Key Takeaways: Decoding the Future of Omnichannel RetailJul 01,2022
With the Covid 19-induced disruptions shaping consumer behavior, omnichannel retail is expected to see a new dawn.
As convenience and personalized shopping experiences continuously shape consumer behavior, retailers gravitate towards solidifying omnichannel strategies. With omnichannel still a relatively newer concept across the industry, how are retailers navigating this change and using it to build exclusive, personalized experiences for their consumers?
In Worldline RISE 2022, conducted in collaboration with ET Retail, we sought to understand how retailers successfully create phygital experiences for their consumers.
Moderated by Pallavi Goel, Digital Content Producer, ET Retail, with a panel of industry experts like Dharmarajan K, Chief Business Officer, Beauty TATA Cliq, Shankar Prasad, Founder of Plum Goodness, Sanjay Tripathi, Chief Digital Officer, Bestseller India, Siddhartha Nangia, Co-founder of Smytten, and Vishal Maru, Executive Vice President, Financial Institutions, Worldline India presents their insights into leveraging omnichannel strategies for building cohesive customer experiences.
Let us Look at the Key Insights from the Discussion:
1. Understanding Customer Preferences for an Exclusive Experience
To offer connected experiences, retailers need to know their consumers. The seamless transfer from the online world to offline space occurs when there is visibility as to what the customer has browsed online.
By knowing a customer's buying history, retailers can forge the way forward toward a personalized, exclusive shopping experience for their customers. Providing further insight into this, Dharmarajan says, "On the backend, retailers need to get all their operations and inventory visibility at par in both online and offline spaces".
2. Offering an Indistinguishable Experience
By offering a similar experience in online and offline spaces, retailers can bridge the gap between online and offline shopping. Pointing at this, Siddhartha states, "We have to be there in the entire journey of offline retail. It is not just about integrating the offline and online; it is giving the same online experience to an offline space and learning everything about the consumer as we intend to do from the online space."
3. Integrating Inventory across Channels
At the operational level, consolidating inventory across different channels remains at the heart of building robust omnichannel strategies. Integrating inventory paves the way toward a seamless customer experience. Concurring with this, Sanjay says, "Integrating inventory for omnichannel means that if a customer doesn't get a size, the store manager can help them order from another store or warehouse. And online shoppers can get fulfillment from a nearby store if the product is available there."
4. Seamless Payment Methods for Connected Experiences
According to Vishal, payment is one of the essential elements that decides consumer behavior, and introducing an omnichannel payment platform can help retailers acquire customer data, empowering them to understand the customer well.
Providing insights on this, Vishal further says, "At Worldline, this is what we have done. Being a processor, we have access to the instore as well as the online processing data and what we have done is we are introducing our omnichannel orchestration layer, which connects with all the possible payment options and gives a very unified, seamless, and comprehensive view to the merchant".
Providing a well-blended commerce experience across all touchpoints can be one of the biggest challenges for businesses in omnichannel strategy. Without a well-orchestrated omnichannel payment processing, businesses will find it difficult to blend their commerce experiences the way modern consumers expect.
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