Better decision making

Creating exceptional customer experiences hinges on effective omnichannel personalisation, Broughton says.

″⁣This involves consolidating customer data and centralising inventory across multiple channels, ensuring a consistent and personalised experience whether a customer is shopping online or in-store,″⁣ he says.

″⁣Shopify’s unified commerce platform is designed to meet this need.″⁣

This integrated approach not only enhances customer satisfaction but also streamlines operations for retailers.

Broughton says a unified platform is needed for accurate data and insights.

“Shopify acts as a single source of truth for information, a place where all customer data and inventory is consolidated,” he says.

“Unified commerce enables better decision-making in just about every category you can think of because it creates a single source of data.

″⁣By consolidating data in one place, retailers can apply it more easily to business intelligence and analytics, leading to improved processes and outcomes.”

Shopify integrates with third-party IT systems such as ERP, CRM and inventory management platforms. “It’s just as seamless to integrate the Shopify platform with third-party systems, such as a customer data platform, which can provide an additional level of insight and analysis at scale,” Broughton says.

These integration capabilities are crucial for deepening insights and optimising operations. By bringing together various data sources, retailers can gain a comprehensive view of their business and make more informed decisions.

For instance, after sportswear brand Elite Eleven adopted Shopify’s point of sale (POS) solution, it was able to unify its in-store and online data through a single dashboard.

With complete visibility of each customer, the retailer could engage seamlessly with customers across various touchpoints, driving sales and growth.

Future trends

“Having this unified commerce system across online and offline channels streamlines manual operational tasks to free up time and resources for higher-value initiatives,” Broughton says.

This efficiency reduces the number of software solutions needed, ultimately lowering the total cost of ownership of the technology stack.

Investment trends

Retailers are increasingly investing in customer experience to stay competitive, with 61 per cent of merchants planning to increase investment in customer personalisation in the next 12 months, according to Shopify research.

This investment extends to omnichannel experiences, with 49 per cent of retailers planning to increase their omnichannel experience investment in the next year.

Additionally, 57 per cent plan to increase their in-store experience investment.

These investments are driven by the need to meet evolving consumer expectations.

“Retailers are increasingly focusing on both online and offline channels to suit shopper needs,” Broughton says.

Omnichannel approaches are essential for boosting customer experiences and engagement.

Suzanne Croxford, executive partner, retail & commerce at AKQA, agrees that a unified commerce platform, integrating customer and inventory data across channels, is essential for providing seamless shopping experiences and staying competitive in this evolving landscape.

Croxford says the impact of unified commerce on customer loyalty strategies are transformative.

“We’re seeing successful brands in Australia leverage unified commerce by enhancing their loyalty strategy,” she says.

This strategic enhancement allows brands to move beyond traditional discounts.

“The ability to reward customers at various touch points through the retail ecosystem is allowing brands to move away from discounts,” Croxford says.

Brands are now focusing on creating innovative and meaningful connections with their customers.

“From offering personalised samples, to unique experiences, brands are thinking about surprising and delighting customers,” Croxford says.

These personalised experiences are key to fostering deeper customer loyalty and engagement. “Brands are being innovative with how they build more meaningful connections with their customers,” she says.

LSKD chief executive Jason Daniel says that as the resurgence of in-store shopping takes hold, the sportswear label is adapting with a blend of innovation, community focus, and a commitment to seamless customer experiences across all its retail channels.

As physical stores regain popularity, LSKD is strategically “opening new stores in places where we have an active LSKD community”, Daniel says.

To provide a consistent and enjoyable shopping experience, LSKD leverages community feedback and data analysis.

“We use feedback from our community and analyse data to find ways we can improve, even if it’s just by 1 per cent,” Daniel says.

Please visit Shopify to download The Australian Retail Report 2024.