Take the Omni-Channel Way
If you remember watching the movie Minority Report, released in 2002, you might remember Tom Cruise walking into a GAP store where a retina scan reveals his past purchase history, the assorted tank tops he bought last time. This is an early example of personalized customer experience.
The need for personalization and convenience are key reasons influencing brands to innovate with their products, strategies and marketing and distribution mix. The omni-channel game is a natural offshoot of a consumer centric approach. According to a study by Boston Consulting Group, what this really means is placing consumer convenience and experience at the center in an online and offline retail platform. Innovations should help shoppers decide how they want to shop, for what and where. They should also be given the convenience of their packages being delivered at home, in store or at a separate delivery location and so on and so forth.
Baby steps are being taken to capitalize this omni-channel experience by Indian retailers. According to CEO, Ananth Narayanan, Myntra is exploring the omni-channel strategy with some if its major partner brands on the fashion app. “Maybe we will leverage their inventory in the stores or the consumer experience that we have in the stores can direct the traffic.”
Over the next 12-18 months, Myntra plans to double its business with international brands and omni-channel is going to be one of the ways. “Omni-channel is a good idea. I think people should do more omni-channel because that will educate the consumer on e-commerce. Whenever I have conversations with brands, I suggest them to do omni-channels,” says Narayanan.