Be the first to like this
Demand for an omni-channel retail model, in which a customer’s experience is unified across all channels, is rising rapidly. WNS DecisionPoint(TM) conducted a study to determine the economic value added to companies which have made great strides toward the omni-channel model. The results showed that omni-channel innovators added 2.9 percentage points of economic value compared to the -.65 percentage points conceded by risk averse retailers. Embracing the omni-channel model is clearly the more profitable choice.
As a result of its profitability, omni-channel retailing is becoming standard in the retail industry. Companies who have operated via one channel (such as brick and mortar stores) or multiple yet disconnected channels (such as physical stores and a separate, unintegrated online store) will be forced reckon with omni-channel or risk losing revenue/profitability. After all, omni-channel’s objective is to enhance revenue growth and profitability amid high market saturation and rising internet penetration, therefore enhancing economic profit. This research report draws up the blueprint for delivering omni-channel’s promise of ‘one’ customer experience. Some points it highlights are:
- Executives must be advocates and leaders of this new strategy
- Technology must support robust data analytics
- Inventory must be moved efficiently and its tracking centralized
- Customers must be offered greater fulfillment options and a seamless experience across channels
To understand the challenges of omni-channel retailing and comprehend the benefits it is already bringing to certain companies, read the full report at: