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Omnianalytics for an Omnichannel World

At Cisco, we’re about ready for the NRF trade show being held in New York on Jan.  12-15. We’re at the show expo on Jan. 13-14, and will be featuring four company thought leaders in the highly popular annual Big Idea sessions. Kathryn Howe, retail senior advisor at Cisco, will be discussing one of the industry’s most forward-looking trends – how to utilize omnianalytics that help retailers extract the most data out of omnichannel environments.

Q: The concept of omnianalytics is a new one for many retailers. Can you tell us more about it?

A: In pursuit of the personalized customer experience, retailers are increasingly moving toward omnichannel selling across stores, websites, mobile platforms and applications, phones, kiosks, and so on. Each of these channels adds another layer to the customer experience, and each layer generates a new set of data. These data sets offer a new opportunity for stores to engage with the customer.  Omnianalytics is the process of managing and correlating these large amounts of data to transform your business.

Q: Why is this data so important?

A: For the first time in history, retailers can collect truly objective, quantifiable customer data. Traditional shop-alongs, simulations, and focus groups are inevitably somewhat inaccurate, as simply being observed can change shopper behavior. Today’s automated systems, on the other hand, collect completely unbiased information on dwell times, traffic patterns, and other behaviors. They are also extremely scalable, meaning that consistent metrics can be gathered across thousands of stores to provide very high quality data.

Q: What do you think are the most important topics you’ll discuss at NRF?

Knowing which metrics are game changers for your business is the art and science of executing on omnianalytics. We’ll talk about how to get started and how to understand which metrics you need for your business. We’ll also be joined by John Goedert of Starbucks, who provides a wonderful case study on how his company is using omnianalytics to drive consumer interactions.

Time and Place:

“Omnianalytics: Knowledge is Good, Now How Can It Transform My Business?” with Kathryn Howe takes place on Tuesday, Jan. 14, at 1:15-2:15 am, in Room 4 on Level 3 of the Expo Hall. For those who can’t be there, a recording of the session will be available after the show. Visit Cisco’s NRF website to learn more, and do take the time to stop by Cisco booth #1954.

I’ll see you at NRF!

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Omnichannel Is Changing How You Do Business – Sort Of

This is the final installment of a series on how retailers can address the challenges of becoming an omnichannel business. I’d like to wrap up by talking about a deceptively simple stumbling block – accepting that being an omnichannel seller changes how people work.  I spend much of my time talking to retailers, and this really is a big issue.

For example, I have seen stores install – and then turn off – Wi-Fi deployments because they worry that associates will waste time surfing the web. And, yes, some might. But consider the cost compared to customers knowing more than your salesforce because they’ve been doing online research. It makes your team look uninformed, lowers the quality of service, and impacts sales. Obviously, you don’t want workers to play games all day. Instead, train them to find and use online product information, social media, and reviews that will help improve response to customers – and deal appropriately with the exceptions.

Related to this are issues around Wi-Fi access for customers. If you provide it for employees, please just go ahead and extend this to shoppers. Universal store access allows you to optimize your brand with both employees and customers (and enables far more effective analytics). I guarantee that you will lose relevance over time as consumers learn your store is one of the few without mobile service.

As well, I’ve met retailers who won’t add Wi-Fi because they are convinced that the only outcome will be showrooming and ultimate desertion. It’s time to shed the fear of this increasingly common customer practice. Instead, leverage it as a new marketing tool. You can drive sales by being part of the customer’s social media experience, delivering your own identity, branding, and incentives. A recent Accenture study shows that younger consumers still want the in-store experience, but they also expect retailers to integrate personalized shopping across all channels.

Let’s talk more about this at the NRF Big Idea Sessions in New York, where I and Jon Stine, Lisa Fretwell, and Kathryn Howe will be speaking on Jan. 13 and 14.  Visit Cisco’s NRF website to learn more about these popular seminars, and stop by Cisco Booth #1954 to say hello.

The idea of omnichannel selling can be daunting, and getting the benefit may entail learning to manage a certain amount of risk. But you know – it’s just retail. The environment is becoming more device-driven and the way stores look is changing. But giving consumers what they want; interacting with, understanding, and nurturing them: It’s still the business of retail. And you know how to do that.

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