O2O for retailers: How to explore and leverage the new avenues for revenue, Globally
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“Consumers demand more and retailers must respond. The only way to do so while remaining profitable is by having a complete view of inventory across all channels, DCs, stores and in-transit.” – Tom Enright, Research Director at Gartner
The increase in the number of channels has resulted in customers who have the flexibility to ‘buy anytime, anywhere and anyplace’. Today’s consumers expect their retailers of choice to provide convenience across all channels.
The gap between the Omnichannel ideal and the reality of retailers today is ever increasing.
Source: Customer Desires Vs. Retailer Capabilities: Minding The OmniChannel Commerce Gap by Forrester Consulting
To stay competitive, the most significant channel that retailers need to be present on is online.
Retailers’ sales from online channels have grown over the past few years, and are set to rise in the coming times.
It’s time Retailers have an inclusive strategy across channels.
O2O (Offline to Online) can provide retailers the means to provide a seamless experience to their customers, across multiple channels, like mobile apps, online store, brick and mortar store, etc.
Ever heard these terms?
- Pick up from the store.
- Click and collect.
- Reserve and collect.
- BOPIS – Buy Online Pickup In-Store.
These are fulfillment options gaining popularity with stores and shoppers alike. They allow a shopper to buy online and then collect the purchase from the store. Marketplaces like Amazon, eBay, Flipkart, Snapdeal, etc. are not considered as competitors anymore, but partners in a win-win strategy.
The options offer benefits to you – the retailer, as well as to the customer. Customers get to choose a time convenient to them, doing away with the frustration of waiting for an order to get delivered and get to save on prices – since the delivery costs are not added to the final price. Retailers get to save on logistics costs, drive up their in-store traffic – enabling them to create opportunities to cross-sell and up-sell products.
Going online opens up new revenues for retailers to explore, such as partnering with marketplaces, selling on own web-stores etc. to increase profits.
Fulfil online orders via inventory in store:
Increasingly, retailers are employing their in-store inventory to fulfill orders placed via online marketplaces. This is a win-win situation for retailers as well as marketplaces, who are finding this a convenient and profitable partnership.
Partner with marketplaces orders through inventory in stores:
As a Retailers, you can opt to partner with online marketplaces, increasing their customer base to include online users.
How can Technology help you achieve O2O transformation?
Bringing the Omnichannel experience to your customers is not easy. However, with the right systems, you can transform your retailer’s business model across channels and enable:
- Real-time update of inventory of offline stores to online channels
- Fulfillment of online orders from single/ multiple stores
- Online tracking of all the orders
- Consistent information across channels and applications
The basic requirement for online operations is setting up an eCommerce website and/or listing the products on marketplace(s). The next step is the implementation of different pieces in the O2O suite to ensure a smooth integration with ERPs, 3PLs, store systems, eCommerce front-ends, and marketplaces.
Vin eRetail O2O Suite provides Real-Time View of Inventory with Powerful Order Management functionality and ready integrations with 75+ leading global web stores, marketplaces, and last-mile fulfillment companies.
To know more – Request a demo today!
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