The need to create seamless omnichannel experiences for customers is growing as more and more seek to research and buy products online. Technology and consulting firms have in recent years sought to create solutions to meet the growing demand from the retail industry, among others. IT giant TCS recently announced it has launched two such offerings to retailers, the Optumera Digital Merchandising Suite and the OmniStore.
The omnichannel experience is becoming a mainstay of the retail business, with more and more companies expecting to provide customers with digital shopping channels over the coming years. As it stands, the UK and US lead the world in omnichannel maturity, while international pure play operators are stepping up the competition for high street customers.
Improving the available means of leveraging potential advantages of omnichannel offerings, including dynamic pricing, big data analytics and customer convenience, consulting and technology firms have sought to create digital offerings that streamline the omnichannel process. Including IBM and Adobe’s IBM Interactive Experience, which seeks to create an improved digital shopping journey.
Tata Consultancy Services is also seeking to find ways of providing retailers with improved shopping experiences. The firm recently announcing two new offerings leveraging computational intelligence capabilities. The first is its Optumera Digital Merchandising Suite, which delivers shopper centric merchandising, and Omnistore: Unified Store Commerce Platform, which provides retailers seamlessly orchestrate omni-channel journeys for their customers.
The Optumera: Digital Merchandising Suite, uses a range of Big Data analytics techniques, including the analysis of heterogeneous data sources with advanced machine learning algorithms, to help retailers ‘localise and optimise store space, curate a shopper centric omnichannel assortment, respond in real time to competitor pricing strategies, and automate planogram compliance through image processing.’ Through the technology, retailers are provided a single view of customers allowing for customisation of items, inventory, pricing, promotions, etc. based on channel type and business models, across various geographies.
The OmniStore: Unified Store Commerce Platform replaces the traditional Point of Sale (POS) platforms, which are incapable of delivering a seamless omnichannel customer experience. The offering uses a micro-services based Unified Stores Commerce, which creates a universal cart that is accessible across a range of devices and services, as well as wish lists and catalogues for both store and online orders. The service also allows for a more personalised engagement with customers through their complete omnichannel journeys, improving conversions. The solution has a flexible architecture, with a cloud-based option available – reducing the need for infrastructure investment.
“TCS is focused on developing solutions that harnesses the power of digital technologies to help retailers innovate and differentiate,” says Pratik Pal, President of Retail and CPG, TCS. “Optumera™ leverages advanced big data analytics and machine learning to drive shopper centric merchandising. We believe this will bring the power back to the merchants. TCS has invested in building OmniStore™, which is a compelling alternative to a traditional POS. Built on micro-services architecture, it enables orchestration of omnichannel user journeys in stores.”