Stephan Schambach is the Founder and CEO of NewStore, a modular, mobile-first omnichannel cloud platform for retail brands worldwide.
An omnichannel strategy isn’t just a nice-to-have idea for modern retail brands anymore; it’s becoming a survive-or-die proposition. As an industry veteran and the founder of several successful technology companies, I have seen firsthand the impact a digital-first, unified approach can have on a business’ bottom line. Based on these experiences, here are five steps any retail organization should consider before setting out on a digital transformation journey.
1. Take a hard look in the mirror.
Before you bet your money on new tech toys, cut to the chase: What’s your game plan? And what’s the finish line you’re eyeing? When starting any retail project, map out your strategy by identifying your goals. Whether you’re focused on ramping up sales, winning over customers or ironing out operations, define those targets and prepare to hit them hard.
Next, roll up your sleeves and dig into your current setup. Tear it apart and find the skeletons in the closet. Ask yourself: Which of our systems are outdated? How are we underutilizing our data? And how can we clean up our shoddy processes? Then, rally your IT and operations crews, ensure they’re sold on the mission, and prepare to jump in head-first. A rock-solid foundation of aligned objectives and well-understood outcomes can pave the path for an omnichannel strategy that is not only obtainable but actually works.
2. Carve out your project timeline and budget.
Time and money are your most valuable resources; deploy them wisely. A meticulous timeline and a carefully calculated budget are your secret weapons for achieving your goals. Map out the journey from launch to completion, factoring in the cost of the tech investment itself, infrastructure upgrades, employee training and long-term upkeep. And always keep a war chest ready for surprises that pop up along the way. If you can plan accordingly and expect the unexpected, then this disciplined approach can help ensure you navigate the journey without losing sight of your mission.
3. Demand a return on investment.
Going omnichannel is about more than just looking good—it’s about delivering hard numbers. Concentrate on creating a customer experience that’s not just smooth but also flat-out impressive. Your omnichannel platform should be an ensemble of high-performing channels, integrating e-commerce, physical stores and mobile apps—and maybe even wholesale or marketplaces, if they make sense for your business.
But how do you get there? One effective path to high ROI is a customer-obsessed mindset. Dive into customer data, analyze shopping behaviors and leverage those insights to craft a shopping experience that’s tailor-made for your customers.
Success is measured by driving loyalty and increasing sales. Also, regularly monitoring and evaluating key performance indicators like customer satisfaction, conversion rates and average order value can future-proof your omnichannel strategy. At the end of the day, a digital transformation should pay for itself and then some.
4. Seek effective technology.
In the retail industry, standing still means defeat. Unfortunately, many retail brands are shackled by monolithic applications that stifle innovation. One solution to this is adopting a microservices-based, composable architecture. This strategy cuts your applications into manageable, deployable and scalable units, empowering you to stay nimble and flexible.
I recommend the Microservices, API-first, Cloud-native and Headless (MACH) approach to guide your technology selection. The MACH approach focuses on fueling an omnichannel strategy with lightweight, state-of-the-art technologies that enhance its firepower. By embracing these principles, you can future-proof your business while delivering innovative customer experiences.
5. Choose your allies wisely.
Your tech partner can be your best ally or your worst enemy. Choose a partner that offers flexible, open tech solutions tailored to your needs. Before making a decision, evaluate their track record: Do they have experience delivering omnichannel solutions? Are they knowledgeable about your industry? And have they proven they can support a brand like yours? To answer these questions, look for concrete evidence. Ask for references, case studies and testimonials—anything that proves your prospective partner has been there and done that.
Most importantly, make sure your tech partner doesn’t leave you high and dry after the deal is sealed. You need a companion who’s in it for the long haul and values shared success. Opt for a partner that provides continuous support, training and updates. They should also have their finger on the pulse of industry trends, emerging tech and best practices so your company is always prepared for what’s ahead. Collaboration and innovation are the keys to implementing a successful omnichannel strategy.
Build a path to omnichannel success.
Adopting an effective omnichannel strategy is about change and change management. Success is achieved not just by surviving but by thriving, and by delivering an exceptional shopping experience that commands customer loyalty and drives them back to you time and again. Prepare yourself by equipping the right tools, refining your strategy and positioning your brand to dominate your digital transformation journey.
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Read the full article here
