In BRP’s Consumer Study, 56% of consumers indicated that they were more likely to shop at a retailer that allowed them to have a shared cart across channels instead of a retailer that does not offer this service. Yet only 7% of retailers currently offer this shared cart concept – that’s a huge gap that retailers are struggling to bridge.
According to BRP’s SPECIAL REPORT: Real-Time Retail, customers want access to a single cart to shop across channels and be able to reach their cart via phone, computer, or even in the store – they want to “start anywhere and finish anywhere.”
As consumer expectations continue to rise, we have seen the importance of real-time visibility and access to product and customer information across channels grow significantly. With real-time inventory visibility and access across the enterprise, retailers can reduce or eliminate safety stock, which is a significant cost savings. Knowing where your products are in real-time also increases sales and minimizes markdowns.
Today’s retail model has to venture beyond omni-channel by breaking down the walls between internal channel silos and leveraging a common commerce platform with a single order management system to deliver a holistic, real-time, personal, seamless experience.
As consumers expect a seamless experience in the store, on the Web and via their mobile device – ‘real-time retail’ becomes the new industry imperative. In my experience, many retailers can check inventory in real-time but the data they are accessing is actually from yesterday, as the data is not really updated in real-time. This is ‘faux real-time retail’ based on the traditional store and forward architecture of legacy POS and e-commerce systems. As retailers move to unified commerce, full access to enterprise-wide data in real-time becomes more common as it is a necessity to survive.
This is ‘faux real-time retail’ based on the traditional legacy POS and e-commerce architecture where copies of master files are maintained at the store and updated on the headquarters’ system each night via transaction logs (TLOG). The enterprise master data records are essentially a day behind actual data.
Your customers are telling you what they want, are you listening?
I encourage you to download the full report to better understand the necessity of real-time retail to ensure you are meeting your customers’ expectations.