Manhattan Associates, in partnership with Google Cloud and Zebra Applied sciences, has introduced the findings of the trade’s first real-world evaluation of unified commerce in speciality retail. The Unified Commerce Benchmark for Speciality Retail, performed by Incisiv, assessed 124 retailers throughout 11 speciality retail segments on implementing 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.
In as we speak’s quickly evolving ecosystem, retailers want full visibility and perception into each facet of their enterprise, from back-end to customer-facing. Unified commerce options mix a retailer’s front- and back-end techniques to ascertain 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 extra sturdy income progress by as much as 6X.
Nevertheless, consolidating techniques and constructing a cohesive Unified Commerce answer could be difficult. The benchmark recognized a number of frequent challenges in retailers’ efforts to undertake this new mannequin.
Retailers should have the ability 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. Moreover, solely 20% of the retailers studied supplied personalised product suggestions and provides. 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.
Visibility into allocatable and saleable stock and wealthy findability are important for retailers wanting to offer a seamless omnichannel expertise. Sadly, solely 29% of the retailers studied present real-time stock statistics on their product element pages.
These days, comfort is about extra than simply velocity of supply. Comfort encompasses offering a number of cost and supply choices and the flexibility to make modifications to an order after the sale. Nevertheless, solely 15% of the retailers studied supplied the choice to alter the fulfilment technique post-order affirmation. Moreover, on common, solely 27% of the retailers supplied the flexibility to return retailer purchases on-line.
“Customers don’t see channels the way in which retailers do. Unified commerce can solely present the extremely customised purchasing expertise anticipated by as we speak’s customers if there may be true visibility of stock availability and adaptability throughout and after the sale,” says Manhattan Associates president and chief government officer of Eddie Capel.
“Embracing a unified commerce mannequin can drive robust enterprise progress, excessive income alternative, result in aggressive benefit and heightened buyer loyalty that each retailer covets. With the fitting expertise and options, they will outperform their friends by as a lot as 6X.”
“Zebra helps retailers globally optimise their stock and have interaction their associates to enhance productiveness and ship an elevated buyer expertise,” provides Invoice Burns, chief government officer of Zebra Applied sciences.
“This new benchmark highlights the necessary position that real-time stock visibility, front-line employee enablement, and fulfilment flexibility play in driving unified commerce, and we’ve got the fitting 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 the entire information and techniques that allow them,” notes Carrie Tharp, vp of retail and shopper at Google Cloud.
“Manhattan Associates’ partnership with Google Cloud on this benchmark reveals how retailers could make it simple for patrons and retailer associates to search out the fitting 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 progress. The insights from this benchmark received’t simply assist retailers sustain, it would assist them stand out,” concludes Giri Agarwal, Chief Technique Officer at Incisiv.
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