By Tompkins International Staff
Jim Tompkins, CEO of Tompkins International, supply chain and retail operations strategy expert, reveals what your business needs to know about The Titans: Alibaba, Amazon, and Walmart, in his newest thought leadership video coming soon.
The Titans: Alibaba, Amazon, and Walmart: Game Changing Strategies: Time FOR YOU TO Respond! is a roadmap that guides you through steps on how to respond to the Titans and gain profitability.
Throughout the month of October we will be sharing glimpses of three game changing strategies as discussed in the video.
The third is:
Walmart is the leader in Omnichannel.
The most common definition of Omnichannel is:
When a retailer connects with a customer anyway, anytime, and anywhere the customer desires.
This is an incomplete definition of Ominchannel. An organization must not only connect with customers but also must connect with wholesalers, manufactures, distributors, along with others. The term Omnichannel has involved over time. Organizations need a view of the customers, retailers, vendors, and all others involved in the supply chain.
Organizations must also focus on Ominchannel Logistics. Omnichannel Logistics includes; combining of facilities, focusing on delivery options, becoming adaptable during peak seasons, collecting and using proper data and analytics in order to improve the supply chain, just to name a few of the focus areas needed in an Omnichannel Logistics strategy.
Omnichannel is important and the data supports this. February 2015, Ernst & Young, “88% of all retailers say they can no longer rely on traditional sales channels to drive growth.” February 2015, Supply Chain Digest, “Business as we know it has changed forever with the advent of omnichannel commerce.” Question from WalMart Board Member: “How much time and money will our omnichannel efforts take?” Neal Ashe, President of Global eCommerce, WalMart response, “It will take the rest of our careers and as much money as we've got. This isn't a project; it's about the future of the company.”
Omnichannel may be the ultimate game changer for creating a profitable supply chain. By responding and connecting to all entities of your supply chain an organization will become stronger. This in turn will provide never before imagined opportunities for small and medium sized enterprises; as well as local 'mom and pop shops'. You must respond by becoming Omnichannel capable.