262: Omnichannel Vs Unified Commerce

In the dynamic world of retail, “omnichannel” has stood as a consistent goal, an evertrend. However, recently, the spotlight has been shifting to “unified commerce”. So the question arises: has omnichannel truly had its day? Dive into this intriguing podcast episode with Oliver Banks as we dissect the essence of both concepts, backed by industry insights and the formidable intelligence of AI. From the semantics of buzzwords to real-world applications, let’s embark on a journey to determine if these terms are mere labels or integral to the retail evolution. And discover which approach comes out on top? Listen to this podcast episode now to discover:

• Understand the shift from omnichannel to unified commerce and the distinctions and similarities between the two, supported by insights by industry experts.
• Discover the necessity of adaptability in retail, preparing for unknown future channels and consumer trends.
• Recognise the three importance elements to help focus on unified commerce and delivering a customer-centric operating model.

What is unified commerce?

“Everything, Everywhere All at once” — Andrew Busby

“It’s making all of your customer touch points consistent, available and accessible. Allowing your customer to discover, navigate, browse and buy in the way that suits them best.” — Ian Scott

“Even though brands might offer multiple channels (physical/online etc)for a customer to interact with, if they feel that they are talking to only one person/channel, that’s unified commerce for me…one for all and all for one commerce.” — Nithesh Agarwal

“I think of it as a technology architecture that efficiently and effectively manages all customer touchpoints – whether making a transaction or providing customer service. This should include a data model that has flexibility to extend to new (as yet unknown) interactions – as best we can” — Steve Ingram

“We tend to overcomplicate things in the transformation and strategy space. We have also transitioned well beyond the limitation of unified commerce and omnichannel, which are fragmented strategies. I believe we are in the age of “commerce,” where consumers are engaging with brands and retailers 24/7, and it knows no boundaries across physical and digital channels. That customer journey transcends digital and physical channels and often ventures to social channels, live streaming, and gamification. The age of “Commerce” also includes direct, indirect, and distributed B2C and B2B channels.” — Brandon Rael

What is omnichannel retail?

“There’s no such thing as omnichannel” — Andrew Busby

“It’s a word used to dazzle and amaze at the same time – used frequently by consultant types” — Steve Ingram

Or simply:

“Unified commerce” — Dan McGrath

Unify your omnichannel business with OB&Co

Oliver and OB&Co help retailers drive effective execution of their omnichannel and unified commerce vision. Accelerate your transformation initiatives whilst successfully navigating disruption. Connect with and message Oliver Banks on LinkedIn or by email at oliver.banks@obandco.uk.

More episodes to check out next

Firstly, listen to episode 72: Being Digital vs. Doing Digital with Lee Woodard. This episode was referenced by Oliver and presents an excellent way of considering transformative changes and how to embody the shift. You may also enjoy episode 176: Being The Best Omnichannel Retailer where Oliver explores brilliant examples of omnichannel retail. Plus, you’ll discover what to focus on first as you start to improve your omnichannel journey. Finally, listen to the 2-part conversation with Tim Mason in episode 30: Winning At Omnichannel Retail (part 1) and episode 31: (part 2). Tim Mason was former deputy CEO at Tesco and a key architect in bringing Tesco Clubcard and Tesco.com into existence.