are not going to waste, and they can utilise them in sales and promotions. Also, store associates can utilise loyalty history to upsell and cross-sell products, increasing the average basket size.
eCommerce – This may probably be the biggest asset for an omnichannel retailer. You have interminable check-out lines during this festival season. Then, fulfilment and deliveries also go awry with several going missing and reaching damaged. Why not solve both problems with click-and-collect? Let the customers have the freedom to order and pay online, and pick up the goods at the nearest store of their convenience? The retailer saves the cost of shipping, and the customer is doubly happy.
Promotions– An omnichannel retailer using iVend Retail has the capability of utilising Digital Passes. Simply put, they can send flyers, offers, reminders, vouchers, coupons and the like in the online form of Passes directly to the customer’s phone. As a tool powering loyalty and digital engagement, Passes allow a retailer to open a new channel of letting customers know what’s going on.
An omnichannel retail management solution like iVend Retail helps retailers having smooth and faster transactions during the holiday rush. If retail customers are evolving over time with technology, there is every reason why retailers should take advantage of the omnichannel revolution, too.
With 22 years of sales domain experience across verticals, Jason Tan is iVend Retail’s Regional Manager for South East Asia. His core responsibilities are business development, forming strategic alliances and managing the channel business in the SE Asia region. Jason’s forte also includes forecasting and market analysis. He is in charge of engaging the key accounts, working on complex projects and negotiations directly for iVend Retail.