Difference between multichannel, cross-channel, omnichannel, and unified commerce
To support the development of in-store and online sales channels, different commerce models have emerged.
What is multichannel commerce?
Multichannel commerce involves establishing different independent points of sale and communication to reach customers. Some brands have a website and physical stores, but each entity operates separately. Each store manager knows their inventory, but will be unable to tell a customer if a product is available in another store or via the e-shop.
Headquarters may have established a graphic charter, a brand universe with a certain type of store furniture, but the customer experience will not necessarily be consistent from one point of sale to another.
What is cross-channel commerce?
Cross-channel commerce is the interconnection of certain sales channels. For example, a customer can order online and pick up the product in-store.
These efforts are implemented by brands to streamline the customer experience. However, barriers remain between the different channels. Often, only a few options are configured, such as online sales with in-store delivery. Options deemed too complex to implement from a fiscal or logistical perspective, such as managing product returns from other points of sale, are simply not implemented. Thus, in cross-channel sales, a store will not necessarily be able to refund a customer for an online purchase or one made in another city, even if the product is from the same brand and from the same network of sellers.
What is omnichannel commerce?
The omnichannel approach goes beyond sales to include communication channels. It is a complete integration of all sales and communication channels. Regardless of the channel used (mobile app, website, point of sale), the customer experience is consistent. The purchasing journey is designed to continue without interruption from one online/offline point of sale to another.
For example, a customer can start their purchase on a mobile device, retrieve their shopping cart on their computer, reserve the product online, and then pay in-store at a kiosk, at the checkout, or via their customer account. All sales channels are integrated into the customer account.
What is unified commerce?
Unified commerce is the complete interconnection of an organization’s sales channels and services (inventory management, logistics, customer service, customer data, etc.) to enhance the customer experience.
The back-end systems of all physical and digital retailers are connected to each other and to the entire organization. Both the customer and the company know which product reference is available in which store. This makes it much easier to organize product transfers, monitor stock levels across the entire network, and optimize product availability throughout the network. Product exchanges and returns are also facilitated by this unified commerce.
Unified commerce for a flexible and personalized customer experience
Since everything is interconnected, unified commerce allows you to track all interactions between each potential customer and your brand via your customer service platform.
Examples of interactions to monitor
Customer journey modeling is full of useful information to leverage to gain competitiveness:
- Does a customer usually shop in-store and then keep an eye out for promotions online? Send a targeted message as private sales approach.
- Do web users tend to abandon their carts at the checkout stage? Offer them free in-store pickup so they don’t have to pay delivery fees, installment plans, or other payment methods. You can A/B test the different solutions to identify the main obstacle to conversion for each customer profile.
- A customer buys the same sweater every year in different colors, and you release a new edition? Recommend it to her in a personalized shopping list along with matching pants or a T-shirt in the same style.
- Are many web users looking for the nearest store in a city or department that isn’t well-stocked? It might be worth opening a new store where searches are concentrated.
This comprehensive view of customer and potential customer interactions with your brand allows you to adjust your marketing and sales strategy and offer a personalized shopping experience.
The benefits of unified commerce
Thanks to the data collected on customer behavior, you can:
- Adapt your marketing strategy by sending the right message to the right person at the right time
- Personalize the shopping experience like a digital personal shopper
- Connect all payments and refunds on a single payment platform to simplify your financial processes (accounting reconciliation, cash flow monitoring, reporting)
- Understand changes in your audience’s spending habits, or even identify new customer profiles through contact with your brand
- Provide a relevant solution to the friction points that affect customer relations or hinder the shopping experience
- Simplify the daily lives of teams across all departments with automated reporting and easy access to all information
- Improve customer satisfaction
- Build customer loyalty with a trusting relationship and high-quality service
How to get started with unified commerce?
The transition from cross-channel or omnichannel commerce to unified commerce requires, above all, the use of a centralized platform for all customer interactions, from inventory management to payment.
The CentralPay solution connects to various management tools (CRM, ERP) and integrates several levels of payment unification:
- Unification of collections, all payment methods combined (bank card, SEPA transfer and direct debit, e-wallet, direct debit, etc.) within a single collection account.
- Unification of flows across all sales channels: centralization of invoices, automated bank reconciliations, monitoring of the status of payments and pending refunds, accounting exports, financial reports by structure (website, store A, etc.) or for the entire company.
As you can see, implementing a unified commerce strategy provides your customers with an optimal shopping experience while facilitating your payment management.
