| | You know your retail business needs a strong omnichannel presence. Here's how to do it... If anything you do touches retail or e-commerce, you know it isn't enough to focus on a single sales channel anymore. The winners will undoubtedly be those who master omnichannel sales. In fact, creating a strong, cohesive, multi-channel operation can make or break your business.
A Fluent survey found that 47% of shoppers who engage with retailers across 10 or more channels make purchases from their favorite retailer's website at least once a week, compared to just 21% for those who engage across one to four channels.
And social is becoming increasingly important, as Epsilon found that retailers' social channels led 29% of US shoppers to try a new brand or product. That figure was 28% for brands' social media and 22% for consumers' friends' social media.
Customers expect convenience and a variety of options when making a purchase. Brick and mortars must be able to seamlessly carry the experience online, through social, and on mobile. Even online giants like Amazon are experimenting with physical locations in order to accommodate their customers in a multitude of ways.
With thousands of hours of research condensed into in-depth reports, BI Intelligence is here to help you with your omnichannel strategy and has developed an exclusive bundle of reports entitled:
Today we are offering you an exclusive opportunity to gain access to the research that will help you develop a strong omnichannel sales strategy. If you were to purchase these 7 pieces of research individually the cost would add up to $3,465. An inconsequential sum when you consider the drastic difference just one of these reports can make to your bottomline.
However, by bundling all of the reports together in the BI Intelligence Omnichannel Strategy Bundle you can save an immediate 72% today.
Here are the extensively researched guides that are included from our team of industry experts...
The Point-of-Sale Terminals Report (A $495 Value) The downfall of US brick-and-mortar commerce is overblown — despite sharp gains in e-commerce, which will nearly double between now and 2021, the lion's share of purchasing continues to take place in-store. And that's unlikely to change anytime soon, since the online environment can't yet compensate for the reasons customers like brick-and-mortar shopping.
That means the point-of-sale (POS) terminal, which merchants use to accept payments of all types and to complete transactions, isn't going anywhere. But that doesn't mean it's not changing. As merchants look to cut costs amidst shifts in consumer shopping habits, POS terminals, which were once predominantly hardware offerings used exclusively for payment acceptance, are evolving into full-service, comprehensive solutions. These new POS terminals are providing an array of business management solutions and connected offerings to complement payment services.
This is where the smart terminal, a new product that's part-tablet, part-register, comes in. Merchants are increasingly seeking out these offerings, which afford them the connectivity, mobility, and interoperability to run their entire business. And that's shaking up the space, since it's not just legacy firms, but also mobile point-of-sale (mPOS) players and newer upstarts, that offer these products.
As merchants begin demanding a wide variety of payment solutions, terminal providers are scrambling to meet their needs in order to maintain existing customers and attract new ones. This is leading to rapid innovation and increased competition in both the POS terminal hardware and software spaces.
In this report, we detail the shifts in this landscape, how leading players can meet them, and who's doing it most effectively.
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The Omnichannel Fulfillment Report (A $495 Value) Brick-and-mortar retailers are caught on the wrong side of the digital shift in retail, with many stuck in a dangerous cycle of falling foot traffic, declining comparable-store sales, and increasing store closures. Over 8,600 retail stores could close this year in the US – more than the previous two years combined, brokerage firm Credit Suisse said in a recent report. Meanwhile, e-commerce pureplays are riding the rise of digital commerce to success – none more so than Amazon, which accounted for 53% of online sales growth in the US last year, according to Slice Intelligence.
In response, many brick-and-mortar retailers have started to use omnichannel fulfillment methods that leverage their store locations and in-store inventory in order to better compete in e-commerce.
In this report, we lay out the case for why retailers must transition to an omnichannel fulfillment model, and the challenges complicating that transition for most companies. We also detail the benefits and difficulties involved with specific omnichannel fulfillment services like click-and-collect, ship-to-store, and ship-from-store, providing examples of retailers that have experienced success and struggles with these methods. Lastly, we walk through the steps retailers need to take to optimize omnichannel fulfillment for lower costs and faster delivery times.
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The Drone Delivery Report (A $495 Value) Among the many ways that drones can transform business operations, few have received as much attention as delivering packages to consumers' homes. Drones could allow companies to bypass the many challenges involved with the "last mile" of delivery — the last leg of the journey when a package arrives at the customer's doorstep.
This last mile is the most expensive and inefficient part of parcel delivery, and a wide range of companies are exploring how drones can speed up the last mile and cut costs. E-commerce companies want to cut delivery times and costs to improve their customer satisfaction and loyalty, while legacy retailers seek the same advantages to grow their online sales.
Meanwhile, logistics providers are experimenting with drone delivery to cut costs and ward off new competition from startups and technology companies, which have latched on to drone delivery as a potential path to disrupt (or partner with) legacy logistics firms.
