MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Global innovation and development services company, Symphony Teleca Corporation, today announced it will be hosting an interactive workshop alongside leading analysts from EKN Research to bring to light practical strategies that increase Omnichannel customer profitability. The workshop will take place at RIS News' ENGAGE 2014 event being held Wednesday, October 8, at the Ritz Carlton in Ft. Lauderdale, FL.
Customers today are engaging with retailers through their mobile devices, online and in brick-and-mortar stores, but many brands are still challenged in targeting those customers and connecting each touch point to grow revenue. EKN’s research indicates that customers who engage with and shop across two or more of a retailer’s channels are, on average, 21 percent more profitable than those that shop across a single channel. Yet, 68 percent of retailers do not know who their Omnichannel customers are - creating a blind spot that may be costing them $45 million in lost sales potential for every one billion in revenue.
Through the workshop's interactive discussions and practical analysis, Symphony Teleca's SVP and Global Business Head for Retail, Brands, and Omnichannel Commerce Sunil Oberoi, EKN SVP of Retail David Weinand, and EKN Principal Analysts Sahir Anand and Gaurav Pant will explore the dynamics surrounding Omnichannel customer behavior. Together they will leverage decades of experience in the retail market to answer key questions regarding today's buying process, offering advice for brands in optimizing the Omnichannel customer to realize added revenue.
Symphony Teleca will also be demonstrating their solutions at the event, including recent projects in the mobile app space that are helping retailers leverage smartphone use to offer customers the ultimate shopping experience. Other initiatives they'll be showing demonstrate how brands can harness the power of predictive modeling to effectively respond to customer needs in real-time and utilize consumer behavior data to enable meaningful interactions between brands and customers.
"The Omnichannel customer presents huge value potential for brands today, but interestingly, retailers are often only focusing on one channel at a time and missing the greater picture, which in turn means they are missing revenue - EKN data shows 68 percent of retailers don’t know who their Omnichannel customer are," said Anand. "It's important for retailers to understand how to effectively increase profitability from Omnichannel customer behavior, and the ones that manage to do that successfully will be the ones who stay relevant."
Added STC's Oberoi: "It's an interesting time for the retail market today with mobile and data analytics converging. Organizations have so much opportunity in front of them but often they do not have the roadmap or technical resources to prioritize on the most important initiatives and capitalize on new revenue. At Symphony Teleca, we're helping brands across the globe harness the power of Omnichannel retailing and utilize it to impact revenue and the bottom line."
RIS News' 2014 ENGAGE, The Conference for Shaping the New Retail Dynamic, is designed to highlight the tools and processes retailers must institute to guarantee the new level of engagement required to keep shoppers satisfied. The event will take a holistic view of all of the channels at a retailer’s disposal and provide insights into how to effectively use them to engage the customer. In addition, ENGAGE will explore the very real need for retailers to provide engagement at the associate level to ensure stores are operating at peak levels at all times.
About Symphony Teleca
Symphony Teleca Corporation, headquartered in Mountain View, Calif., is a global innovation and development services company. The company offers ideation, design, development and managed services to independent software vendors, mobile device and solutions manufacturers and the connected, analytics-driven enterprise. Clients leverage their partnership with Symphony Teleca to deliver innovative SaaS/Cloud enterprise software products, mobile software products and solutions, big data and analytic services and solutions, and enterprise mobility solutions. Symphony Teleca is a fast growing global company with over 7,500 employees in over 40 offices worldwide, including delivery centers in Asia, Australia, Europe and the Americas. To learn more, visit www.symphonyteleca.com.