Intelligent SME.tech Issue 26 | Page 52

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Retail recalibration key to success in hybrid customer era

A t its 2022 European Exchange customer conference , Manhattan Associates announced the findings of its latest international research , highlighting the need for retailers to keep up with the pace of evolving consumer expectations .

It also revealed a retail landscape where the lines between physical and digital commerce are becoming increasingly opaque and complicated .
The global retail industry has grown accustomed to disruption . Over the past decade , it has witnessed seismic structural shifts as the sector transformed for the digital era and the pandemic upended shopping habits further , thrusting billions of consumers into a more digital world .
Recalibrating omnichannel
We are witnessing a period of evolution and recalibration , as it becomes increasingly difficult to distinguish between physical and digital retail .
“ Shopping habits have changed forever ,” said Henri Seroux , SVP EMEA at Manhattan Associates . “ There can be no return to the status quo , with 83 % of retailers now claiming they operate a level of interconnection between their online and in-store functions .
“ As the retail industry recalibrates for this next normal , the ability to navigate disruption , while enhancing the physical and digital customer experience will become increasingly important ; as will the technologies that allow retailers to fulfil in-store and online orders in an agile , sustainable and profitable fashion .”
A single view of inventory
When it comes to fulfilment , the one-size-fits-all approach no longer works and retailers are reacting to this .
Natalie Berg , Retail Analyst , Author and Founder of NBK Retail , said . “ While the vast majority of surveyed retailers stated that they have a level of interconnection between their online and in-store functions ( 83 %), only around half are offering buy in-store and return online ( 50 %) or buy online and return in-store ( 46 %).
“ And only 6 % of retailers believed that they had an accurate overview of their inventory across their entire business ( instore and online ) 100 % of the time .
“ Shoppers today expect to shop on their own terms with more than a third ( 34 %) considering click and collect to be the most important delivery method , followed by contactless / kerbside pickup at 19 %.”
Modern stores mirror the modern consumer
Almost a quarter of consumers ( 24 %) now expect shop assistants to be able to check availability in a nearby store if a product is out of stock , or order that product for home delivery or collection , highlighting the blending of the physical and digital retail spaces .
Seroux continued : “ Forty percent of consumers still favour traditional sales checkout in-store , whereas 19 % would like to use more digital methods such as self-checkout on the shop floor with a shop assistant via a mobile device ( 8 %). Interestingly , almost two-thirds ( 63 %) of retailers agreed that checking stock availability was the most important customer-facing duty performed by their shop assistants in 2022 .” �
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