One Platform that Houses All Your Retail Needs
OneHome, One Solution
June 2022 – As an architect of beauty retail solutions, Meiyume designed OneHome.io to digitalize the day-to-day operations and logistics of a retail store and convert it into an integrated platform with actionable insights and collaborative networks – the road to a flawless Point of Sale (POS) management platform.
OneHome.io aims to offer retailers the portal to retail effectiveness – with features that enhance the core business processes by managing complex and tedious operations and streamlining the relationships between brands, retailers, suppliers, and merchandisers. Meiyume understands that managing a business is akin to real estate, simultaneously involving multiple parties – an architect, plumber, lawyer, electrician, etc – to build and supervise it. By digitalizing it onto one platform, Meiyume taps into cross-functional synergies to help brands visualize and manage the intricacies of their entire estate through one platform. Due to the characteristic of non-homogeneity for any estate, the nuances restrict a one-size-fits-all approach. Hence, OneHome.io is designed with customizable features and options to tackle the issue faced by retailers, suiting the retail needs of any business.
The Importance of a POS System
A widespread challenge faced by retailers throughout all industries stem from stockouts, more commonly known as Out-of-stocks (OOS). OOS is a common occurrence in retail where consumers are faced with the unavailability of items at the point of purchase, leading to a loss of sales. Data from Harvard Business Review (HBR) reported that abandoned purchases totals to 4% sale losses for typical retailers, which translates to $40 million a year in losses for a billion-dollar retailer. According to SAI, OSS leads to 37% of consumers buying from another brand and 21% buying the same brand elsewhere (figure 1). Furthermore, the occurrence of OSS significantly affects consumers’ reaction, with 31%, 50%, and 70% of sale losses with the first, second and third encounter of OSS, respectively (figure 2). Essentially, OSS causes a poorer customer experience that may impair brands’ reputation, losing trust and loyalty of consumers.
This is mainly due to logistical complications, inadequate forecasting, inaccurate reporting, and inefficient stock replenishment, which is illustrated in figure 3. HBR states that 72% of OSS were due to poor replenishing practices that were affected by inaccurate demand forecasts, mismanagement of inventory and replenishing issues. This leads to another major issue that retailers are familiar with – ineffective planogram compliance.
Planograms are a schematic drawing that plans the display of merchandise on a shelf, as well as the retail store layout, to maximize profit. The planogram compliance of a store is critical for any retailer to achieve optimum results – high sales numbers. According to RIS, the lack of planogram compliance has led to a loss of 1-30 million in sales for retailers. On the flip side, the National Association of Retail Marketing Services attributes an 8.1% sales lift to planogram compliance. The main factors for poor planogram compliance are due to a lack of collaboration between retailers and their partners, inventory management errors, and time-consuming processes. As more than 60% of purchase decisions are made at the POS, the impact of efficient and effective planogram compliance is immense to the success of a retail store.
All these challenges are exacerbated by the decline of brick-and-mortar stores since the pandemic, prompting retailers to evaluate the importance of in-store digitalization and more importantly, to adopt a competent POS management platform. Studies have shown that the prevention of OSS & assurance of planogram compliance simply requires new technological solutions with systemic changes that traverse functional boundaries between and within brands, retailers, suppliers, and merchandisers.
Due to these concerns faced by retailers, Meiyume has sought to synergize all the solutions onto one POS management platform – OneHome.io.
OneHome.io offers a rich localized experience through a global network of connectivity. By capturing valuable data and choreographing the logistical needs of a retailer, OneHome.io manages, monitors, and maps out every aspect of a POS platform to create an outstanding customer experience and in-store compliance. Through their individual OneHome.io portals, brands can manage orders, approve installation requests, track inventory, optimize visual merchandising and approve workflow, to name a few. This estate management platform offers an overview of the entire business operations with a foundation that centralizes various elements encompassing a retail store – stakeholders, inventory, campaigns, and data insights – across the globe. Essentially, this interface serves as a new business model that connects what technology enables and what the retail market demands.
Retailers can rely on this POS platform to L.E.A.S.E. their business with ‘5 core levels’ of capabilities: Logistics control, Exceptional visibility, Analytics and insights, Seamless collaboration, and Execute planograms.
Logistics control – With integrated end-to-end capabilities, management of complex POS logistics is easily achieved. Retailers can remotely make changes, order equipment parts, and fix broken displays quickly in their stores. Furthermore, brands can easily access and manage their inventory in real time – product images, packaging details, product attributes, and technical drawings – via a product database. These features monitor compliance as well as ensure a transparent and secured retail operations experience.
Exceptional visibility – OneHome.io provides a detailed, birds-eye view of any campaigns or events. This aspect allows brands to understand the collective performance of any global campaign & react to them immediately. On top of that, business owners can view, manage, and monitor every aspect of their POS for impeccable in-store compliance in any of their stores. With a consolidated system, brand owners can promptly locate any issues within their global estate and focus their attention to resolve them. The unprecedented visibility of OneHome.io makes certain that there will be no cracks, no holes, and no glitches – securing sales revenue with the absence of any damaged displays.
Analytics and Insights – Brand owners can track qualitative and quantitative insights from the field and convert them into daily-refreshed customizable dashboards. Valuable consumer metrics such as impressions, dwell time, traffic, and interactions are captured on an insights dashboard. OneHome.io also added a feature where photos of the retail products and displays on the shelf can be uploaded for clearer understanding and effective allocation of task ownership. The minute-by-minute performance data & consumer insights uncover actionable intelligence to shape the business strategy of a retail store.
Seamless collaboration – OneHome.io fosters strong relationships and facilitates communication with brands, retailers, suppliers, and merchandisers. Individuals can witness the status of any raised orders, and effectively locate and assign the relevant parties to any aspect of the project. This results in effortless and seamless collaboration among all parties involved.
Execute planograms – OneHome.io allows brands to execute planograms that strengthen coherence between retail stores and improve communication with stakeholders. A robust planogram compliance ensures accurate merchandising and displays, with the quantity and placement of products aligned. This decentralises the planogram creation for easy market adaptation and real-time viability. Brands can improve their retail execution in stores by visually streamlining communication with other departments and stakeholders which avoids complex instructions.
Meiyume holds the keys to a home of retail solutions for any brand. By focusing on that pivotal exchange between brands and consumers, Meiyume transforms how customers engage with brands by responding to how they choose to shop. Consumer experience, insights, and measuring Return on Investment (ROI) are at the core of every retail solution we deliver.
Curate and design your POS platform with us to deliver a memorable customer experience and management platform for your business. By tapping onto our integrated POS platform, you can infinitely scale your business to new heights. Trust Meiyume to design this home of solutions for your business estate – the ‘keys’ are yours to take!
The Meiyume team offers bespoke end-to-end support to assist organizations throughout the personalized journey of OneHome.io – from onboarding and implementation to service support.