Finding the Right Balance in Omni-Channel Retail
Omni-channel retail has been generating a lot of buzz recently as consumers’ attitudes change and they dive into the world of online shopping feet first. Retailers are continuously looking for ways to draw in new shoppers while holding onto loyal customers and encouraging them to buy more. Given the vast amount of choice available, this can be a tremendous undertaking.
This can be seen in the purchase of the Whole Foods grocery chain by internet giant Amazon. This allows Amazon to combine its site with physical stores to create an improved experience. The last mile of distribution can be costly for online retailers, making this sudden influx of local stores a smart move for Amazon. The firm has been expanding its physical retail presence lately. In addition to the Whole Foods acquisition, they have opened up several bookstores.
Similarly, mattress maker Casper has joined forces with the West Elm furniture chain to provide shoppers with a physical space in which they can check out their products. A strong online presence is crucial, but having a physical store where customer relationships can be strengthened remains a vital part of the equation. It’s no longer either online or physical – stores and websites need to work in harmony with one another.
One big part of succeeding in any omni-channel approach is getting the balance just right. Bed, Bath & Beyond has found its online offerings to be very popular among consumers, but they’ve been losing foot traffic in their stores and are struggling to draw them back in. It is essential that new digital approaches incorporate stores’ existing offline infrastructure in order to gain the most benefits. This can be achieved by offering services to reserve items online for in-store pickup and to return online purchases in stores, for example. Stores can also be used to ship online orders to consumers with same-day delivery. Finding the right omnichannel combination can ensure a retailer’s success for many years to come.
This blog post was based off of an article from Mojix. View the original here.