Recent research by Advantage Group International “Overcoming Omnichannel Challenges to Build Stronger Partnerships” has uncovered what strategies leading retailers are using to stay ahead of the game, particularly in the light of the challenges facing them in the omnichannel environment.
The research was compiled using the feedback from about 500 participants from 49 retailers and 59 suppliers in the USA.
So what strategies are leading retailers and suppliers using? We discuss the top six here:
1 Forward thinking
It is important to plan ahead and be strategic. Advantage notes that best-in-class companies allocate the appropriate resources to all areas of their business.
For online resources to be successful, they should connect to the many aspects of the omnichannel strategy into a cohesive plan. The participants note that their partners should be involved in the strategic planning process.
2 Collaboration is key
Collaboration with retail or supplier partners is key to overcoming the challenges of an omnichannel environment for the best-in-class companies.
Advantage states that leading companies recognize that investing with their partners, and testing and learning together will advance their goals further than if they were to do it on their own. They partner on initiatives and work together to co-create ‘’win-win” solutions.
Retailer programs and trade deals are offered to retailers by suppliers, who pass these savings to consumers. Retailers are willing to co-brand and co-market with suppliers on innovation and new opportunities. By working together, they keep prices competitive and accessible to shoppers.
The report further explains that in order to compete and win in an omnichannel environment, differentiation is key.
3 Breaking down silos
Breaking down silos are important. Companies that are successful in an omnichannel environment integrate their business across all channel types to work as a whole. In-store and online are addressed in the same way, which presents a consistent message across all channels.
4 Building and sharing knowledge
Top companies share their knowledge with their retailer or supplier partners. By sharing their insights and knowledge, retailers and suppliers are able to drill into the data to better understand their consumers’ demographics and buying behaviour.
Being agile is of utmost importance. The ability to be flexible and easily make changes is what sets companies apart. The speed with which a decision can be made is very important in an omni-channel environment.
6 The shopper
Best-in-class companies are focusing on the shopper experience.They provide an easy-to-shop environment and provide what their customers want, when they want it, where they want it and how they want it.
Top retailers provide the products their shoppers want by making product assortment choices that are right for their channels. Top suppliers help retailers select and optimize their product assortment, so that they are appropriate for each channel type.
Read the full “Overcoming Omnichannel Challenges to Build Stronger Partnerships” report here.