This Is The Best Time To Start Your Omni-Channel Retail Strategy
Tuesday, October 10, 2017

This Is The Best Time To Start Your Omni-Channel Retail Strategy

When should you start your omni-channel retail strategy? Seems like a rhetorical question, right? From the interest point of your customers, the answer will always be right away. Frankly, your customers deserve to already have it available.

But there are a number of factors that could play a part in the timing of when you want to start implementing your strategy. For instance, if you are in a lagging market, maybe the pressure is not already on you to change. But, this is also a golden business opportunity to differentiate your brand as a leader and driver in retail.

OrderDynamics’ Omni-1000 Results

When to start? Frankly, your customers deserve to already have omni-channel available to them.Our recently published OrderDynamics Omni-1000 showed that retail markets in several countries vary in omni-channel maturity. For example, if you are in the North American market, the omni-channel competitive pressure is not as high as in the UK, where omni-channel adoption is 67%. However, the counter to this argument is that Amazon’s home turf is the North American market, so the pressure to compete using omni-channel tactics against a formidable foe, is high.

Keep in mind that despite this market having a low adoption of omni-channel among retailers, over 37% reported they plan to deploy omni-channel capabilities within the next 2-3 years. So, like it or not, even in a currently low omni-channel market like North America – the pressure to get started remains high.

Which Generation Are Your Shoppers?

A key question for every retailer’s senior management is what they would like their brand to represent. Is the retail brand one of being a laggard in the industry? After all, if your customer’s target market is the GI (Silent) Generation (generation older than the Baby Boomers), then being a retail technology laggard is fine. There is little danger that the GI Generation will be concerned about your brand falling short on using the latest technology, and giving them several purchasing options. However, if your customers are Baby Boomers, GenX, Millennials or GenerationZ, then you have a different issue. The more recent the generation (GenerationZ), the more important it is to be a leader in retail technology you use, and have options provided to these customers.

Remember, laggard brands DO NOT win over Millennial and GenerationZ shoppers! For a good Millennial perspective and commentary – see RetailWire’s An open letter to retailers from a Millennial: Fix your omnichannel!

 

Are Retailers Truly Offering Omnichannel? Find out in benchmark report.

 

Where To Start?

37% of retailers reported that they plan to deploy omni-channel capabilities within the next 2-3 yearsConsider first, where your retail chain is at regarding an omni-channel retail strategy. A good place to start is to review the OrderDynamics Omni-1000 research . Then contact us and request a custom grade report for your specific retail chain. 

If your grade is not positive, it means you have some improvements to work on regarding your omni-channel strategy.

If your custom report points to a needed improvement, and taking into account that research shows a positive ROI outcome from using an omni-channel strategy – you know that your retail chain needs to get your act together. The longer you wait, the greater the brand erosion, and the greater the lost opportunities.

What Then?

Once you have a position on why your firm needs to change… you start to pitch your senior management or CEO on this need. Connect with us at OrderDynamics – we can help you with this part.

When To Start?

As outlined, when to start is entirely dependent on your needs. Most vendors want to push all retailers into the same omni-channel path. For the vast majority of retailers, the right path is creating a functional omni-channel retail strategy. However, there are cases where it might not be a value add, or necessary for the supported shoppers. For these cases, don’t worry about it, and carry on. For most retailers, I’d suggest you get the two custom reports. If it points to a need for improving your omni-channel capabilities, then DON’T DELAY!

 

Author:

Charles Dimov - Director Marketing OrderDynamicsCharles Dimov is Director of Marketing at OrderDynamics. Charles has 21+ years experience in Marketing, Sales and Management across various IT and Technology businesses. Previous roles include Chief of Staff, Director Product Marketing, and Director Sales. Charles has held roles in brand name firms like IBM, Ericsson, HP, ADP, and OrderDynamics.

 

 

 

Related:

Retail Strategy: Order Management 3.0  Want to Know More About Distributed Order Management?  Omnichannel Retail vs Ecommerce Pureplay