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Omni Channel in Retail

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What is Omni Channel?
Why Omni Channel?
Omni Channel practice map

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Omni Channel in Retail

  1. 1. 1|OmniChannelStrategyforretailers|SamplePresentation|CarolineM.Kim Omni Channel in Retail Caroline M. Kim March 2014
  2. 2. 2|OmniChannelStrategyforretailers|SamplePresentation|CarolineM.Kim What is Omni Channel?
  3. 3. 3|OmniChannelStrategyforretailers|SamplePresentation|CarolineM.Kim Offline, Catalog, etc. Single Channel Multi- Channel Cross- channel omni- channel Online & Offline Online, Offline, Mobile, etc Online, Offline, Mobile, TV, Tablet etc. Consumers are offered one channel Consumers use a combination of channels to complete a transaction. SEQUENTIAL Consumers use at least two channels simultaneously to complete a transaction. PARALLEL The Evolution of Omni Channel Consumers’ expectations in Omni-channel commerce world are higher than ever Consumers can select one of multiple channels Different Channels Consumers’ behaviors Available platforms •  The technology has turned the single line channel to multichannel where consumers have multiple platforms to do the research and the purchase.
  4. 4. 4|OmniChannelStrategyforretailers|SamplePresentation|CarolineM.Kim The Evolution of Omni Channel Omni channel is a customer centric approach, address customers’ needs across all channels.
  5. 5. 5|OmniChannelStrategyforretailers|SamplePresentation|CarolineM.Kim Why Omni Channel?
  6. 6. 6|OmniChannelStrategyforretailers|SamplePresentation|CarolineM.Kim Why Omni Channel? What’s happening in the industry?
  7. 7. 7|OmniChannelStrategyforretailers|SamplePresentation|CarolineM.Kim Amazon is Cutting Down the Benefit of the Retailers Leveraging the Benefit of the Store is the Solution for the Retailers Online Stores 19901900 1994 2005 2010 Multi Channel Online Store Omni Channel Amazon Prime Bookstore Free 2 day shipping Kindle/MP3 Storage Grocery service E book Amazon Instant Video Automatic Shipment Grocery Shipment 30minutes Shipment Prime Air Subscribe & Save program 2012 2013 Sunday 2020 Website Catalog Same-day Maturity Time Delivery Brick and Mortar Retailers Amazon 2014 Prime Pantry
  8. 8. 8|OmniChannelStrategyforretailers|SamplePresentation|CarolineM.Kim Why Omni Channel? What’s happening with consumers?
  9. 9. 9|OmniChannelStrategyforretailers|SamplePresentation|CarolineM.Kim Sources: Deloitte Research 1) 2007 Forrester “Web’s Impact on In Store Sales” , 2) 2011 March “Cross-Channel Commerce: A Consumer Research Study”, Oracle White Paper, 3) 2011 April “Mobile Trends: Consumer Views of Mobile Shopping and Mobile Service Providers”, Oracle White Paper, 4) 2011 July “Why Tablet Commerce May Soon Trump Mobile Commerce “, Forrester, 5) Google Insights Smartphone users are interested in using their mobile phone to pay for an item in-store, rather than using a cashier 41% Omni Channel consumers are not loyal; do not purchase from the same retailer 43% Shoppers use two or more channels to research and purchase an item78% Tablet owners use their tablets for shopping purposes60% Smartphone shoppers use their devices to help shop while in a store84% Consumers’ Purchase Behaviors Have Changed Consumers are no longer loyal to any single platform
  10. 10. 10|OmniChannelStrategyforretailers|SamplePresentation|CarolineM.Kim 74% Research on 68% Research on 67% Research on 60% Research in 52% 37%21%16% 37%35%28% 21% 41% 33%32% 15% 57%29% 19% 18% Purchase on Consumers Follow Different Purchase Paths Consumers use at lease two of platforms to do research and purchase •  Customer decision making process Source: Retail Shopping Research & Purchase Behavior of US Mobile Wi-Fi Users, Jiwire, August, 2013
