An omnichannel retail strategy is the new norm in today’s supply chains.
The days of managing channels on an individual basis are over, and consumers are using multiple devices and ecommerce platforms for nearly all purchases.
In fact, 78% of U.S. individuals over the age of 15 at some point use ecommerce platforms to make purchases, asserts Business Insider.
Although this represents a stark change in shopping habits, the essence of lies in its convenience, reports TechCrunch, and convenience is key to the conversion of 18% of visitors to actual purchases.
Therefore, an omnichannel retail strategy must become the new standard business model for companies wanting to remain competitive.
Omnichannel might be a buzzword in retail circles, but most retailers are still stuck in the multichannel days.
As explained by James Pepper of ITProPortal, retailers that have not yet deployed connected technologies, tracking systems, and integrated ecommerce platforms, are simply unable to make the transition into an omnichannel retail strategy.
In addition, although a mere 19% of retailers have implemented the technology necessary to develop an omnichannel retail business model, 90% of retailers know that omnichannel is the future of their organizations.
The solution, for retailers struggling with omnichannel development and deployment, lies in advanced systems that utilize an open-source architecture.
Such technology allows the integration of existing, legacy systems with newer platforms, including a software-as-a-service (SaaS) warehouse management system.
As a result, more companies are actively investing in an omnichannel retail strategy by realigning business goals and processes with the need to provide a seamless customer experience.
For most purchases, consumers are no longer shopping in brick-and-mortar stores. However, that does not mean that the value of brick-and-mortar stores is decreasing.
Instead, this indicates a shift in buying patterns that will place greater pressure on brick-and-mortar stores to provide the customized experience of a virtual world in a brick-and-mortar setting.
This is most obvious in business models allowing for ship-to-store and curbside pickup of online orders.
Simply planning to implement omnichannel retail strategies “at some point” is not enough, and this mindset will result in bankruptcy, not unlike the recent demise of Toys ‘R’ Us.
Make omnichannel retail the focus of all business decisions, and start implementing the technologies and practices necessary to make it an immersive, enjoyable experience for customers today.
Related Ecommerce Continues to Focus on Omnichannel Supply Chain Strategies: Demands Continuous Improvement
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