Michael Valdsgaard, former head of digital transformation at IKEA, has used his keynote speech at Retail Without Borders to launch his latest venture: a high-tech immersive commerce solution provider, London Dynamics.
Internet Retailing, Omnichannel Retailing
Internet retailing, also known as e-tailing, is the sale of goods and services through the internet. It can include business-to-business (B2B) and business-to-consumer (B2C) sales of products and services. Online shopping or e-shopping is a form of electronic commerce which allows consumers to directly buy goods or services from a seller over the Internet using a web browser. Internet retailers can be purely digital, meaning there is no physical store for a customer to enter. However, an e-retail business can also be a brick-and-mortar shop with an online presence. Omnichannel retailing is a retail strategy that integrates multiple channels, such as brick-and-mortar stores, online stores, and mobile apps, to create a seamless shopping experience for customers.
Global trade rules changed for 2020 – Don’t get caught out
Mar 02, 2020
The international trade rules, widely known as Incoterms have come into force this month, changing how the international trade of goods is conducted potentially having a major impact on importers and exporters across the globe.
Small is the new big via ‘micro’ warehousing, says SnapFulfil
Feb 25, 2020
WMS solutions provider SnapFulfil is enjoying a new type of interest as ‘micro-warehousing’ takes off for smaller e-commerce companies looking to offer the same level of delivery efficiency and flexibility as retail giants like Amazon.
Migrating your eCommerce platform: what you need to know
Feb 18, 2020
With only 110 days left before the end of support for Magento 1, it is important for online retailers to get moving on their eCommerce platform migration or risk a gap in sales.
Lowest growth outlook for retail in four years
Feb 13, 2020
Retail sector posts weakest small business outlook for 2020. Less than a third of small businesses in the retail sector are predicting growth for the early months of 2020. This is the worst growth outlook for the retail sector since the start of 2016.
Septentrio launches an online shop offering high-accuracy GNSS receiver modules
Feb 13, 2020
Septentrio’s new web shop offers direct access to mosaicTM multi-frequency GNSS receiver module. Customers can purchase the mosaicTM development kit quickly and easily to evaluate this unique module.
VisionDirect eyes up more savings from D2C model
Feb 12, 2020
A leading European online contact lenses supplier is offering savings of up to 45% on major high street opticians, due in big part to the company’s ‘direct to consumer’ (D2C) model.
Superior service relies on a lean infrastructure that enables speedy turnarounds, fast delivery and providing a consistent great customer experience –and integral to VisionDirect success is the SnapFulfil cloud-based warehouse management system (WMS).
UK prestige beauty industry generates £2.6 billion in sales for 2019, driven by skincare, reports The NPD Group
Feb 12, 2020
The sale of prestige women’s face skincare products in the UK reported an increase of 2% in the 12 months to the end of 2019 according to The NPD Group. The total value of the prestige beauty market in the UK was valued at £2.6 billion in 2019, a decline of 3% when compared to the same period in 2018.
Off with their heads: The death of monolithic e-commerce and the rise of a headless, microservice approach
Feb 11, 2020
For over a decade, online retailers have been competing in the Amazon world and, as the saying goes, it’s a jungle out there.
Infosys to acquire Simplus, a Salesforce Consulting and Platinum Partner
Feb 11, 2020
Infosys, a provider of next-generation digital services and consulting, has announced a definitive agreement to acquire Simplus, one of the fastest growing Salesforce Platinum Partners in the USA and Australia. Simplus is an advisor in cloud consulting, implementation, data integration, change management and training services for Salesforce Quote-to-Cash applications.
Internet Retailing
Internet retailing, also known as e-tailing or online retailing, is the sale of goods and services over the internet. It is a type of electronic commerce (e-commerce) that allows consumers to purchase products and services directly from retailers without having to visit a physical store.
Internet retailers can sell a wide variety of products, including clothing, electronics, books, home goods, and more. They can also offer a variety of services, such as online payments, shipping, and returns.
There are many different types of internet retailers, including:
- Pure-play retailers: These retailers only sell products online. They do not have any physical stores.
- Multichannel retailers: These retailers sell products both online and in physical stores.
- Marketplaces: These retailers provide a platform for other retailers to sell their products.
Internet retailing has become increasingly popular in recent years. In 2022, global e-commerce sales were estimated to be $4.9 trillion. This number is expected to continue to grow in the coming years.
There are many reasons for the growth of internet retailing. Some of the reasons include:
- The convenience of shopping online.
- The wider selection of products available online.
- The lower prices that can often be found online.
- The ability to shop from anywhere in the world.
Internet retailing has a number of advantages for both consumers and retailers. For consumers, it offers the convenience of shopping from home, the ability to compare prices from different retailers, and the opportunity to find products that are not available in physical stores. For retailers, it offers the opportunity to reach a wider audience, reduce costs, and improve customer service.
However, there are also some challenges associated with internet retailing. Some of the challenges include:
- The need to protect customer data.
- The need to ensure that products are delivered on time and in good condition.
- The need to provide effective customer service.
Omnichannel retailing
Omni-Channel Retailing is the evolution of Multi-Channel Retailing, but is concentrated more on a seamless approach to the consumer experience through all available shopping channels, i.e. mobile internet devices, computers, brick-and-mortar, television, radio, direct mail, catalog and so on. Retailers are meeting the new customer demands by deploying specialized supply chain strategy software. To use all channels simultaneously, retailers using an omni- channel approach will track customers across all channels, not just one or two.
Omnichannel retailing is a retail strategy that integrates multiple channels, such as brick-and-mortar stores, online stores, and mobile apps, to create a seamless shopping experience for customers. This means that customers can start their shopping journey on one channel and seamlessly transition to another channel without having to start over.
For example, a customer might start by browsing for products on a retailer's website, then use the retailer's mobile app to compare prices, and finally visit a brick-and-mortar store to make a purchase. The retailer would track the customer's journey across all channels and make sure that the customer's information is consistent across all channels.
Omnichannel retailing is becoming increasingly important as more and more customers are using multiple channels to shop. A study by Salesforce found that 73% of customers use multiple channels during their shopping journey.
There are many benefits to omnichannel retailing, including:
- Increased customer satisfaction: Customers appreciate being able to shop however they want, and they are more likely to be satisfied with their shopping experience if they can seamlessly transition between channels.
- Increased sales: Omnichannel retailers are able to reach more customers and sell more products by offering their products and services across multiple channels.
- Improved customer loyalty: Omnichannel retailers are able to build stronger relationships with their customers by providing them with a more personalized and convenient shopping experience.
