4 months ago
173 SYDNEY, July 16, 2024 /PRNewswire/ -- Manhattan Associates Inc. (NASDAQ: MANH) today revealed insights from the industry's first real-world analysis of unified commerce for specialty retail in Australia commissioned by Incisiv, and in partnership with Google Cloud and Zebra Technologies. The major research study highlights four brands as overall leaders in unified commerce in Australia: Bunnings, Cotton On, Harvey Norman, and JB Hi-Fi.
The study conducted by Incisiv evaluated 29 retailers across Australia over four specialty segments, exploring 290+ unique attributes of unified commerce. Findings are based on data from actual purchases, returns and customer journeys across digital and physical channels.
Amarjot Mokha, Chief Operating Officer at Incisiv commented, "In an evolving Australian retail market, retailers must continually innovate and adapt if they are to keep pace with shifting consumer trends. Success in Australian retail relies on understanding these differences and customising offerings, a cornerstone of effective Unified Commerce".
Despite the need for retailers to provide a consistent and positive customer experience through the integration of their online and offline channels, unified commerce adoption remains low in Australia, with only 42% of local retailers taking this approach.
"It is surprising that the adoption of unified commerce remains so low in Australia, especially when it enables better inventory management, personalised marketing, and streamlining of operations and costs. The research shows that retailers who invest in becoming leaders in Unified Commerce have the potential to generate an additional $19m per billion in annual revenue," said Raghav Sibal, Managing Director, Manhattan Associates Australia.
Research from the Unified Commerce Benchmark Report reveals that shoppers now expect near real-time updates at key points of purchase and returns process. Additionally, 85% of shoppers are likely to make repeat purchases from brands that provide a smooth and hassle-free returns experience. However, only a small number of retailers in Australia (27%) offer the ability to initiate and track returns online.
"Retailers that fail to meet customer communication expectations and have poor returns processes due to outdated reverse logistics systems are creating unnecessary business costs and risk losing repeat business and customer loyalty. Integrating returns management systems and ensuring seamless logistics and better shopper communication is imperative today," added Sibal.
Nearly half of the consumers surveyed indicated that delivery and fulfilment are key factors in selecting where to purchase online. Despite this, the adoption of high-impact capabilities, such as expedited delivery options, split delivery, and the ability to modify or cancel orders post-confirmation, remains low amongst Australian retailers.
Only a quarter of leading retailers and just 4% of emerging retailers provided split delivery options (home delivery/in-store) for the same order in the same transaction allowing customers to pick up some of the items that are available in a store close to them and having the rest delivered to their homes at a later date.
"With low adoption of capabilities like expedited delivery, split delivery, and post-confirmation modifications, many Australian retailers may lose business, as consumers might choose retailers who offer more flexible and convenient options. Retailers that invest in enhancing these delivery capabilities can differentiate themselves and improve customer experience," Sibal continued.
Sustainability is increasingly influencing shopper behaviour, with consumers willing to pay up to 30% more for products that are sustainable and ethically sourced. In fact, nearly 70% of consumers expect retailers to provide transparent information about their sustainable practices.
Despite this, Australian retailers are failing to keep up with consumer expectations, with only 25% of non-leading retailers publishing their Environmental, Social, and Governance (ESG) metrics, highlighting a significant gap in transparency desired by consumers.
"The 2024 Unified Commerce Benchmark highlights the necessity for retailers to improve their integration of digital and physical platforms to meet the increasing consumer expectations for a unified shopping experience. Those who master this integration will not only enhance customer satisfaction but will also see marked improvements in operational efficiency," said Sibal.
"Retailers embracing a Unified Commerce approach can go beyond simply selling products, to a place where they can craft experiences that resonate with their customers. This type of customer connection drives strong business growth, up to 3X higher revenue opportunities and creates the type of brand connection and customer loyalty every retailer covets," Mokha concluded.
For more information and to view the full 2024 Unified Commerce Benchmark for Specialty Retail in Australia, click HERE.
-ends-
About Manhattan Associates:
Manhattan Associates is a global technology leader in supply chain and omnichannel commerce. We unite information across the enterprise, converging front-end sales with back-end supply chain execution. Our software, platform technology and unmatched experience help drive both top-line growth and bottom-line profitability for our customers. Manhattan Associates designs, builds, and delivers leading edge cloud and on-premises solutions so that across the store, through your network or from your fulfilment centre, you are ready to reap the rewards of the omnichannel marketplace. For more information, please visit www.manh.com.au
English (United States)