Archives for March 2012

In an ever-changing retail market, multi channel retail methods are replacing the traditional methods of retail sales. Almost all successful, large, chain retail stores have multiple channels integrated into one system available to employees, vendors and customers. Consumers want to find the product they are looking for. If the particular store they visit is out of stock, they want other options available to make their desired purchase. Multi channel retail allows the customer to find what they are looking for either at another store or online. Single channel retail limits the ability of retailers to meet their customers’ needs.

Why Single Channel Retailing is Dying

Single Channel Retail is dying because more and more businesses are going online, providing their customers with an easy alternative to the typical POS at a retail store. Most large chain retailers have a website where all of the products they sell in their stores are available, as well as other products that are only available online. The way to make online sales more effective is to integrate this system with the physical stores. Make it easy to find out if a product is available online if it is not available at the store. Customers still need to be engaged at the store level POS, but making products available online and integrating the online system with the stores will drive sales and increase customer satisfaction.

Effective Loyalty Systems

In order to effectively retain the business of returning customers, a loyalty system has to be integrated across all channels in a multi channel retail business. Rewards for customers returning to your business have to create enough incentive for the customer and be redeemable both in the stores and online. An integrated system that makes customer information available in the stores themselves as well as online is crucial.

Multi Channel Retail is the Answer

Multi channel retail creates a new venue from which customers can buy products. Instead of using the internet primarily for promotion and advertising, maximize profits by creating a website where customers can purchase products. With an integrated retail system in place, buying products online is easy and extremely cost efficient.

New Innovations in the Retail Sector

The retail industry becomes a little more digitized every day. In order to stay in front of this trend and make it work for your business to drive sales and profits, your business must be limber enough to stretch and bend with your customer’s preferences. The capability to sell products not only in stores but also online and in kiosks and other venues is the key to your business’s flexibility. But multi channel retail is only as effective as its integrated retail system is efficient. Online presence is a must for every retailer now to be competitive.  With new innovations come the increasing need to invest in an integrated retail system that fits your business and drives your sales.

The recent years have demonstrated the benefit of using integrated retail systems, with retail management software stepping up to offer multi store retail owners the advantages of automatic inventory, faster reports and enhanced customer satisfaction. All this is in addition to a big reduction in costs.  If you are a retail chain owner, it is worthwhile to consider the features and benefits of this software.  Multi channel retail strategies will need to consider all possible means of reaching out to customer bases and engaging shoppers to a point where they return for more business.

Benefits

With an integrated retail system,  you no longer have to rely on manual data for purchasing decisions – the system forecasts what planning will have to be done across the entire retain chain.  Integrated software also makes it possible for you to bring together retail operations and back-office systems with your online web business.  Further, you can use the retail software’s set of marketing tools to send out special offers and promotional newsletters to your clients.  These are just a few of the software’s advantages.

Features

If your idea of a POS system is simply a cash register that gives you the total sales figures at the end of the day, then take a look at what integrated retail software can do at your point of sale.  From sending out appreciation notes to shoppers, to building and running strong customer loyalty programs, to being able to look up and point to stock in other stores, real-time (and thus be able to service customers better), to auto-generating discounts at the time of billing, these innovative POS features are guaranteed to leverage your customer relationship.  POS features designed to enhance shopper engagement can be incorporated at ecommerce sites, stores, kiosks or just about any point of sale.  Multi channel retail strategy calls for customer engagement at touch points such as customer receipts, emails, text messages and other means of marketing.

Uses and application

In aiming for greater customer satisfaction, you have to first ensure that your customers come back repeatedly and the most effective way to do this is to build an engaging customer loyalty program.  Bear in mind that more than a third of your revenue comes from repeat customers.  A good integrated retail software system enables sales and support staff to actively engage with loyal customers, rewarding them at every level of sale and also informing them about promotional offers.  Given that 48% of Internet users check their profiles on social networking sites, you can also extend loyalty programs to cover posts and tweets – this has proved to be a very effective strategy.

 With multi channel retail software, you can keep an eye on all aspects of your retail business in a single application.  Business intelligence dashboards help you analyze trends and keep an account of inventory, and also help you understand buying patterns and execute flexible reward points programs based on these patterns.  Stock out situations can be kept to a minimum, ensuring that no customer leaves disappointed.

Some of the challenges that you might face when dealing with multi channel retail are in ensuring a seamless tie-up of integrated software, with legacy retail systems that your organization may have and making sure that brand information provided on all channels is the same.  Integrated retail software systems bring together the best of many worlds, seamlessly merging inventory planning, POS features, business intelligence and customer loyalty programs to give you a definite edge in your business.  Although a multi channel retail strategy might involve a complete overhaul in your marketing procedures, it is definitely worth the effort.

Multi channel retail is exemplified in the kiosk. This quick simple station at any local mall is the epitome of driving your sales numbers without the harsh investment of opening up another store. The placement of the kiosk is key, making sure that whatever you are selling is aligned with the stores around you is another smart move that will pair your product with the very thing the consumer is looking for. An example, if  you are selling accessories place yourself near one of the major department stores where you can attract those ladies that just purchased that perfect dress and really need that missing touch. On the subject of major department stores here is an ideal place to sell your product and really benefit from the consistent flow of people.

Without multi channel retail, especially with this very competitive arena, and with the struggling economy, your chances of success really dwindle. Making sure your product is linked to something unique stems from the idea of synergy, however instead of the pairing with a product, perhaps a better idea would be the pairing with a cause. An example would be for each item purchased a similar item will go to an individual in need, or perhaps for each dollar amount spent a percent will go to a certain charity. Make sure that the charity or the giveaway correlate appropriately with what you are selling.

One of the strongest ways to ensure your customer will return is to engage them during the process of the purchase. At the  point of sales each customer should receive stellar treatment which spotlights their uniqueness, focuses on them being appreciated as a shopper, and makes them feel welcomed. These are key components to ensure that your customer will come back and make a purchase if for anything that warm pick me up by the sales associate. Mobile POS within the store on a Windows or iPad or Android devices is a must for competitive retailing. Customer experience is the most important factor for customer retention by retailers.

The main idea of multi channel retail strategy is to set yourself apart by being everywhere in very distinctive ways. Setting yourself apart from the competition is the best way to get ahead of them, and placing yourself in various locals will make you a household name sure to increase your sales. Giving personalized treatment to your buyer will bring them back time and time again. This concept of integrated retail systems mixes having your store in more than one place with a unique shopping experience, and further establishing a solid online experience. It is ensuring that your name comes up whenever a buyer is looking for what you are selling.