In retail, "Omnichannel" or "omnichannel strategy" is used to describe distribution and engagement strategies that connect online and offline. Retailers are investing to create a single view to their customers so that they can engage seamlessly online and offline.
Retailers are creating omnichannel strategies. It is important to note that their success at creating engaging omnichannel strategies can impact the entire portfolio of brands that they carry.
Why Is Everyone Talking about It?
Today, most customers shop with a device in their hands. They expect to be able to check product availability online before going to the store, and clients who engage with a retailer both online and offline are 23% more likely to repurchase from a store in the following six months.
Providing a seamless experience to customers from online stores to retail locations requires understanding all of the ways customers wish to engage before making a purchase and integrate multiple technologies. Store activities and retail execution can easily be overlooked in this effort, but they are at the core of a successful omnichannel strategy. Not having the product on the shelves (when it might be in the back room!) will quickly have customers open their Amazon.com app to complete their purchase resulting in a waste omnichannel investments. Successful retailers use retail execution as an asset in their omnichanel strategies by optimizing compliance and collecting critical store data.