Sorted by Topic: Business Performance
Selecting the right point solutions to execute your multichannel retail strategy is difficult. You must evaluate eCommerce platforms, enterprise resource platforms (ERP), and point of sale (POS) systems. And, it’s complicated to figure out which ones will work together to support your multichannel business processes.
For example, if you want to list different pricing for your B2C website versus your B2B website, does your ERP support that? How about your eCommerce system? More importantly, how will those systems communicate to make sure each has the right price displayed?
Many vendors do not build software that supports the key requirements to building a multichannel business. They built their software in the last decade (or sometimes the last century!) and are trying to milk every dollar they can from it. Some are not interested, others are incapable of making their systems multichannel-ready. You, the multichannel retailer, will feel the weight of that this problem.
But it doesn’t have to be that way! (more…)
This week I want to share a few articles about how technology is revolutionizing retail. You’re past the silly season. You probably just got a good look at your company’s strengths and weaknesses. It’s time to start evaluating your strategic objectives for 2015…specifically, what technology investments you’ll make.
These articles talk about some trends and ideas regarding retail technology. Some of these ideas may be aspirational for the medium-sized business. All the same, it’s worth understanding where market demands are pushing the retail industry. Plus, a lot of this stuff is really cool.
Have you heard that omnichannel is the future of retail? Do you read case studies and blog posts about being everywhere for your customers, all the time? Maybe you’ve even seen that omnichannel is the next evolution of multichannel.
I’m here to tell you that you’ve been misled!
Companies serious about selling and capturing market share should be using Business Intelligence (BI) solutions. Today only about 10% of total retail sales in the U.S. are conducted online. That means there’s a lot of online retail real estate ready for the taking. To capture this unclaimed market share, you need to have an in-depth knowledge of the market, consumers, their needs and expectations, the competition and your own capabilities.
Business intelligence is the solution to understanding your market, so that you can win. (more…)