O2O: What does it take to win the OmniChannel war
The OmniChannel conversation is not about offline vs online. Whether you are a new brand or an established one, every retailer needs to focus on how to converge both platforms to maximize traffic for the brand.
Also, the rise of the online channel has pushed the entire retail industry to innovate and think of novel ways to attract and retain customers. From the customer’s point of view, the convenience of online retailing is attractive, but physical stores continue to have strong appeal. This poses a great challenge for eTailers and retailers on how to provide a personalized experience that is not intrusive.
Which kind of products sells better online? Do customers worry about which channel they buy from? How are brands selling online today? How to manage brand promise on marketplaces? Are luxury products a good fit to sell on marketplaces? Can retailers collaborate with marketplaces? Why are online retailers setting up stores? Are the challenges different for them? How can brands go cross-border?
These were some of the questions that an elite panel comprising Jaineel Aga, MD & CEO, Planet Superheroes; Meheriar Patel, Chief Technology Officer, The Mobile Store; Mike Ghasemi, Research Director, Retail Insights Asia Pacific & Head of WW Hospitality & Travel Insights, IDC Singapore; Pallav Atreja, Business Head – EBO & E-commerce, MAS Holdings; Pooja Maheshwari Salwan, Category Head – Fashion Tech and Gadgets, Ajio.com; Riya Vipan Kalra, Co-Founder, Candyskin; Sauvik Banerjjee, CTO, TataCLiQ, Vice President, Tata Industries – Digital Initiatives, Advisory to Group Cos; and Shivani Poddar, Co–Founder, Faballey.com, tried to answer in a session titled ‘O To O: What Does It Take to Win the Omnichannel War’ powered by Vinculum.
The session was moderated by Venkat Nott, Founder, and CEO, Vinculum Group. Venkat Nott kickstarted the debate stating “Each marketplace tends to have requirements in terms of their categories; how they define the various products and also in terms of the pictures and attributes that they want. It takes a lot of time for organizations to ensure that their products are ready to sell on multiple marketplaces.
Panel Discussion: What does it take to win the OmniChannel war @ IRF 2017
Vinculum has also created a set of tools which facilitates a real-time view of the inventory for stores and warehouse which is fundamental to enabling Omnichannel commerce. The company provides retailers with a 360-degree Omnichannel experience with the ability to actually make money out of it.
“This is the perfect time for the Indian industry to leapfrog into the Omnichannel space, to go every step of the journey and we could do this in two to three years,” he stated.
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