The Unified Commerce Benchmark for Specialty Retail, carried out by Incisiv, assessed 124 retailers throughout 11 specialty retail segments on the implementation of 286 key attributes of Unified Commerce.
Primarily based on perception from actual purchases, returns, and buyer journeys throughout digital and bodily channels, the benchmark reveals the frequent attributes of profitable retailers and the alternatives for others to enhance their buyer worth and modernise operations.
Of the 124 retailers benchmarked, 15 emerged as leaders. These manufacturers are Academy Sports activities + Outdoor, American Eagle Outfitters, Belk, Crate & Barrel, Levi’s, Macy’s, MAC Cosmetics, Neiman Marcus, Nordstrom, Pandora, REI Co-op, Saks Fifth Avenue, Sephora, UGG, and Zales.
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In at present’s quickly evolving ecosystem, retailers want full visibility on and perception into each side of their enterprise, from back-end to customer-facing. Unified Commerce options mix a retailer’s front- and back-end methods to determine a single view of the enterprise. That single view informs higher decision-making and enhanced buyer experiences, whereas enabling manufacturers to establish and reply to tendencies shortly, in the end driving stronger income development by as much as 6X. Nevertheless, consolidating methods and constructing a cohesive Unified Commerce answer might be fairly difficult. The benchmark recognized the next frequent challenges in retailers’ efforts to undertake this new mannequin:
1. Personalisation – Retailers should be capable to establish shopper intent and curate a personalised expertise that meets their expectations. Nevertheless, solely 38% of the retailers studied give their retailer associates entry to shopper buy historical past and want lists throughout all channels. Solely 20% of the retailers studied offered personalised product suggestions and gives. As a class, digitally-native vertical manufacturers (DNVBs) outperformed the broader retail cohort on this space, with 42% providing superior personalisation capabilities – 16 factors forward of the general group examined.
2. Actual-Time Stock Visibility – Visibility into allocatable and saleable stock and wealthy findability are essential for retailers wanting to offer a seamless omnichannel expertise. Solely 29% of the retailers studied present real-time stock statistics on their product element pages.
3. Comfort and Flexibility – Immediately, comfort is about extra than simply velocity of supply. Comfort encompasses offering a number of cost and supply choices and the power to make modifications to an order after the sale. Solely 15% of the retailers studied offered the choice to alter success methodology put up order affirmation. On a median, solely 27% of the retailers offered the power to return retailer purchases on-line.
“Consumers don’t see channels the best way retailers do. Unified Commerce can solely present the extremely customised buying expertise anticipated by at present’s shoppers if there may be true visibility of stock availability, and adaptability throughout and after the sale,” stated Manhattan Associates president and CEO Eddie Capel.
“Embracing a Unified Commerce mannequin can drive robust enterprise development, excessive income alternative, result in aggressive benefit and heightened buyer loyalty that each retailer covets. With the correct expertise and options, they will outperform their friends by as a lot as six occasions.”
“Zebra Applied sciences helps retailers globally optimise their stock and interact their associates to enhance productiveness and ship an elevated buyer expertise,” stated Zebra Applied sciences CEO Invoice Burns.
“This new benchmark highlights the necessary function that real-time stock visibility, front-line employee enablement, and fulfilment flexibility play in driving Unified Commerce, and now we have the correct options to ship these advantages.”
“With the intention to ship on the promise of Unified Commerce, retailers should join digital and in-person experiences, and all the information and methods that allow them,” stated Google Cloud vice chairman retail and shopper Carrie Tharp.
“Manhattan Associates’ partnership with Google Cloud on this benchmark reveals how retailers could make it simple for purchasers and retailer associates to seek out the correct merchandise on-line and instore by implementing a unified commerce technique backed by information and AI.”
“Unified Commerce is the brand new battleground for retailers to distinguish themselves. Our 2023 Unified Commerce Benchmark reveals that leaders who’ve adopted unified commerce ship extremely nuanced, seamless buyer experiences throughout channels, leveraging expertise and information to drive income development. The insights from this benchmark gained’t simply assist retailers sustain, it’s going to assist them stand out,” commented Incisiv chief technique officer Gigi Agarwal.
Click on right here to view the entire 2023 Unified Commerce Benchmark for Specialty Retail.
Methodology:
Incisiv’s 2023 Unified Commerce Benchmark for Specialty Retail is the trade’s first Unified Commerce benchmark with actual purchases, actual returns, and actual buyer journeys throughout digital and bodily channels.
The Benchmark includes of analysis from 124 retailers benchmarked throughout 11 specialty retail segments selecting a mixture of high omnichannel retailers by income, and high Digital Native Vertical Manufacturers (DNVBs) by retailer depend, spanning 286 buyer expertise capabilities throughout 4 practical areas: Search and Discovery, Cart and Checkout, Promising and Fulfilment, and Service and Assist.
Incisiv’s group of buyer expertise analysts carried out complete buying journeys, together with 8 actual purchases and returns with every retailer studied, throughout each bodily and ecommerce channels. Assessed retailers had been then scored based mostly on the adoption of buyer expertise capabilities, the efficacy of every functionality, and the consistency and high quality of expertise.
About Manhattan Associates:
Manhattan Associates is a expertise chief in provide chain and omnichannel commerce. We unite data throughout the enterprise, converging front-end gross sales with back-end provide chain execution. Our software program, platform expertise and unmatched expertise assist drive each top-line development and bottom-line profitability for our prospects.
Manhattan Associates designs, builds and delivers vanguard cloud options in order that throughout the shop, by way of your community or out of your fulfilment centre, you might be able to reap the rewards of the omnichannel market.
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