What is Omnichannel Retail ?
Omnichannel Retail is a concept that uses consistent and centralised customer data management (across all offline and online channels) to provide an integrated customer experience across all possible channels for a seamless shopping experience. The different Offline and Online channels are and not limited to Brick and Mortar Store, Social Media, E-Commerce, Social Commerce, Online, Mobile App etc.
What is 360 Degree Customer View in Omnichannel Retail ?
360 Degree Customer View is Unified View of Customer across any Sales Channel at any given Point of time to provide seamless shopping experience to the Customer.
360 Degree Customer View is an aggregated, consistent and holistic representation of the data held by an organisation about its customers that can be viewed in one place, such as a single page.
A single customer view is also considered especially relevant where organisations engage with customers through multichannel marketing, since customers expect those interactions to reflect a consistent understanding of their history and preferences.
However, some commentators have challenged the idea that a single view of customers across an entire organisation is either natural or meaningful, proposing that the priority should instead be consistency between the multiple views that arise in different contexts.
Nike Use Case – Omnichannel Retail Unified Customer View Strategy
What are the benefits of 360 Degree Customer View in Omnichannel Retail?
- Sometimes Customers are searching for product information in the physical brick and mortar store and simultaneously they are getting additional notifications on their mobile devices about offers and discounts on the products. This is only possible when there is a unified Customer View. Unified Customer View is the key focal point of the OmniChannel Retail.
- Unified Data across channels has allowed speedy order fulfilment, efficient application of Policy of Easy Returns and Same-Day Delivery. This has also boosted online commerce and integrated seamless shopping experience for the customers.
- It helps in analysing past behaviour in order to better target customers and personalise future customer interactions.
- Unified Customer Data in a Centralised Backend ensures Efficient Inventory allocation and also provides a real time view of Inventory Distribution across Different Locations and Channels. This helps in better planning for Inventory allocation, Reduced Wastage and reduced Stock outs.
- It ensures seamless interactions between customer, brand and retailers. This is achieved by breaking down the disparate data repositories in the retail channels and focussing on centralised data integration system. Data is then unified across all systems and all channels and made seamlessly available to all channel systems. This gives a unified 360 Degree View of the Customer at any point of time.