Unified Commerce – The Future of Retail Business

Hashedin

Judelyn Gomes and Parth Khurana

15 Sep 2020

The enormous growth in technology has revolutionized our shopping experience in every possible way. With varied e-commerce portals and mobile apps, we are just a click away from ordering and receiving our favourite products. Online shopping platforms have made it convenient for individuals to choose where they can shop, purchase, and return across all retail channels with ease. The evolution in technology has influenced the evolution in the world of commerce too. What it takes to make a retail enterprise successful has expanded far beyond the basics of the product, brand, or single touchpoint.
 
With the pandemic sending a wave of uncertainty, retailers are forced to meet customer expectations without any compromise. To make this expectation a reality, retailers are pushed to integrate their processes and systems as well as provide seamless customer experiences that allow shoppers to seamlessly move across the various touchpoints (online, in-store, mobile, web, etc.). This paved the way for Unified Retail Commerce.
 
Unified Retail Commerce is a platform that combines e-commerce, m-commerce, order fulfillment, inventory management, customer relationship management, Point of Sale (POS) capabilities, etc under a single roof. According to Brian Brunk, Principal at retail industry consulting firm Boston Retail Partners (BRP), “Unified commerce goes beyond omnichannel, putting the customer experience first, breaking down the walls between internal channel silos and leveraging a common commerce platform.”1

 

Unified Commerce2

 
Components of a Unified commerce strategy:
 

Components of Unified commerce strategy3

 
Unified commerce strategy constitutes of four major components, they are:
 

How a unified commerce platform can help a retail organization?
 
The unified commerce platform has become a boon to both retailers and customers. According to the National Retail Foundation,

According to the Boston Retail Partners 2018 POS/Customer Engagement Survey of 500 top North American retailers, 81% of retailers will have deployed unified commerce by the end of 2020.5 Here’s how unified commerce can enable an organization’s growth:

 

Unified retail commerce has managed to blend the concept of both offline and online shopping experience and make it more accessible to customers all over the world. With the current scenario of social distancing and the fear to venture outside, a unified platform is a one-stop solution that caters to customer’s needs and digitizes stores for a better experience. It has managed to differentiate factors and power in-store experience, develop a closer bond with the customer by connecting with them on varied channels, and improve massive operational efficiency. Unified retail commerce helps overcome today’s challenges and enables a roadmap to deliver a seamless retail experience that customers expect.
 

References:

  1. https://www.lsretail.com/blog/unified-commerce-need-retail-business
  2. https://medium.com/@paldesk/what-is-unified-commerce-and-how-it-will-help-your-business-b6ef9dea0d18
  3. https://medium.com/@paldesk/what-is-unified-commerce-and-how-it-will-help-your-business-b6ef9dea0d18
  4. https://www.retailsupplychaininsights.com/doc/why-unified-commerce-platform-is-a-must-for-business-growth-0001
  5. https://www.cleo.com/blog/knowledge-base-unified-commerce
  6. https://www.retailsupplychaininsights.com/doc/why-unified-commerce-platform-is-a-must-for-business-growth-0001
  7. https://www.sikich.com/insight/6-ways-a-unified-commerce-system-can-completely-transform-your-retail-business-part-1/
  8. https://www.retailsupplychaininsights.com/doc/why-unified-commerce-platform-is-a-must-for-business-growth-0001

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