The term “omnichannel” became more than a buzzword in the retail space when the pandemic forced countless store owners to enable new avenues for customer interaction as quickly as possible. At first, the term simply entailed a retailer’s ability to support a variety of purchasing channels, whether they be online, on social media, or in person. However, this flexibility brought an unprecedented level of complexity as retailers also had to ensure a cohesive buying experience for customers across their various channels.
Retail stores post-pandemic have been transformed, as have consumer expectations on service and convenience. As a result, the retail shopping experience will forever remain a mixed experience. This begs the question, “How do retailers transform their stores both physically and digitally to best support these new mixed experiences?” Even more importantly, “How do retailers maintain a consistent customer journey despite the variety of purchasing channels?” Enter unified commerce.
Unified commerce takes a step beyond the omnichannel strategy to embrace technology-enabled retail functions both inside and outside the company to meet customers’ needs optimally and efficiently. Smart businesses need unified commerce solutions that include updated capabilities in selling channels, integrated inventory management, and data-driven loyalty programs. With the right system and tools in place, retailers can anticipate customer needs, strengthen their brand, and instill lasting confidence that the store will have what shoppers want when they want it.
So, what separates the leaders from the rest when it comes to IT sophistication and the optimization of systems to track each of these digital journeys? Here are five critical steps to consider when building a successful unified commerce strategy:
- Take inventory of your technology. During the pandemic, retailers often deployed technologies that were neither tested nor optimized prior to deployment. In some cases, it was technology that wasn’t even on the CIO’s road map, but it was deployed as an impetuous attempt to garner sales and frankly to survive. However, these new customer journeys are here to stay, and every retailer should prioritize optimizing each one to maximize profitability.
- Make sure your product inventory count is accurate. The race to accurate inventory both in-store and throughout the supply chain will determine which retailers prosper and which don’t in the next decade. Having visibility on stock levels within a store is imperative to a business’s survival. The retailers that are deliberate in their efforts to apply the appropriate technologies and procedures to this will not just survive, they will thrive.
- Make sure your point-of-sale (POS) systems are up-to-date. POS is the source of all data with which retailers can make sound decisions. If the POS hardware and software aren’t reliable, then a retailer shouldn’t expect accurate performance data for their products, promotions, finances or employees. To solve this problem, one could simply upgrade an existing system or undergo a wholesale change, such as from on-prem-based systems to those based in the cloud. Furthermore, consider upgrading to a more robust system that can handle more than just the “front end” and can tightly integrate the critical components of your ecosystem.
- Empower employees via mobile POS systems. Curbside and buy online, pick up in-store (BOPIS) transactions skyrocketed during the pandemic. Now, retailers leveraging this virtual purchase journey are seeing larger carts at checkout because shoppers buy more when simply picking up their items in person. Therefore, leveraging mobile POS technology can not only increase sales, but also turn that interaction into a mobile point of service in the overall customer experience.
- Work with your technology provider. A one-size-fits-all ERP solution isn’t effective for today’s dynamic market. Consider a solution that’s informed and built by retail experts with more functionality for your industry with less need for additional customization down the road. Advanced capabilities like streamlined workflows and accurate reporting and forecasting also provide early visibility to potential challenges and opportunities, enabling retailers to make informed decisions and build customer trust.
The reality is, just as no two retailers are identical, the implementation of unified commerce and the respective customer journeys embraced should be unique to a given retailer. Therefore, it’s paramount for each retailer to identify the most important journeys for their relationship with the consumer and to prioritize and optimize accordingly.
Carl Hildebrandt is vice president, product management at Epicor, a global leader of industry-specific enterprise software to promote business growth.
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