Why Unified Commerce Technology is the way forward for Retail businesses
Jake Rigby – Allonline365
September 13th 2018
In today’s business world – CEOs can utilize technology, along with the right people to run their retail business effectively. When it comes to making strategic decisions, the right technology can make the difference between shooting in the dark and creating a business strategy that is based on up-to-date and accurate information.
Retail technology changes quickly and keeping up with the constant changes in the industry has become increasingly vital for CEO’s and decision makers.
1) Have unified commerce technology for all your sales channels
Unified commerce is a step beyond omni-channel in that it brings together various, integrated systems into one platform. No matter what your company sells and where it sells it, your software should be a single-platform solution for e-commerce, m-commerce, and in-person sales.
Legacy systems which are pieced together, no matter how integrated, cost more money, and lead to lags in getting the data – or even to data not matching across the various channels. This inevitably leads to lags in receiving important data.
2) Have unified commerce technology for your core business functions
Unified commerce is not just about retail channels. A truly unified commerce system allows the front end and back end to talk seamlessly together. This means that tracking financials along with inventory, sales, customer satisfaction, and all other moving pieces of retail is possible in one system.
What seems almost impossible if the company is running on different ERP, POS, and inventory systems, becomes smooth and consistent with the right technology. Data can flow freely from one area to the other. With the right business intelligence tools, you can make the connections between various aspects of your company to make better business decisions.
3) Set the goals for your company, but be able to cope with change
Retail changes quickly, but a retail leader can’t run after every shift that happens in the industry. Richard Branson, who got his start in retail, said in a recent interview with Freakonomics Radio that it is important for the head of the company to set the vision. At the same time, Branson has pivoted from retail music sales, to mobile technology, to airlines, so he understands the importance of changing course when needed.
4) Know how your retail business is doing and where it is going
A strategic retail CEO know’s the importance of goal setting – this is the key to paving your path to success. If the retail goal is to increase the company’s sales online, the data-driven CEO needs to know what the sales figures were before setting the goal. Similarly, he/she must know the correct data to monitor and how to track that data to know if the goal is being met. This is where key performance indicators, or KPIs, come in.
KPIs are exactly the measures that the retail CEO of today and the future needs to track how the company is doing financially and beyond. A unified commerce platform helps you collect and maintain in one place all the KPIs you need to track. It also enables you to easily split them between channels, product types and even individual products, so you get the level of detail you want for your decisions.
For more information on how to integrate your business – visit www.allonline365.com