Customers have come to expect a unified shopping experience across all channels forcing stores to connect the dots between their in-store and online operations. While not all omnichannel features are one-size-fits-all, BOPIS is an option shoppers are coming to expect from retailers. According to a survey from Internet Retailer and BizRate, 53% of shoppers plan to increase their use of buy online, pick up in-store (BOPIS) this year and by not giving your customers the choice, retailers could be losing sales.
Retail is going through a critical period of change as market dynamics shift and differentiation via service becomes the focus. This new Gartner research report identifies what this means for retail operations and other key findings.
From the moment the buy button is clicked through delivery to the shopper, everything that happens behind the scenes is orchestrated by the order management system (OMS). That’s why 45 percent of retailers report they plan to upgrade or implement a totally new OMS in the next two years. A new study conducted by RIS News uncovers the state of order management in today’s complex retail environments and other key findings.
For retailers, it is imperative to take a customer-centric viewpoint on the business. Current disparate systems, processes and organization must be transformed into one cohesive environment with the ability to offer customers a seamless shopping environment across all channels and the capability to deliver merchandise immediately – wherever it is needed. It is time to prepare for the future of retail – it is here – whether we are ready or not.
We are in the midst of a retail transformation. Consumer behavior and mobile technology have dramatically changed the traditional retail model and it’s not over yet. As upstart online retailers mature, their desire to connect to their customers in a more personal manner is evolving. However, the old adage of right product, right place, and right time is truer now than ever before. As a result, retailers are gathering more data that is being leveraged by financial plans, demand plans, assortment plans, and store plans. The importance of a fully integrated planning solution to analyze and utilize this data is key to ensuring retailers remain competitive in this rapidly changing landscape. An integrated planning solution eliminates silos, leverages the same data, streamlines decisions, and builds consensus.
New research reveals that 88% of retailers with new supply chain initiatives said it has helped them exceed customer expectations; and 84% claim these efforts allow them to give customers more control over their shopping experiences.
Succeeding in today’s ever-changing digital commerce world requires mastering a complex mix of people, process and technology innovations that must all work seamlessly together. Organizations face myriad of choices — from developing the right strategy to building a high-performing team and laying a solid foundation of the right technologies.
To keep pace with growing consumer expectations, retailers must be equipped with modern order management systems that greatly expand their fulfillment capabilities. However, many still lag behind. To gain insight into these challenges and retailers’ top priorities for a future OMS investment, Radial partnered with Incisiv to conduct a quantitative survey of retail executives spanning key business functions across the retail supply chain.
In the old days, consumers went shopping because they had to. However, thanks to a plethora of new options, consumers today must now be inspired to want to shop. To improve the customer experience, retailers are looking toward many different options, such as buy online pick up in store (BOPIS), click and collect and ship-from store. While convenient, these fulfillment methods have only further exposed the problem of out-of-stocks.
Chargebacks are an unfortunate reality of a retail business and can be devastating to your bottom line. When you consider that over 84 percent of chargebacks are now due to fraud, developing a comprehensive strategy for managing them is critical for success.
The landscape of retail is constantly transforming, and a shift from transactional to service-driven, personalized experiences is emerging. Our 10th annual shopper vision study surveyed thousands of consumers throughout North America, Latin America, Asia-Pacific, Europe and the Middle East to discover that tech-savvy consumers are demanding a higher level of retail service, convenience and curation. We ask the questions that really matter to find out what shoppers really want, so you can get the insight you need to be their preferred retailer, both in-store and online.
Over the past few years, improvements in mobile devices, Wi-Fi, and cloud computing have made mobile point of sale (POS) solutions effective and affordable for businesses of all sizes. Tablets have emerged as the most popular platform for mobile POS solutions, and you may have already heard the buzz about them. There’s a reason for all the hullaballoo. In addition to integrating payments and making retail transactions more effcient than using a traditional electronic cash register (ECR), tablet POS solutions can provide robust management data.
Consumers worldwide continue to adopt and use technology in their shopping experience. Faced with rising customer expectations and increasing competitive pressures, retailers now are prioritizing in-store innovation. Many retailers have adopted multichannel implementations, in which mobile, web, and in-store shopping are enabled but not delivered consistently to the customer.
Competition is growing fierce for restaurants — and not all of it comes from other local dining establishments. With grocery stores and meal kit services offering additional convenient and affordable dining options for customers to choose from, and with many restaurants turning to faster and smarter automation methods to power their operations, now is the time for your restaurant to step up its game.
The potential of mobile technologies to transform the transaction experience has been discussed regularly over the past decade. The transformation first promised a decade ago always depended on significant advancements in both consumer and business transaction technologies. The consumerization of smartphones, which began in 2007, introduced what would become the key enabling technology on the consumer side. This marked the beginning of robust growth and continuous advancements in consumer mobile technologies.
Radial surveyed 3,000 consumers in the U.S., the U.K. and Canada to better understand issues relating to eCommerce order fulfillment and delivery. The results found that consumers are raising questions about a variety of fulfillment-related issues including the cost, speed, reliability, and eco-friendliness of the fulfillment process.
Retail is not dead, but the traditional retail model is.
Cash remains as relevant in retail as it has ever been. Although slowly declining as a percentage of point-of-sale transactions, the amount of cash in circulation continues to grow in the United States. Managing this growing volume of cash remains problematic, as there are widely known cash handling challenges facing retail operations today.
There is no doubt that this building-block approach, when properly repurposed, can have powerful applications in the field of global trade.
A $2.3 trillion global e-commerce market reflects how profoundly shopper expectations have recalibrated worldwide. Today’s consumers have been rewired by digital disruption. That always-connected, tech-savvy shopper expects a seamless, faster purchasing journey, whether she’s buying online and picking up in store or wants her merchandise delivered in two hours to her door.