Your Retail Coach (YRC), an eCommerce consulting firm with over a decade of experience in the retail industry, has urged brick-and-mortar retailers to embrace digital transformation and take their businesses online. According to the team of omnichannel consulting professionals at YRC, taking a business online can be accomplished without complications if done correctly. In this press release, YRC offers insights on how to make this transition, covering several critical aspects.
Vision and Strategy: Why Take Business Online
YRC advises businesses to set a vision for taking their operations online and create a digital transformation strategy. Before moving forward, retail businesses must first establish their objectives for going online and answer fundamental questions. Is the objective to modernize, or will the business become multichannel or omnichannel? Which aspects of the business will be affected? What processes will be digitized? What new processes and activities will emerge? What kind of technology solutions will be necessary?
Redesigning the Business Model
Once a business goes online, the old business model will no longer be adequate. Digital transformation will enable the business to offer a wider range of services, necessitating significant changes to the value proposition, which will impact revenue streams. New key partners will emerge, and the value chain must be redesigned. To capitalize on the opportunities presented by digital transformation, the business model must be redesigned first and foremost.
Sorting out the Finances
With new capabilities and a revamped business model, the old business plan will not suffice. The value chain must be reconsidered and remapped based on the enhanced value proposition, and there will be associations with new key partners playing different roles in the new value chain. New activities will necessitate additional resources, and a new channel will need to be managed. Traditional CRM methods will need to be replaced with contemporary strategies, and more inventory will need to be handled. Incorporating these actions has financial implications. A realigned business plan can help businesses ensure a smooth transition into digital transformation by providing them with the numbers and a plan to secure project funding.
Unified CX Strategy for Offline and Online Customers
Taking a business online opens up new touchpoints for customer experience. These new touchpoints include the eCommerce website, social media posts, appearances on local search results, paid advertisements and promotions on digital platforms, and more. It is critical to map the customer journey to identify routine and potential touchpoints, both online and offline. By mapping both journeys, businesses can identify all touchpoints and understand customers' expectations for each touchpoint. For instance, a supermarket must clearly advertise and promote the terms of home delivery to both online and offline customers, so that customers don't feel disadvantaged for not being able to avail of home delivery services.
Software Selection
Selecting the right software is critical for businesses going online. The performance of the selected software echoes the service and operational intent. Getting the wrong software could end up endangering the business model and operations, both at the front and back ends. For instance, a supermarket may want to send shopping bills to the registered mobile numbers of customers after the store goes online (with due consent). The POS software must be capable of hosting this feature effectively.
Digital Marketing
Many businesses do not consider digital marketing essential, but YRC believes that this approach limits a business's potential. Digital marketing can help businesses scale up, reach new customers, and grow their customer base. For example, targeted digital marketing on various online platforms could help businesses reach out to 500 new potential customers. Even if only 100 new customers are added, the increase in the customer base would be 10%. Experienced online business consulting experts and big retail and eCommerce brands consider such output a significant success.
For more insights into how to take your business online and YRC's retail consulting services, please visit https://www.yourretailcoach.ae
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Rupal Shah Agarwal
YourRetailCoach
+91 98604 26700
[email protected]