The CommerceNext 2023 Ecommerce Growth Show was full of insights for retailers seeking innovative ways to stay ahead in the ever-evolving landscape of ecommerce. One breakout session, “Omnichannel is Everything: How Retailers Can Amplify and Optimize In-Store Inventory,” featuring Ashley Walker, Director of Digital Marketing and Ecommerce at Trina Turk and Mel Lubey, Strategic Partnerships at Amazon Today, delved into the intersection of ecommerce and brick-and-mortar retail. With a focus on meeting customers’ demands for convenience and immediacy, the session unearthed key omnichannel strategies that retailers can harness to create a seamless, customer-centric shopping experience.
Read on to learn the session’s key takeaways or watch the full recording below.
The Ecommerce-Brick-and-Mortar Nexus
The session kicked off by addressing the changing shopping behaviors of consumers. Studies have shown that 51% of shoppers search for products online before visiting a physical store, emphasizing the need for retailers to bridge the gap between digital and in-store experiences. Furthermore, the significance of same-day delivery as a purchase decision influencer was highlighted, with 95% of shoppers recognizing its importance when shopping online.
Embracing the Omnichannel Opportunity
Both Trina Turk and Amazon Today shared their vision for the future of retail — one that converges ecommerce and brick-and-mortar stores. This approach, known as omnichannel retail, involves seamlessly integrating online and offline shopping channels to provide customers with a holistic and cohesive experience. The potential for omnichannel to drive growth and enhance customer satisfaction was a central theme throughout the session.
Trina Turk’s Omnichannel Journey
Trina Turk’s story of embracing omnichannel retail was both enlightening and inspiring. Historically focusing on the wholesale aspect of its business, the company made a pivotal shift in 2020 to become a DTC brand. This transition prompted a re-evaluation of their approach to customer engagement.
Customer testing emerged as a core strategy for Trina Turk. Collaborating with Amazon Today, they began opening pop-up stores to gauge demand in different regions without the commitment of a permanent brick-and-mortar location. This approach not only allowed them to connect with customers on a local level but also contributed to optimizing their inventory strategy.
The realization that speed in product delivery was a crucial factor for customers led Trina Turk to prioritize omnichannel retail. Their journey was led by Ashley Walker, Director, Digital Marketing and Ecommerce at Trina Turk who spearheaded the initiative by bringing together cross-functional teams including fulfillment, merchandising, technology and marketing. This integration shattered silos and united different aspects of the business, aligning them toward the shared goal of customer satisfaction and revenue growth.
The Amazon Today Partnership: A Swift Integration
The partnership between Trina Turk and Amazon Today exemplified the potential of strategic collaborations in the realm of omnichannel retail. By joining forces, the brands were able to implement their vision swiftly, leveraging Amazon Today’s resources without the need to hire additional team members. This collaboration, which aimed to enhance the customer experience and generate positive revenue, demonstrated that sometimes investing a little upfront can yield substantial gains in the long run.
Unlocking the Potential of Omnichannel Retail
Trina Turk’s journey illustrated the transformative power of integrating ecommerce and in-store experiences. One of the standout strategies they adopted was the BOPIS model, which seamlessly connected their online presence with their physical locations. This not only addressed the need for speed in product acquisition but also presented opportunities to curate collections based on real-time customer feedback.
Furthermore, Trina Turk showcased the potential of using omnichannel retail as a platform for testing new collections. By gauging the response to new products in-store, they could refine their offerings and curate a collection that would eventually be available on their website.
A Call to Action: Embrace Omnichannel Retail
The session concluded with a compelling call to action for retailers: embrace omnichannel retail without hesitation. Overthinking and dismissing opportunities due to perceived complexities could lead to missed revenue prospects. The synergy of partnerships and integrations, as exemplified by Trina Turk and Amazon Today, not only optimizes the customer experience but also cultivates substantial growth.
The “Omnichannel is Everything” breakout session at CommerceNext 2023 showcased the immense potential of merging ecommerce and brick-and-mortar efforts. The journey of Trina Turk and their partnership with Amazon Today highlighted the power of collaboration, agility and customer-centric thinking. By harnessing the capabilities of both online and offline channels, retailers can not only meet the demands of modern consumers but also create a shopping experience that seamlessly integrates convenience, speed and personalized engagement. As the session’s takeaways echo, life is indeed better with bold prints, and in the world of retail, it’s even better with an omnichannel approach.
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FAQs:
1. What are some common challenges that retailers face when integrating online and offline channels into an omnichannel strategy, and how can they overcome these challenges effectively?
Common challenges in implementing omnichannel strategies include:
- Data Integration: Ensuring seamless data flow between online and offline channels can be complex, requiring investment in systems that can consolidate customer data from various touchpoints.
- Inventory Management: Maintaining accurate inventory visibility across all channels is crucial to prevent stockouts or overselling. Implementing inventory management systems that sync in real time can help mitigate this challenge.
- Supply Chain Optimization: Coordinating logistics to enable features like click-and-collect or ship-from-store requires streamlining the supply chain to fulfill orders efficiently from various locations.
To overcome these challenges, retailers can:
- Invest in robust technology solutions that facilitate data integration, such as CRM platforms or ERP systems.
- Implement unified inventory management systems that provide real-time visibility across all channels, enabling accurate demand forecasting and fulfillment.
- Collaborate closely with suppliers and logistics partners to optimize supply chain operations, ensuring timely order fulfillment and delivery.
2. What is the role of same-day delivery in influencing online purchasing decisions, and what strategies can retailers implement to offer seamless same-day delivery options to their customers?
Same-day delivery has become increasingly influential in online purchasing decisions due to the growing demand for convenience and immediacy among consumers. Strategies for offering seamless same-day delivery include:
- Optimizing Distribution Centers: Retailers can strategically locate distribution centers in proximity to major population centers to reduce transit times and enable faster delivery.
- Dynamic Routing Algorithms: Implementing advanced routing algorithms can optimize delivery routes based on factors like traffic patterns and order volumes, ensuring efficient same-day delivery operations.
- Partnerships with Delivery Services: Collaborating with third-party delivery services or leveraging platforms offering same-day delivery capabilities can extend a retailer’s reach and provide customers with more flexible delivery options.
3. In the context of omnichannel retail, what are some emerging trends or technologies that are expected to shape the future of customer engagement and shopping experiences across multiple channels?
Emerging trends and technologies in omnichannel retail include:
- AR and VR technologies allow customers to visualize products in real-world environments or virtually try them on, enhancing the online shopping experience and bridging the gap between digital and physical shopping.
- AI-powered chatbots, personalized recommendations, and predictive analytics enable retailers to deliver tailored experiences across channels, anticipating customer needs and preferences.
- IoT devices such as smart mirrors or connected appliances enable interactive in-store experiences and gather valuable data on customer behavior, facilitating personalized engagement and targeted marketing efforts.
- With the rise of voice-enabled devices like smart speakers, voice commerce presents an opportunity for retailers to engage customers through natural language interactions and streamline the purchasing process across multiple touchpoints.
