Yesterday (Sept. 29), we came across a couple of RIS News articles that complemented each other. One was called "4 Things That Are Killing Your Sales You Need to Change"; the other focused on "Kohl's Top Five Omnichannel Initiatives."
Gizmodo's Michael Hession today published a video review of Samsung Pay. The video shows him using (and sometimes not using) the new payment technology around New York City.
The Starbucks app is the envy of retail and as such, we've followed its progress closely over the years. In March 2014, the company introduced in-app barista tipping. In December 2014, it test launched "order and pay in advance" in Portland, Oregon, with plans to expand the service to other cities.
By now, most companies realize the importance of gathering data and customer insight. It’s never been easier to pull in various forms of information, numbers and trends. Now the problem is, what do you do with all this precious data? How do you ensure it’s being interpreted correctly and that the right actions are undertaken based on the findings?
Retail companies today are dealing with a constantly changing industry and they are under perpetual pressure of entering new channels, streamlining customer experience across all these channels and using the tremendous amount of data available to be collected in a meaningful way.
Throughout the past decade, by working with various retailers, the iQmetrix team has accumulated a wealth of industry knowledge and hands-on software expertise that made us comfortable to push our professional service offering to the next level. Rather that offering software tips, we wanted to completely integrate our team with a retailer and work together on improvements on all sides of the business operations and customer experience.
Bank of America Merchant Services Now Available in RQ!
It really comes down to the types of goods that would determine the success of retailers who mix online and in-store.
It’s interesting to note what types of retailers would fall somewhere in the middle and would benefit from a strong blend of in-store and online strategies. It really comes down to the types of goods that would determine the success of retailers who mix online and in-store. My thoughts on the kinds of goods that would be great for the mix are:
- Goods that are not commodities. If there are physical differentiators for a product set, then it becomes more important to have a physical store channel for consumers to validate a choice that they might make online.
- Goods that are actually physical. Music is essentially a virtual ‘product’. The distribution lends itself to a strictly electronic form. Books are another example of this class of virtual product.
- Fashion is a prime industry for an online and in-store mix. The goods are differentiated physically in terms of cut, material, and colors.
- Technical physical products are another category that benefit from an online and in-store presence - gear that requires good maneuverability or feels good in the hand.
Perhaps another way to think about it is - what kinds of products carry a higher risk of disappointing the customer if they only ever had exposure to it online?
Physical stores can offer consumers experiences that are difficult to replicate online.
Here are my top 3 tips for how retailers can remain competitive within the growing trends of E-commerce:
The future of retail is not deciding between physical or online but finding a way to bring the best of both experiences together.
Re/code reported last week (Sept. 4) Uber is planning a partnership announcement with "big retailers and fashion brands that could number in the dozens," which would use Uber as an express delivery option for e-commerce customers.
Foot Locker has implemented endless aisle and drop ship concepts to pull together their omnichannel efforts. The article covered a lot of interesting trends that we’ve seen popping up all over the retail landscape.
View the Mo's Mobiles case study above.