Multi Channel Retailing Explained

Multi Channel RETAILING Multichannel retailing is the use of a variety of channels in a customer's shopping experience including research before a purchase. Such channels include: Retail stores Г‑ RETAIL STORE Online stores The Online Purchase Process at Multi-Channel Retailers Mobile stores E Acquisition E Information O order Mobile app stores O Payment O Delivery O After-Sales Telephone sales Season for Multi Channel Retailing Showrooming Vs Webrooming Deloitte's 2014 Annual Holiday Survey highlights following: Webrooming: Going online to research a product and then purchasing the product at a physical store. 55% will shop at malls this holiday season, but 28% will go less due to crowds, pricing and avoiding traffic. Webrooming Opinion 55% 14% I Very Likely 63% of shoppers will use in-store technology including price checkers and self-checkout kiosks. I Somewhat Likely 27% 18% 63% I Not Very Likely I Not at all Likely 41% 72% of consumers will use smart phones for shopping but the majority will only use the devices for finding store locations and checking prices. 72% Showrooming: Going to a store to look at an item and then purchasing the product online. 69% of tablet owners will use those devices for holiday shopping and 65% will use them to browse. About 57% will actually make a purchase. Showrooming Opinion 15% Very Likely 34% Somewhat Likely 30% 22% Not Not at all 69% Very Likely Likely Customer Satisfaction in Multiple Channel Retailing 89% In-store Shopping 79% website Shopping 33% Mobile Shopping Channel Preferences of the Customers Browsing and Researching Purchasing 4% Mobile In-store 69% Online 58% Online 28% Mobile 4% In-store 38% Multichannel Shopper in UK and US Consumer Demand for Multichannel Retail Opinion on importance of the ability to purchase from a retailer from multiple channels, age-wise: I Very Important I It would be useful sometimes, but not crucial I It doesn't matter 100- 100 UK USA 80- 80- 60- 60- 40- 40- 20- 20- 0- Age (18-34) Age (35-54) Age Age (18-34) Age (55+) Age (55+) (35-54) Researching Purchases Online 4% 6% 6% Never use internet Never use internet for offline purchases for offline purchases 44% UK 36% 58% 44% Always check online before buying 58% Sometimes USA 52% check online 52% 36% Always check online before buying Sometimes check online Multi Channel Returns Reaction to a store not stocking a product I USA If you buy something online from a retailer do you expect to be able to return it to a local store? I UK Look for the product in another store UK I USA 45% 46% 100- Order the product in that store 80- 16% 14% 60- Use mobile to find the product 5% 40- 8% 20- Search Online 33% 32% Yes No How often do you use catalogues before buying online or in store? I UK I USA 49% 28% 23% 33% 44% 23% At least once in the last 12 months Once a month or more Not in the last 12 months Benefits of Multi-Channel Retailing 24x7 customer support by leveraging increased customer touch time Unified view of customer across multiple channels 24/ across the multiple channels Identification and capture of opportunities for increasing value per customer Consistent brand, product, price and promotional information across all channels esoseo Increased choice for customers Increased organizational flexibility in the way they can interact 360-degree view of customers and unlimited personalization and targeted promotions through cross-channel customer data integration and analysis 360° Increased efficiency in exploiting customer data to identify customer needs Conventional Myths about Multi-Channel Retailing As a retail channel social media to become indispensable soon 60% of respondents use social media just to follow, discover, and give feedback on brand and retailers Domestic retailers will always have a "home field" advantage over global retailers Among our Canadian sample's top ten favorite multichannel retailers are three U.S. retailers Online retail is cannibalising sales in other channels Nearly 1 in 5 of surveyed people say they spend at least 25% more at their favorite retailer when In Switzerland, several retailers from other European countries, including Ikea and Weltbild, made the top 10 list buying over more than one sales channel References: Options https://www-07.ibm.com/services/pdf/IBM_Consulting_Integrated_multi_channel_retailing_IMCR_Aroadmap_to_the_future.pdf https://econsultancy.com/blog/10779-multichannel-shopper-stats-2012-the-uk-and-us-compared/ Integrated Multi Channel Retailing http://www.pwc.com/gx/en/retail-consumer/retail-consumer-publications/global-multi-channel-consumer-survey/country-snapshots.jhtml http://www.business2community.com/marketing/15-stats-explain-omni-channel-just-buzzword-0896737 http://www.ce.org/i3/Grow/2014/January-February/Stats-and-Facts-Multi-Channel-Retail-Alignment.aspx https://www.quicksurveys.com/pages/Report.aspx?token=TqnokAUURbstack7v4vGMpDnluim2WdsOWcui8MqGpM= http://www2.deloitte.com/content/dam/Deloitte/uk/Documents/Industries/Consumer%20Business/uk-cb-consumer-review-edition-6.pdf http://www.theguardian.com/media-network-partner-zone-ebay/omni-channel-retail-high-street-success http://www.zdnet.com/article/tis-the-season-for-multi-channel-retailing-says-deloitte/ http://warhol.wiwi.hu-berlin.de/~teltzrow/MCBehavior.pdf http://www.slideshare.net/customercentria/multi-channel-customer-management %8L %ɛL %EL %LE