How unified commerce is shaping retail

As new technologies and services enable more personalised and streamlined customer journeys, shoppers are increasingly discerning about the customer journey. 61% of consumers say they want seamless communication across sales channels, with their journey and data following them - that includes a seamless and optimised payments experience, no matter where they shop. 

The growing demand for multi-channel retail presents an exciting opportunity for businesses. With ever-growing competition in the retail space, the customer journey offers a big differentiating factor when it comes to standing out from the crowd.

What is unified commerce? 

Unified commerce is a retail strategy that creates a centralised data system across all available channels where customers can purchase goods. It provides a single and real-time view of  inventory, customer preferences, loyalty programmes, promotions and transactions. The approach facilitates better decision-making and consistent customer experiences that improve retention and conversion rates.

Unified commerce goes hand-in-hand with omnichannel commerce, which is a strategy used by businesses that want to offer the same shopping experience across all available channels. Channels may include online, in-store, mobile and social media platforms. 

For example, a customer utilising a true omnichannel shopping experience might visit a brand in store and purchase some items at POS. However there may be additional items not available in that store. In the same interaction, they can also purchase additional items to be collected or delivered. They can choose to pay for these items using card present or via any available online payment method - without the need to conduct separate transactions and enter payment details multiple times. When that customer returns to shop in person or online, their preferences and details should be remembered. 

However, if these businesses have not implemented a proper unified commerce or omnichannel system, each channel might operate independently, which would lead to data silos and inconsistent customer experiences.

How unified commerce leads to higher conversion rates

Reducing the inefficiencies of siloed channels

When channels operate in silos, it can lead to fragmented customer interactions. If a shopper purchases a product online and then visits a store, for example, it’s unlikely that an in-store assistant would have access to their online order history or payment details. This breakdown can create frustration and friction and may even deter customers from returning, ultimately impacting customer lifetime value (CLV). 

Similarly, siloed channels can make it difficult to track and manage inventory in real time. The real-time data offered by unified commerce shows the business accurate stock levels across all locations, such as stores, warehouses and distribution centres. The visibility creates omnichannel opportunities to offer flexible fulfillment options such as Buy Online, Click-to-Collect, ship-from-store and ship-to-store. 

Personalised customer experiences 

Unified commerce allows retail merchants to track their customers’ journeys across multiple touchpoints. For example, a customer might find a brand through a Facebook ad, create an account, and browse the website, but ultimately decide to visit the store before making a purchase. Being able to understand how and where customers buy gives more insights into how a business can tailor their offering to better match customer activity. 

With unified commerce, if a customer abandon their cart, for instance, a business can email them with a promo code or an invitation to book an in-store appointment to try on the item. They could also track the kinds of items a customer typically buys and tailor the kinds of emails they receive accordingly - across their in-person and online journeys, leading to more delightful interactions with your brand. This kind of personalised experience drives not only sales but customer loyalty. 

Convenient purchasing, deliveries, and returns 

Unified commerce gives businesses the ability to meet the customer where they’re at. Customers can choose not to make a purchase for a variety of reasons, from not wanting to wait around for a delivery to their wallet being too far away from where they’re sitting for them to input their card details. By offering services like Click-to-collect and multiple payment methods, you give customers fewer excuses not to buy. 

Similarly, returns can be streamlined through unified commerce. With one centralised payments dashboard, refunds can be issued via API no matter where a customer made a purchase. As well, some customers might prefer to drop their return off in-store, while others want it picked up. Tracking and processing returns and refunds from multiple sources and channels can be a logistical nightmare for both the business and the customer. 

Why unified commerce is the next frontier in retail

Unified commerce isn’t just a trend; it’s a direct response to the demands of consumers. As customer journeys become increasingly multi-channel, siloed businesses will struggle to keep up and scale with the kind of integrated experience customers expect. 

It’s important to not offer a seamless experience across channels on the front end, but to have a unified commerce platform on the backend that makes it easier to track, manage and reconcile every twist and turn in the customer journey. This  highlights the importance of working with providers and platforms that offer this kind of multi channel integration and tracking. 

How Stitch can support retail businesses with a unified commerce offering

Stitch offers a unified online and in-person payments experience, with customised integrations and white glove support from integration to optimisation.

Stitch can help retail merchants in South Africa build a more reliable and seamless payments stack, with purpose-built, customisable online and in-person payments solutions, as well as a unified dashboard and standardised reporting. Refunds can be initiated via API 24/7, 365 - no matter where a customer made a purchase. 

Get in touch with our sales team to see how Stitch can help you set your business up for the future with unified commerce at scale.