  11. 11. 11|OmniChannelStrategyforretailers|SamplePresentation|CarolineM.Kim Consumers Cycle Through Multiple Channels Consumers expect to research and buy the product at any platform anytime they prefer Mobile Web Store Call center -  Applications / Mobile Web -  Price/ Products availability/Information -  Store information/ Location aware -  Customer service/ Call center number -  Products details/ comparison/ reviews -  Inventory/ Store information -  Special offers/ Promotion Events -  Customer service/ FAQ/ Payment -  Show rooming/ Products touch & try -  Associates service -  POS/ Pick up -  Store Events/ Workshops -  Products Information -  Inventory/ Store information -  Purchase/ Shipping/ Return problems -  Customer service center Research Purchase Receive 1 2 3 4 5 6 E.g. Consumer Purchase Path A: Consumer A wanted to buy a TV. He searched online [1] to check the model he wanted to buy and the stores available to purchase. He decided to go to BestBuy Store [2] to check out the real product. He liked the product and he checked and compared the price online on Mobile [3] when he was in the store. After compared the price, he found price in the Home depot was cheaper. He left the BestBuy store and called Call center[4] to check a few service questions when he back home. He decided to purchase on Home depot Website [5]. He wanted to get it right away, so he chose pick in the store service, and picked it up one hour later in the Home depot store [6] Path A
  12. 12. 12|OmniChannelStrategyforretailers|SamplePresentation|CarolineM.Kim Consumers Continuously Re-evaluating the Brand Brands should meet the different expectations through the journey ŸInspire me and lead me to a new desire ŸPersuade me to make a decision ŸProvide me all information I need based on my preference ŸProvide the information whenever I need ŸSell me the product I need ŸEnable me to buy the product in the way I want ŸEnable me to make a payment/shipping /pick-up/return service in my preferred channel conveniently ŸRecognize me, my subscription and interaction history ŸServe me with the problems I met with the product ŸEnable me to share my experience ŸReward me for my engagement ŸValue me for the relationship I have with the brand ŸOffer me the personalized promotions of the product which fits my needs Consumers Evaluations ŸIS IT WORTH IT TO TRY? ŸIS IT WORTH IT TO BUY? ŸCAN I BUY THE WAY I WANT TO BUY? ŸDOES IT MEET / EXCEED MY EXPECTATION .SHOULD I REPURCHASE THE SAME/ SWITCH TO OTHER BRANDS? Customer Expectations Leads (Needs) Loyalty Pool Persuasion (Research) Sell (Buy) Service (Experience) Retention (Needs) Brand (Consumer) Consumer purchase life cycle
  13. 13. 13|OmniChannelStrategyforretailers|SamplePresentation|CarolineM.Kim Omni Channel Practice Map What do brands need to do?
  14. 14. 14|OmniChannelStrategyforretailers|SamplePresentation|CarolineM.Kim De-Silo Your Channels Provide the Integrated Brand Message across all Channels 1 2 Regular Users Loyal Users Research Experience Buy Needs -  A single unified experience across all the channels is the way to meet the consumer’s expectation. -  Mobile, Website, Retailer Stores and Call center should deliver integrated brand message to consumers to enable them to interact in a consistent way with the brand across all the channels.
  15. 15. 15|OmniChannelStrategyforretailers|SamplePresentation|CarolineM.Kim Products Information Store Information Instore shipping Purchase Status Applications Products Reviews Inventory Products Availability Google/Yahoo/ Bing Search Engine Optimization (SEO) Search Engine Marketing (SEM ) Pay per Click(PPC)/ Cost per Click(CPC) Facebook/ TwitterSocial/ Content Media Products Price/ Comparison Store Information Products Purchase Special Offers Customer Service/ FAQ ŸIS IT WORTH TO TRY/RETENTION? ŸISITWORTHITTOBUY? Lead me to a new desire Enable me to make purchase/ship /pick-up/return in my preferred easily Brand Website Portfolio Workshops Events Software/Hardware Store Information Interaction History Customer Service 1 2 Regular Users Loyal Users Research Experience Buy Needs ProductsInformation StoreInformation PurchaseStatus Instoreshipping ŸCAN I BUY THE WAY I WANT TO BUY? Recognizeme,ServemeandRewardme basedonmyinteractionhistory ŸDOESITMEETMYEXPECTATION? Persuademetomakethedecision Omni Channel Practice Map
  16. 16. 16|OmniChannelStrategyforretailers|SamplePresentation|CarolineM.Kim Thank you. Please contact me if -  You have any question/ need further information -  You need the similar research or presentation -  You need the original file of the presentation •  Caroline.kim0619@gmail.com •  www.linkedin.com/in/carolinemkim/