Yesterday’s POS No Longer Sufficient to Meet Customer In-Store, Omnichannel Expectations
NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced the results of a study conducted by RSR Research, a retail industry research firm, and sponsored by NetSuite, which reveals the challenges today’s retailers confront in bridging the online and in-store experience. RSR found that a strong majority of the retailers surveyed feel their existing technology/infrastructure is preventing them from moving forward with new omnichannel solutions and that they face significant challenges getting new technologies rolled out to stores and in helping employees respond to informed, smartphone-enabled shoppers.
Key findings include:
- 95 percent of retailers agree that the store and the digital experience must be brought together for a continuous, seamless experience.
- 77 percent of retailers believe their legacy point-of-sale (POS) is preventing them from providing a consistent customer experience across channels.
- 78 percent report getting new technologies rolled out to stores is a top challenge.
- 94 percent of retailers say inventory insight across all channels is important.
- 95 percent of retailers say real-time visibility into customer activity across all channels is important.
Today’s highly connected consumers expect fluid and relevant interactions where their information with the brand is never lost across channels. Unfortunately, too many retailers still treat the in-store experience as completely separate from the online experience which frustrates customers and prevents retailers from capitalising on opportunities for cross-sell, upsell and improved customer loyalty.
Many retailers are unsure of how to address these challenges. Replacing point systems like ecommerce or POS does not solve the underlying problem of a lack of visibility across the enterprise into customers, orders and inventory that is required to unify the customer experience between online and in-store.
“When it comes to how to support the convergence of digital and the full shopping journey, retailers are stuck – waiting for something better to come along than the disparate systems they have,” said Steve Rowan, Managing Partner of RSR Research and an author of the report. “The reality is there are options out there, but even better-performing retailers are cautious in approaching them, fearing both the cost and the pain of making the change.”
Unified Commerce Platform Arms Retailers with a Solution
Built on NetSuite's powerful single cloud commerce platform, SuiteCommerce InStore is the first system that integrates comprehensive omnichannel capabilities into an enterprise-class, mobile-first, POS solution that seamlessly unifies the online and in-store customer journey. By providing ecommerce and point of sale on a single unified platform, retail associates have access to a comprehensive, 360-degree view of the customer from the store floor, where they can access the products customers have added to their ecommerce shopping carts or wish lists at the POS and then add them to an in-store transaction with a few clicks. Alternatively, retail associates can add the products shoppers want to save for later to their ecommerce wish lists. SuiteCommerce InStore also provides visibility into inventory anywhere in the business, enabling the ability to combine different fulfillment models such as cash-and-carry and ship-to-home in a single transaction.
“We know all too well the challenges of trying to meet the needs of today’s consumers armed with disparate, disconnected systems,” said Ryan Johnson, COO of Lovesac, a fast-growing designer and retailer of high-end sectional furniture and accessories. “NetSuite is providing us with a unified commerce platform and modern point of sale solution that is helping us transform how efficiently and effectively our company is run while also delivering the same experience across all channels.”
Today, more than 24,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of enterprise-ready cloud business management suites of enterprise resource planning (ERP), customer relationship management (CRM), and ecommerce applications for businesses of all sizes. Many FORTUNE 100 companies rely on NetSuite to accelerate innovation and business transformation. NetSuite continues its success in delivering the best cloud business management suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud accelerates.
Download your complimentary benchmark report from RSR Research and NetSuite, Commerce Convergence: Closing the Gap Between Online and In-Store.
Hear from the Retail Experts
Listen to the on-demand webinar, Unify In-Store and Online Systems to Transform the Customer Experience, featuring Steve Rowan of RSR Research, Ryan Johnson of Lovesac and Branden Jenkins, GM of Global Retail for NetSuite.
About RSR Research
Retail Systems Research (“RSR”) is the only research company run by retailers for the retail industry. RSR provides insight into business and technology challenges facing the extended retail industry, providing thought leadership and advice on navigating these challenges for specific companies and the industry at large.
For more information about NetSuite, please visit www.netsuite.com.au.
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