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Retailers are counting on an omnichannel strategy to be their "killer app". But is this true?
A successful omnichannel strategy should not only guarantee a retailer's survival--no small matter in today's environment--but also deliver a revolution in customers' expectations and experiences.
Statistical models then revealed the most powerful combinations of touchpoints at each stage of the customer journey, allowing the retailer to hone its omnichannel strategy and prioritize investments.
Regardless, our study firmly endorses traditional retailers' logic of embracing an omnichannel strategy and using it as a differentiator to fight the online retail onslaught.
In January 2013, for example, Robert B. Harrison, previously the executive vice president for omnichannel strategy, became the first chief omnichannel officer, reporting to CEO Terry Lundgren.
But smart retailers understand that a strong omnichannel strategy can increase overall sales by giving customers additional ways to gather information, make purchases, and receive products.
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Furthermore, it's being predicted that within the next year, 20% of brick-and-mortar retailers will begin implementing omnichannel strategies.
But backing all of that, it additionally serves as a reminder to brands to get their omnichannel strategies right.
That's why "companies with the strongest omnichannel customer engagement strategies retain an average of 89% of their customers, compared with 33% for companies with weak omnichannel strategies," according to research by Aberdeen Group (via Internet Retailer).
Plus, premium retail brands, such as Nordstrom, Burberry, Nike and REI, actively exploit omnichannel strategies that combine in-store experience with direct-to-consumer delivery.
Omnichannel strategies have become a big theme in the world of commerce, with the rise of things like mobile payments, online shopping, in-store alerts and social media complementing more traditional actions like walking into stores to buy things.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com