Five golden rules for becoming a successful omnichannel retailer


or if there is a store or platform that’s not delivering the desired performance. Similarly, the people responsible for supply chain management can provide you with information regarding supply chain issues and how they impact your order fulfilment capabilities. To summarise, from sales to marketing to HR and supplier relationship management, every single department of your organisation can provide you with an answer to an important question. Therefore, establishing a data-driven culture and involving all the functions is imperative to become a data-driven omnichannel retailer.

STEP FOUR: DO NOT BE CONFINED BY REPORTING CYCLES While automated pre-built reports offered by a BI and analytics solution can help you analyse data in a real time and more efficient manner, the routine reporting capabilities may also limit your ability to extract maximum value from your BI investment. Ad-hoc analysis is a viable solution to this problem. It

will allow your employees to adopt an innovative approach towards data analysis and get a deeper, more precise, and comprehensive view of your existing customers. Also, since ad-hoc analysis solutions are built specifically for users, they ensure a high adoption rate. This, in turn, makes business intelligence accessible to every single person in your organisation, allowing them to contribute to the data value chain in their own unique way.

STEP FIVE: LOOK BEYOND YOUR BUSINESS To become a true data-driven omnichannel enterprise, businesses should look beyond the data sources present within the organisation. Consider the data sources

located externally. The most common yet important external data source is social media. Customers’ feedback about your business on various social media platforms can offer you a wealth of information, which you can use to optimise your customer journey. Other unconventional external data sources that your business could benefit from include:

• Search result data • Demographics information collected by different surveys

• Online rankings of web pages and TV adverts Once you have collected information from all these

channels, integrate it with your existing data and use a BI tool to identify trends and patterns and to predict customer behaviour.

CONCLUSION From the evolution of ecommerce to the increasing use of social media and smartphones, the retail environment has gone through a multitude of changes over the past few years. This has led retailers to adopt an omnichannel approach that can enable customers to interact with and buy a product from a retailer at any time via any platform. However, to leverage the profit maximisation potential of omnichannel strategy, businesses must utilise the data available to them in the right manner. While the five-step strategy mentioned above can help

a business make progress towards their ultimate objective of becoming a data-driven, omnichannel enterprise, each and every business has its own unique needs, and therefore, a thorough evaluation of these needs and a customised approach to fulfil them is necessary.

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