This is an archived post from OrderDynamics, now Tecsys retail division.
Retail Goals: The 2019 Retailers Wish List
At this time of year, retailers are too busy to make their own wish lists. They’re too involved in fulfilling the dreams of their customers! So OrderDynamics has created the ultimate 2019 retail goals wish list. Packed with something for everyone, the following is a sample of goals we’ve overheard from retailers. We’ve taken it one step further and connected those goals to critical omnichannel elements that can help retailers succeed. So, if you want increased sales or get a competitive advantage, read on. The Omni-2000 Research Report is truly unique. The study was conducted from the viewpoint of the customer. It shows what the customer finds when they go looking online at specific retailers across the world. Here are the must-have items every retailer needs for 2019, based on recent research compiled in the Omni-2000 Global Research Report.
1. If You Want to Increase Sales, Offer Free Shipping
According to the Omni-2000 research report, 73.9% of retailers offer standard free shipping with a minimum purchase. Almost 3% offer free shipping on a promotional basis. Shipping has become one of the new competitive advantages for retailers. Not only are customers looking for the best products from your store, but they want them delivered in the fastest and most inexpensive manner. Shipping costs can make or break a consumer’s decision to buy from you. Even with the best prices on your products, a higher shipping cost can deter customers from buying from you. Do you have "increase sales" as one of their retail goals for the upcoming year? Then consider offering free shipping or even lower the minimum basket value for free shipping that you currently offer. An example of a retailer taking free shipping to the max is Stitch Fix. This fashion retailer works as their customers' stylist to personalize clothing choices. Algorithms select the clothes a customer will like, and ships those items to him or her. Customers send back items they don’t like without any charge, as Stitch Fix offers free shipping both ways!
2. If You're Looking to Compete With the Big Guys, Offer BOPIS
Consumers are much more likely to be able to buy online and pickup in store from large retailers. According to the Omni-2000 forty-eight percent (48.6%) of retail chains with over 251 stores, offer click and collect or BOPIS. This in stark contrast with small chains of 10-50 stores at 31.5%. SMB retailers have an opportunity to capitalize on one of the consumers’ most coveted things – convenience. Today, the ability to buy online and pick up in store is a retailer’s chance to offer customers what they really want when shopping. BOPIS allows consumers the ability to customize their shopping journey. All the way from when to shop to when and where to pick up. The key to making BOPIS work is to seamlessly connect your in-store and e-commerce catalogues. Ideally, your retail management system should allow you to manage your products and customers using a single platform. Larger retailers who are already offering click and collect options to consumers are seeing a rise in sales and brand loyalty. SMB retailers can also put a tick next to this retail goal by offering BOPIS.
3. If You Want to Gain a Competitive Edge, Offer Active Inventory Visibility
Only 38.1% of all retailers in the Omni-2000 research report show basic inventory visibility on website product pages. Among merchants, omni-channel retailers are most likely to provide active inventory visibility. Almost half (49.2%) of omni-channel retailers provide at least an overall in-stock indication level on their product pages. Among omni-channel retailers, only 39.1% of omni-channel retailers provide details down to the store level. The majority of retailers agree – inventory visibility is a top priority. Omnichannel customers and retail associates need to be able to find the product they are searching for in the easiest way possible. With connected visibility across channels, everyone involved in the customer journey. From customer service to the store employees to the customers themselves will understand where the product they want is available. With inventory information, the customer can be empowered to choose how they would like their purchase fulfilled – delivery or pick up in store. The store associate can help guide this with their own visibility into the stock. When customers do not see the items they want to purchase or have information available to them on when the products will be in stock, they will go to another retailer. Retailers who are able to provide the most information to their customers are the retailers who will gain and maintain the competitive advantage in retail today.
What is on Your Wish List This Holiday?
The holidays are a busy time spent providing for others. But this year, we’re encouraging retailers to remember their own retail goals and wishes! Simply print off this list and drop it off with the big guy in the middle of the closest shopping mall. Author: Charles Dimov is VP of Marketing at OrderDynamics. Charles has 23 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.