Build a Unified Commerce Platform

Build a Unified Commerce Platform

“According to Boston Retail Partners’ 17th Annual POS/Customer Engagement Benchmarking Survey, 85% of the respondents indicate that unified commerce is their top priority.”1

What exactly is unified commerce and what does it mean for retailers? Well, according to this article from Demandware, “retailers are striving to eliminate channel silos and deliver a seamless experience across all touch points by leveraging a single, unified commerce platform for all commerce, inventory, customer and transaction data.”

The same article by Demandware says it is easier said than done to eliminate channel silos and deliver a unified omnichannel experience. But we disagree.

There is a solution:

“An agile, enterprise cloud commerce platform that supports a unified, shared view of data and core services, allowing each component of the consumer experience – digital commerce, in-store commerce, personalization and order fulfillment – to be coordinated in real time.”2

This is where we come in. Once your data is connected, you can understand your customers across all your channels and help deliver a seamless and personalized experience across all your touch points.

There are significant benefits of a unified commerce platform. Here are the business case benefits according to this report from the National Retail Federation:

  • Margin
    • Inventory turn: Increase turn, optimize allocation, and reduce markdowns by providing inventory visibility and efficiently selling product not physically available in store.
    • Out-of-stock: Reduce walked sales and decrease manual processes by automating buy anywhere and fulfill anywhere capabilities.
    • Returns: Streamline reverse logistics by providing visibility into transaction history and simplifying returns processes across channels.
    • Operational efficiency: Simplify workflow and usability to increase headquarters staff and store associate productivity by merging historically disparate systems.
  • Brand Value
    • Total customer value: Increase frequency and retention by better recognizing loyal customers and providing appropriate service across physical and virtual touch points.
    • Net Promoter Score: Raise score of this objective benchmark by enhancing the customer experience with consistent and personalized interactions.
  • Revenue
    • Average order value: Increase basket size by providing store associates and consumers with product information, recommendations, and personalized promotions to inform and incentivize purchases.
    • Conversion rate: Drive more shoppers through the purchase funnel by breaking down technical and operational barriers to discover, research, browse, and buy merchandise as they weave between store, online, mobile, etc.
    • Promotional redemption: Enhance promotional effectiveness by aggregating consumer data and operationalizing intelligence to tailor and optimize offers.

 

 

1 “2016 POS Survey – Boston Retail Partners.” Boston Retail Partners. Boston Retail Partners, n.d. Web. 13 Mar. 2016.

2 Lee, Lisa. “Faux Omnichannel.” Demandware. Demandware, 2 Mar. 2016. Web. 13 Mar. 2016.

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Charles Valentine

Charles is a co-founder of Lumiary where he manages sales and marketing for the company. Formerly, he was VP, Strategy and Digital and Discovery Communications.

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