Like all other industries, the last few decades have been a period of drastic change for the retail industry as well. Business models that have stood the test of time are facing rough weather. Retailers are trying to figure out new ways of engaging the ever more fragmented, value conscious, and multi-device user customer base.
Today, having an omni-channel strategy is crucial for retailers to drive seamless omni-channel experience. It will help analyze cross channel data across the consumer purchase path and predict their behavior. Just a couple of months ago, Walmart announced its omni-channel strategy at its annual shareholders’ meeting. “I want us to stop talking about digital and physical retail as if they’re two separate things. The customer doesn’t think of it that way, and we can’t either,” Walmart CEO Doug McMillon rightly said.
Retailers often struggle to gauge the expectations of an omni-channel consumer. Symphony Teleca partnered with EKN research for its “Voice of the Omni-channel retailer” survey, which seeks to understand the challenges of the retail audience and paths that they chose to overcome them. The research was aimed at benchmarking mid-market retailers’ maturity and readiness in terms of omni-channel execution across three-key aspects – People/Organization, Business Process and Technology Systems.
The survey threw up some interesting findings. Integrated marketing programs and channels and solid customer data integration are driving a single view of the channel for retailers. The survey found that 73% of the respondents plan to make predictive analytics their #1 priority in 2015. Retailers also recognize that the ability to predict customer behavior is the key driver of engaging customer experience. According to the survey, 64% of retailers plan to revisit their CRM strategies and platforms.
Want to know other interesting findings and learn how to measure and increase omni-channel customer profitability?