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There is no question that the Retail industry has been experiencing disruptive change.<\/p>\nThere is no question that the Retail industry has been experiencing disruptive change.<\/p>\n
Traditional retailers can no longer survive in a Digital Age dominated by e-commerce.\u00a0 \u00a0Even traditional physical stores having an e-commerce presence is not enough, with the rapid growth of Mobile and Social Media.<\/p>\n
As technologies and accessibility continue to improve, the 21st century shopper has become more demanding than ever–they\u00a0want to be able to shop\u00a0anywhere, at anytime.\u00a0 Furthermore, the shopping experience across disparate channels must be seamless.<\/p>\n
The diagram below illustrates the evolution of the retail experience.<\/p>\n
We are now\u00a0entering the age of Omni-channel Retailing<\/a>. \u00a0 Customers now demand information about stock levels, delivery times, and shipping options, regardless of where within the retailer\u2019s network they are situated.<\/p>\n The challenge is to find a seamless solution for both the Customer Experience and internal processes.\u00a0 This implies an integrated backend across the channels, particularly when it comes to customer data.<\/p>\n For companies to effectively meet customer demands in the Omni-channel Retailing world, they should focus and prioritize their efforts and resources on 3 critical areas:<\/p>\n Omni-channel Marketing changes the way we\u00a0do\u00a0business.\u00a0\u00a0It allows for\u00a0a more interactive and personalized brand experience.<\/p>\n Omni-channel Marketing goes beyond siloed behavior.\u00a0 It reaches customers through all possible touch points and channels.<\/p>\n It is important for our company to decide on a Marketing Strategy specific to our business and offerings.\u00a0 This is to make sure that marketing goes through the right channels for a specific customer group.<\/p>\n Today, customers are spending more time on Social Media networks and the Internet.\u00a0 Traditional marketing, such as print and television commercials, is decreasing in favor of Online Marketing.<\/p>\n There are 4 core channels that fall under the umbrella of Online Marketing:<\/p>\n As a caveat, while the urge to try something new is encouraging, business must know which channel is most effective (i.e. best ROI) in reaching out to the changing market.<\/p>\n The explosion of the e-commerce market has resulted in significant development when it comes to online payment solutions.<\/p>\n Multiple payment solutions have existed within the e-commerce market for awhile.\u00a0 Recently, mobile payment has been driving sales across the various channels.<\/p>\n Online customers expect multiple payment options.\u00a0 They demand convenient and customer-oriented payment solutions that can process transactions securely.\u00a0 This challenges our company to offer the right mix of payment solutions.<\/p>\n A number of innovative payment solutions have emerged in the marketplace.\u00a0 \u00a0Enhancements in technologies, more user-friendly software, and a high smartphone penetration rate have overcome challenges regarding security, trust, and ease of use.<\/p>\n There are 5 key trends that have emerged in response to the demands of the Omni-channel Customer:<\/p>\n Likewise, key opportunities were opened to optimize the payment portfolio, which include:<\/p>\n The Supply Chain is the backbone of e-commerce operations. Its design is of critical importance.\u00a0 After all, the setup and execution of the Supply Chain drives Customer Experience.<\/p>\n Traditionally, Supply Chain Management (SCM) has been a key enabler to profitability and long term success.\u00a0 SCM can be defined as the management of the flow of goods of services, from the movement of the raw materials till the final product is received by the end consumer.<\/p>\n With the rise of the Omni-channel Supply Chain, there are more and more variations and thus complexity in how the final product is received by the consumer.\u00a0 Omni-channel fulfillment must break down the barriers between the various channels to meet the increased complexity of orders across various channels.<\/p>\n A well-functioning Supply Chain can achieve internal efficiencies, speed up deliveries, and reduce costs.<\/p>\n Today, the Omni-channel Customers of the 21st century demand even more than previous generations.\u00a0 They expect products delivered whenever and wherever they wish.\u00a0 \u00a0For our company to be competitive, we need to re-think order fulfillment and logistics operations to meet the demands of the Omni-channel Customer.\u00a0 This includes a number delivery and return strategies that retailers now have at their disposal:<\/p>\n Each of the Delivery and Return Strategies are distinctly different in terms of application and logistical requirement.\u00a0 Our company must know which strategy can be operationally effective and optimal to our business model. Regardless what strategy our company takes, what is important is we get to drive excellent customer satisfaction.<\/p>\n An up-to-date Order Management System (OMS) must back up our business to be able to offer all delivery options to our customers.\u00a0 See the visual below for a depiction of the core components of an OMS.<\/p>\n Interested in gaining a more in-depth understanding on Omni-channel Retail Strategy?\u00a0 You can learn more and download an editable PowerPoint about\u00a0Omni-channel Retail Strategy\u00a0here on the Flevy<\/a>\u00a0documents marketplace.\u00a0\u00a0This presentation discusses these 3 focus areas in detail, including key trends, next steps, and relevant benchmarks.<\/p>\n","protected":false},"excerpt":{"rendered":" There is no question that the Retail industry has been experiencing disruptive change. Traditional retailers can no longer survive in a Digital Age dominated by e-commerce.\u00a0 \u00a0Even traditional physical stores having an e-commerce presence is not enough, with the rapid growth of Mobile and Social Media. As technologies and accessibility continue to improve, the 21st… The Omni-channel Retail Strategy for the Digital Age<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":3644,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"categories":[81],"tags":[1257,1258,1256,1254,753,1255,136],"class_list":["post-3636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-strategy","tag-mobile","tag-mobile-payment","tag-multi-channel","tag-omni-channel","tag-online-marketing","tag-retails-strategy","tag-supply-chain"],"_links":{"self":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/3636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/comments?post=3636"}],"version-history":[{"count":6,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/3636\/revisions"}],"predecessor-version":[{"id":10535,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/3636\/revisions\/10535"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/media\/3644"}],"wp:attachment":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/media?parent=3636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/categories?post=3636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/tags?post=3636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"omni1\"](\"https:\/\/flevy.com\/blog\/wp-content\/uploads\/2018\/07\/omni1.png\")
<\/a><\/p>\n\n
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<\/a><\/p>\nOmni-channel Marketing<\/strong><\/h2>\n
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\n<\/strong>SEO is considered organic marketing and consists of optimizing website content to achieve a higher ranking in search engine results by finding the right keywords.<\/li>\n
\n<\/strong>A good example to look at is Facebook.\u00a0 Facebook is the primary media, because it is easy to target specific customer groups through their advertising platform.<\/li>\n
\n<\/strong>SEA is a driving force for e-commerce organizations.\u00a0 This is purchased Online Marketing, such as keywords, Google shopping and pay-per-click.<\/li>\n
\n<\/strong>These represent a cost effective way to reach new and existing customers with personalized content.\u00a0 These campaigns also represent among the highest in ROI.<\/li>\n<\/ul>\nMobile Payment<\/strong><\/h2>\n
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Omni-channel Supply Chain<\/h2>\n
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![\"omni3\"](\"https:\/\/flevy.com\/blog\/wp-content\/uploads\/2018\/07\/omni3.png\")
<\/a><\/p>\nAre you a management consultant?<\/strong>\u00a0\u00a0You can download this and hundreds of other\u00a0consulting frameworks<\/a>\u00a0and\u00a0consulting training guides<\/a>\u00a0from the FlevyPro library.<\/div>\n