However, delivering packages by drones to consumers' doorsteps is still years away from becoming a common occurrence. Important obstacles still need to be overcome relating to drone regulations, the development of autonomous flight and traffic control systems for drones, and consumer acceptance.
In this report, we examine the benefits drone delivery can provide as an e-commerce fulfillment method, and explain the different approaches companies are taking as they experiment with the nascent technology. In addition, we detail the key players working in the space and discuss the challenges drone delivery faces in reaching mainstream adoption.
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The Free Shipping Report (A $495 Value) Amazon Prime's free two-day shipping has led to an industry paradigm shift. Online retailers — small and large — are increasingly offering the perk to keep from losing customers to the behemoth marketplace. But free shipping comes at a steep cost: Rising shipping expenditures are eating away at retailers' margins.
Larger retailers that can better afford to eat the cost of free shipping are battling to gain an advantage over Amazon. But most retailers, particularly small ones, lack the resources necessary to compete with the massive online retailer. This has set off a race in the logistics industry: Large logistics providers are creating new services for small retailers, while logistics startups aiming to address the same market are growing in numbers.
In this report, we weigh the costs and benefits of free shipping for retailers and analyzes the effects of the perk on the industry. We also assess the technologies that could become commonplace as retailers and logistics providers fight rising shipping costs. However, implementing a cost-effective free shipping strategy can be difficult, so the report also discusses various techniques that both small and large retailers can use to make free shipping work for them.
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The Ship-From-Store Report (A $495 Value) Digital is dismantling the retail industry brick by brick. The most successful retailers are the ones with thriving digital businesses, while physical stores are becoming more liabilities than assets.
However, e-commerce isn't without its challenges. In contrast to waning demand for in-store retail, rising demand for online retail has created a bottleneck at the fulfillment stage, whereby carriers and retailers are struggling to manage the increasing volume of online orders. This is presenting an opportunity for legacy retailers to leverage their gluttony of physical retail space to help fulfill these sales.
Ship-from-store — a fulfillment process where retailers use stock from their store's estate to fulfill orders — can help brick-and-mortars evolve and avoid stagnation. This method is an essential strategy for legacy retailers because it can help them survive digital disruption and remain competitive with e-commerce giants like Amazon.
In this report, we explain how retail stores have become a liability and assesses the opportunity to use stores as distribution points for online orders. We also break down how the ship-from-store method works, and examine its benefits, the steps needed to implement it, the retailers best positioned to use it, and the implications it presents for the industry at large.
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The Retailer Mobile Wallets Report (A $495 Value) Retailers like Starbucks and Dunkin' Donuts are winning over consumers with their mobile wallets — apps developed by stores to make it easier for their customers to pay, and to deliver valuable perks. And these retailer wallets are leading the overall mobile wallets industry, thanks to their ability to rapidly push out innovative features like rewards programs, coupons, mobile order-ahead, and custom marketing.
This may be surprising considering that retailer mobile wallets can be used only at a specific retailer's locations; in contrast, popular universal mobile wallets like Apple Pay and Samsung Pay can be used at multiple retailers, as long as users are using the necessary smartphones.
In this report, we assess what makes these mobile wallets so successful and which retailers can most effectively leverage the technology to push sales, traffic, and average ticket size. The report also outlines what makes these mobile wallets attractive, and discusses some of the advancements being made in the payments industry that will affect mobile wallets' growth rate.
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The Shopping Cart Abandonment Report (A $495 Value) Lots of consumers click on an item they're interested in online, transfer it to their shopping cart, but in the next moment, get cold feet and close the tab, a common consumer behavior called shopping cart abandonment. It's a growing problem for e-commerce merchants, who we estimate will lose $4.6 trillion worth of merchandise to abandoned carts in 2016, up from $4.2 trillion in 2013.
Why are merchants losing even more now? Mobile is exacerbating the issue as it rises in prominence as a browsing and purchasing device, because it's easy to search for items on mobile, but entering all of the form fields at the checkout stage is still difficult. Mobile phones represented 46% of global e-commerce traffic in Q2 2016 but just 27% of purchases, according to Criteo, indicating that conversion rates are still low on mobile.
Luckily, a huge chunk of the sales within abandoned shopping carts is recoverable. We estimate $2.75 trillion of abandoned merchandise is recoverable, presenting merchants with a huge opportunity to capture additional sales. To recoup these sales, merchants in part need to examine email retargeting strategies, app development, and the prioritization of establishing repeat customers. Merchants that effectively manage their abandoned shopping carts can bolster sales growth and gain a competitive edge in the e-commerce market.
In this report, we offer updates to our previous report on shopping cart abandonment, including new estimates, trends, and how mobile phones, and even Amazon, are driving up the issue and importance of tackling abandonment.
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