The global pandemic drove the adoption of omnichannel models in the retail industry — and they’re here to stay. But many retailers aren’t engaged in a true omnichannel approach, and it may be costing them consumer loyalty and sales.
“The experience consumers expect is seamless and consistent,” says Steve Prebble, CEO of Appriss Retail, a retail software and data analysis company. “It’s one where they’re treated the same whether they’re shopping in-store or online.”
Missing out
But many retailers aren’t leveraging the data they collect. “Often, retailers built e-commerce as a separate business,” notes Prebble. “They’ve got siloed data, and the e-commerce and in-store teams aren’t always working together.”
By bridging the gap, that data can be used to create a “holistic view” of your consumer and their interactions in ALL your channels. “That information is essential to ensure you’re giving the shopper the right experience.” says Prebble.
Data to the rescue
Better data analytics is increasingly crucial with respect to optimizing returns. A recent report sponsored by Appriss Retail found that returns comprised 16.6% of total sales in 2021, totaling $761 billion. Fraud has risen right along with it, with fraudulent returns estimated at $78.4 billion.
That makes improving your returns systems a necessity. “A refund is the worst kind of a return,” notes Prebble. “You have to respect the consumer’s decision to return the item, but you also want to capture those refunded dollars by giving your shopper the opportunity to re-spend and get a better experience.”
This could mean offering the consumer the chance to purchase a different item immediately or giving them the option of shopping later. The key is relevancy — using data to know what your consumer wants then delivering it.
For Prebble and Appriss Retail, their holistic approach drives their value to their customers. “We use data from that specific retailer to optimize the whole return experience for both the consumer — to give them the most seamless and best experience possible — but also for the retailer, to ensure they do it in the most profitable way possible.”
Learn more by visiting apprisscommerce.com.
