The great buzzword in retail is – and I probably don’t even have to say it – omnichannel. It’s an important investment for most retailers due to the fact that mobile commerce and ecommerce sales are a huge and growing part of overall retail sales. However, not all retailers are investing heavily in omnichannel. Finish Line is instead investing in its physical stores.
That information is according to this article from Retail Dive. The team at Retail Dive took this information and asked “its BrainTrust panel of retail experts the following questions:”
- “Have retailers overinvested time and money in omnichannel initiatives at the expense of physical stores?”
- “How should leaders balance devoting attention to the new without neglecting the old?”
They mentioned nine of the comments they received. We will go over a three of those comments and provide our own commentary on the over-arching message. Click the link above if you want to learn more!
“It’s an all-channel journey”
You can’t offer an amazing digital retail experience and completely neglect the experience of your physical store. “one-third of consumers shop more than one channel as part of their shopping journey” (Source). Retailers must design the ultimate consumer journey so they can give their consumers exactly what they want at every channel they shop.
“It’s not either/or”
Remember, the word “omnichannel” includes all touchpoints a retail store offers. That doesn’t just mean digital stores, that includes the physical store and any partnerships. Retailers need to invest in all touchpoints, not just digital OR physical.
“Look to customers, not trends”
No matter what you choose to invest in, you must take a customer-first approach to your retail strategy. If 75% of your customers have stopped shopping in-store and now shop on mobile, then it’s okay to move your investment from physical stores into the the digital side of omnichannel retail.