Based on data from actual purchases, returns and customer journeys across digital and physical channels, the benchmarking reveals common attributes of successful retailers and opportunities for retailers to improve customer value and operations. Of the 33 retailers benchmarked, five brands emerged as overall leaders in Unified Commerce: Nike, Adidas, Dior, UNIQLO and Charles & Keith
Below are some of the key findings from each of the four categories assessed:
Search and discovery: 60% of shoppers are likely to make repeat purchases with a brand after a personalised shopping experience. Personalisation, along with real-time inventory visibility simplifies the purchasing process, customises discovery, and nurtures loyalty. A leader in this segment, Adidas provides real-time inventory statistics on the Product Detail Page (PDP) and offers product recommendations, including suggestions based on past purchases.
Cart and checkout: 43% of shoppers surveyed prefer swift and convenient checkout options while shopping online and with the majority of cart abandonment occurring due to a less-than-ideal shopper experience at checkout, addressing in-store and online cart abandonment is a huge revenue opportunity for retailers. A leader in this segment, Nike, provides a single-step checkout option where shipping details are pre-filled, allowing all payment-related information to be entered in a swift single step, reducing unnecessary friction at the point of conversion, and maintaining customer satisfaction.
Promising and fulfilment: 33% of consumers prefer reusable packaging options if given the choice. Choosing reusable packaging offers a sense of empowerment, allowing individuals to actively participate in eco- friendly initiatives and reduce their carbon footprint. Leaders make sure the pick-up or delivery experience is as good as the customer shopping journey. Not only do leaders meet or beat their delivery promises consistently, they do so while being more environmentally friendly too. Leader in this segment, Dior, allows shoppers to select eco-friendly packaging options and highlights the environmental impact of their choices.
Service and support: 66% of shoppers consider messaging to be their preferred mode of communication for support. Live chat and social media offer retailers the chance to tailor their interactions with shoppers, allowing them to engage in real-time and address inquiries more effectively. Hermes is a great example of a leader in the segment, offering, live chat and WhatsApp support, providing shoppers with instant help for a seamless support experience.
Richard Wright, Managing Director, South East Asia at Manhattan Associates commented: “In Singapore's fast-paced retail market, continuous innovation is essential. With 74% of consumers valuing AI-driven recommendations, retailers must continue to evolve and innovate with AI for personalised experiences just like we are doing with Manhattan Active® Maven.
“Today, digital payment adoption has reached 87% and over the next 12 months RFID technology will continue to streamline inventory management, as eCommerce sales in Singapore grow at a CAGR of 8.9%. All this technology and consumer momentum highlights the importance of enabling and offering seamless transactions to consumers and underlines the significance of developing and delivering a fully functioning unified commerce strategy,” Wright finished.
“Unified Commerce holds great promise for retailers and the key to it lies in not only seamlessly joining digital and in-person experiences, but also linking all the data and systems that enable them too,” said Paul Tepfenhart, Global Director Retail and Consumer Strategy at Google Cloud. “This latest benchmark provides retailers with a data-based roadmap to deliver a unified commerce strategy.”
Amarjot Mokha, Chief Operating Officer at Incisiv concluded: “Retailers must continually innovate and adapt if they are to keep pace with shifting consumer trends. Retailers embracing a unified commerce approach are able to go beyond simply selling products, to a place where they can craft experiences that deliver up to 3X higher revenue opportunities, in the process, creating the type of brand connection and customer loyalty every retailer covets.”
Click here to view the complete 2024 Unified Commerce Benchmark for Specialty Retail in Singapore.
About Manhattan Associates
Manhattan Associates is a global technology leader in supply chain and omnichannel commerce. We unite information across the enterprise, converging front-end sales with back-end supply chain execution. Our software, platform technology and unmatched experience help drive both top-line growth and bottom-line profitability for our customers.
Manhattan Associates designs, builds, and delivers leading edge cloud and on-premises solutions so that across the store, through your network or from your fulfillment center, you are ready to reap the rewards of the omnichannel marketplace. For more information, please visitwww.manh.sg
Receive up-to-date product, customer and partner news directly from Manhattan Associates on Twitter, LinkedIn and Facebook.
