Omnicommerce

Embracing The D-Word In The Omni Era

Like it or not, it’s all about the data. Retailers want to measure everything that happens inside their stores, but doing so could be a recipe for disaster rather than success. In September’s Omnicommerce Tracker™, RetailNext VP of Retail Consulting Shelley Kohan discusses the importance of collecting and understanding data before merchants can come up with a winning omnichannel campaign. That, and all the omnicommerce news from around the space in this month’s Tracker.

With big-box retailer Walmart planning to spend more than $1 billion on eCommerce in 2017, large retailers have shown they aren’t shying away from bolstering their omnichannel strategies.

Before retailers make significant investments, however, they typically rely on analytics to help shape sound omnicommerce campaigns.

That’s why interpreting data the right way can make all the difference between success and failure in today’s competitive retail marketplace.

September’s Omnicommerce Tracker™ delves into this subject with RetailNext VP of Retail Consulting Shelley Kohan, who discussed the challenges and opportunities retailers have collecting and understanding data before coming up with an omnichannel campaign that makes sense for their business.

Here’s a sneak peek: 

Kohan, who has worked in the retail industry for more than 30 years, said that often what can go wrong for merchants is they only keep track of hours for everything instead of examining other metrics.

“They want to measure everything in the store, but you just can’t measure 10 different things at the same time,” she said.

Merchants need to make sure that store associates are being scheduled when traffic demand is at its highest, Kohan added.

While some retailers resort to using workforce management systems that help them schedule hours, Kohan said, a major mistake sellers make is setting the alignment for a season instead of continually checking to make sure it’s working correctly. 

What’s new with rewards programs? 

With so many rewards being offered by merchants these days, shoppers are continually on the hunt for the best and easiest-to-use loyalty programs to take advantage of on a regular basis. Recently, some of the biggest players in the omni space made improvements to their loyalty programs.

For example, Walgreens has integrated its rewards program with mobile payment system Android Pay, becoming the first retailer to take that step. More than 85 million Walgreens Balance Rewards active members are now able to earn rewards via their Android mobile devices without having to keep the loyalty card in their possession.

Meanwhile, CVS Health launched CVS Pay, the company’s own mobile payment platform. CVS Pay enables consumers to do a variety of things through its mobile app, including picking up prescriptions and accessing the drugstore’s rewards program.

While several companies focused on their rewards program initiatives, a Ralphs grocery store in California became the first in the state to offer customers curbside pickup and also digital grocery shopping. About a dozen southern California locations, including one in Carlsbad, are expected to use ClickList before 2017 arrives.

The Vantiv Omnicommerce Tracker™, powered by PYMNTS.com, features industry-specific research and insight that provides merchants with data to make more informed decisions for enabling omnichannel strategies.

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To download the September edition of the Vantiv Omnicommerce Tracker™, click the button below.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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