Unified commerce: the future of retail

Unified commerce is a retail business approach that combines all retail systems together to provide a consistent shopping experience across all selling channels. This allows associates to track cross-channel customer data, view enterprise-wide inventory, and access all order history, while simultaneously providing customers the flexibility to purchase products and navigate the retail experience seamlessly, either digitally or in-store. In order to provide this experience, retailers need a unified commerce platform.

Aunified commerce platform leverages real-time data regarding customers, inventory, and distribution network in one place-effectively connecting the back end of retail operations to the front end. Point of Sale (POS), inventory management, customer relations management (CRM), order management, and fulfilment management are all accessed within a single view and delivered symbiotically in one solution. With a unified commerce platform, retailers possess the technology capabilities required to keep the promises they make and meet modern omnichannel customer demands.

When executed properly, according to the 2023 Unified Commerce Benchmark for Specialty Retail: “A unified commerce approach ensures every shopping journey becomes a brand loyalty opportunity” and “represents a significant opportunity to grow revenue.” Retailers who use a leading Unified Commerce strategy see a revenue increase of 3 to 6 times compared to those who do not. A specialty retailer could benefit from extra revenue by improving their unified commerce maturity.

Retailers who use a leading unified commerce strategy see a revenue increase of 3 to 6 times compared to those who do not.

Four components

Unified commerce is made up of components that enable optimised scalability, adaptability, and visibility, as well as seamless connectivity of customer and associate interactions. The four main components of unified commerce are:

1. Systems

With a unified commerce platform, all back end and front end systems are connected and work as a cohesive unit to provide retailers with the ability to adapt and scale all functionality to their specific business needs. It enables unification of all stores, customer services, and distribution processes to achieve business goals, and doesn’t require time and resources spent on multiple solution providers. This unification provides access to actionable enterprise-wide data from multiple touchpoints with all customer and inventory data accessible from a single view, regardless of channel. And when all systems are working from one centralised platform, it allows integration of new technologies and seamless receiving of solution upgrades that address and keep up with omnichannel trends.

2. Channels

By unifying all sales channels within a single unified commerce platform, retailers can easily keep track of all cross-channel purchases, sales and promotions, accommodate omnichannel fulfilment requests-such as buy online, pick-up instore (BOPIS), buy online, return in-store (BORIS) curbside pickup, ship from store, and endless aisle option-and gain access to data from every channel to review performance and fine-tune inventory strategies.

3. Products

Enterprise-wide inventory visibility and management allows everyone-from warehouse staff to retail associates and even customers-to see important product information, including what product is available, where product is in the retail network, where inventory is low and how quickly can product be sent to either a retail location or customer for fulfilment. With a unified commerce platform, customers should be able to access any ready inventory for purchase within the store network and choose the most convenient method of purchasing that product item that works for them.

4. Interactions

Being able to engage with customers in every selling channel from every touchpoint unlocks customisation and personalisation of a single customer’s buying journey, from the moment they first interact with a retailer’s brand to well after the sale. A unified commerce associate experience means access to a customer’s order history, wish lists, omni cart, brand interactions, and social engagement opportunities whenever and wherever customers need it, via store associates or contact centre employees. This not only helps build a deeper understanding of what customers want but most importantly allows the retailer to keep the promises it makes to its customers.

These components that make up unified commerce lead to beneficial outcomes for retailers who leverage it properly. But what exactly are the benefits of unified commerce? And why is it so important to the future of retail?

Being able to understand why a customer is shopping with your brand and tailoring experiences around customer intent can make customers feel seen and heard throughout their buyer journey.

Consumer benefits

Unified commerce not only unifies the digital and physical retail world but also allows retailers to understand their customers on a personal level. The consumer experience benefits from unified commerce are substantial and play a large role in whether or not that customer will turn into a repeat shopper. These benefits include:

- Enabling customers to research an item online - with real-time, network-wide inventory visibility - and providing the option to buy online, pickup in-store, ship-from-store, ship to another store location, or local delivery.

- Arming retail associates with tracked real-time customer data, unlocking personal customer insights, preferences, and habits in every channel to further nurture and customise the retail experience.

- Allowing digital customers to continue their shopping experience in-store, where they can cancel their initial order or shop for items to add to their existing omni cart, while also providing retail associates cross-sell/upsell opportunities during customer pickup/check out.

- Empowering retail associates to switch fulfilment methods or make order changes based on customer requirements and requests via two-way communication.

- Enabling customers to initiate cancelations and modifications or returns and exchanges after their purchase with digital self-service, regardless of initial sales channel.

- Providing customers with order update notifications and the option of engaging the contact centre or associates via communication regarding order cancelations, shipping status, and order info.

Being able to understand why a customer is shopping with your brand and tailoring experiences around customer intent can make customers feel seen and heard throughout their buyer’s journey. It lets them know that their needs are the top priority, with a level of personalisation and transparency that ultimately leads to brand loyalty.