With technology at it’s peak of simplifying business complexities; leading retailers continuing to struggle.
August 30, 2017 – (San Francisco, CA) – Published by Sergio Villasenor, CEO; Elliot.
Last year, McKinsey/Periscope researchers surveyed retail executives and concluded that only 6% of survey respondents described their omnichannel readiness as “excellent—fully implemented,” while 36% said their companies are still mired in the unfortunate, “testing a proof of concept,” stage.
So, why all of the trouble? It’s very similar to breaking a bad habit. It takes commitment, time, and most of all effort.
At Elliot, we field questions during the on-boarding process that echo these specific struggles. Most specifically, the following:
- Analytics and Data: We use analytics tools that give us website data; however, how can we include data from channels such as marketplaces and point-of-sale?
- Catalog Management: We have joint venture or in-country agents by market, how can we gain visibility into controlling our catalog globally across localized marketplaces and websites?
- Customer Relationships: We sell on a marketplace, in-store, via social media and on our website, can we track customers across channels?
- Real-time: We have such a large eco-system of channels and touch-points, can we track everything from customers, products, and orders in one centralized view?
While there has been no solution to-date for retailers to solve for these problems. McKinsey/Periscope further acknowledged that “a well defined cross or multi-channel solution” would be the top innovation for retailers.
In comes Elliot, who is quickly changing the way retailers approach multi and omnichannel problems. Providing them a unified commerce solution that centralizes customer, order, and product management in 90+ channels with support in 160 currencies and 150 languages. Whether it is managing multiple .com’s, localized marketplaces, social commerce platforms, and/or physical stores. Elliot is a change agent for retailers looking to optimize and grow their brand globally.
Centralizing analytics and data
Referencing back to the earlier study done by McKinsey/Periscope, the findings further concluded that 67% of retail executives cited a lack of customer analytics across channels, 48% blamed silos within the organization, 45% pointed to poor data quality and another 45% confessed to an inability to identify customers across shopping trips.
How can anyone make decisions with a lack of insight into how your brand and its customers are behaving and performing? They “wing-it” by using multiple analytics and data tools to aggregate, as best as they can, across CSVs, systems, and remote teams that may, or may not, reside outside of their organization.
Elliot’s Unified Commerce Platform
At Elliot, we do this by centralizing key data points, most specifically: customers, orders, and products, across marketplaces, product feeds, point-of-sale systems, and websites. Giving our customers a real-time, 360-degree view of how each of those data points are performing. Enabling them to log into a centralized admin panel and get insight to how their brand, products, and most importantly customers are behaving across multiple channels.
Multi-channel catalog management, “oh the horror!”
Today, retailers engage in joint ventures, have globally distributed teams, and work in an infinite amount of currencies, and languages, in order to manage a catalog worldwide.
In many cases, the management of your global catalog is not always done internally. Making collaboration and innovation, aspirational when it comes to describing their internal and external organizations working relationships.
Imagine trying to execute product updates on another continent, in a different currency and language, and within a team that does not sit within your organization. It can be cumbersome and in some cases “lost in translation”.
Elliot’s Multi-Channel Pricing and Currency Management
At Elliot what we do is enable advanced user permissions across your internal and external organization. Allowing you to delegate autonomy over who can execute change globally, or within a specific country and market based on their roles and responsibilities.
What does this do?
Besides centralizing analytics, data, insights, and the ability to manage a catalog from one location, it promotes operational efficiency by enabling organizations to work much smarter. Also, it creates transparency across domains and disciplines. In return, creating a much more collaborative environment within your organization that has alignment on what is needed to hit specific goals and objectives.
The CRM team: a dream turned reality
As we learned earlier, 45% of the top retail brands confessed to an inability to identify customers across shopping trips. Doing so is certainly not a simple task, unless you have a connector that can tap into all of your sales channels and over a real-time API, web hook, or script that imports flat files on a cadence.
The value of having such a tool? Priceless.
CRM teams today are faced with challenges such as being able to calculate customer lifetime value (CLV), and doing it on a global scale across multiple channels. Moreover, disseminating data across systems becomes difficult and in many cases teams work off of CSVs to adequately do this today.
At Elliot we do this by using machine-learned AI and predictive tools to “connect the dots” for retailers. By connecting customers across digital and physical channels to we create more enriched customer profiles for our users. Providing better insight into contextual data that can trigger actions to increase brand equity with their customers.
Real-time, the value of making decisions with validated data and insights
Whether you deal in money or simply the notion of time as it applies to making a decision right now; knowing more now, is priceless. Moreover, having the ability to log into a central “source of truth”, get a real-time understanding of macro and micro-level trends amongst customers, products, and orders can change the way a retail organization makes decisions. You could better manage advertising, logistics, merchandising, and a variety of cross-domain actions all within a moments notice.
At Elliot, we are doing just that. Providing retailersa 360-degree of performance amongst customers, products, and orders in real-time. Whether you want to identify a macro-level trend or make an “on-the-fly” change to your PPC campaign on Baidu, Google, or Naver, having accessibility to contextual data provides the autonomy and insight to do so.
Whether you are a large or small retail brand, the market is volatile and highly disruptive. In order to remain competitive, retailers must employ techniques and leverage technology that enable their organization to execute iterative change, remain agile, and most importantly collaborate!