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Strategy Briefing

How to Survive in an Omnichannel World: Best Practices for Omnichannel Retailing

61 pages, Oct 2016

US$1,325

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About This Report

New Report Guarantee

If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

The global retail landscape is quickly evolving in the midst of the rise of omnichannel retailing. As retailers seek to integrate and align various channels to provide shoppers with a seamless shopping experience, omnichannel retailing is at different phases in different geographic regions. The demand for omnichannel shopping is unlikely to slow down, and retailers operating in different regions of the world will need to overcome various challenges to achieve omnichannel proficiency.

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Overview

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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.

Retailers must continue to invest in various platforms to achieve omnichannel proficiency

Key platforms that retailers must be present on to achieve omnichannel proficiency include physical stores, web, mobile, IoT and other emerging platforms. Retailers must be aware of these platforms and continue to invest in them as they are the channels through which shoppers seek to access their brands. The ultimate aim is to provide seamless shopping experiences anytime, anywhere, through any platform, and therefore retailers will need to provide consistency through all channels.

Achieving omnichannel proficiency yields benefits to both shoppers and retailers

Omnichannel is increasingly becoming the way in which retail customers want to shop. Current customer expectations are that retailers and brands are accessible through all devices at their convenience, and offering this shopping experience is therefore no longer optional for retailers to remain relevant. From retailers’ perspective, operating omnichannel yields increased sales opportunities.

Priorities to achieve omnichannel proficiency include offering consistency across all channels, proper inventory management, and various fulfilment options

Retailers must offer a consistent shopping experience across all channels, including consistency in prices and services. The price of a product should not vary significantly depending on where the shopper chooses to shop, and service types offered by a retailer should be integrated across all of its channels. Furthermore, shoppers should have access to view all of a given retailer’s available inventory across all platforms, and be able to choose from various fulfilment options such as delivery and click-and-collect.

Retailers must overcome a variety of barriers to achieve omnichannel proficiency

Current challenges that retailers face in achieving omnichannel proficiency include changing the way they track sales, managing inventory, overcoming organisational barriers including legacy technology, solving the issue of last mile delivery, offering a secure method of payment and appropriately evolving the role of their brick-and-mortar stores. Retailers are attacking these challenges in different ways, and the race to omnichannel proficiency is still on.

Omnichannel retailing currently varies by geographic region

Retailers in different geographic regions are at different phases of achieving omnichannel proficiency. Retailers in Western European and North American countries are leading the journey and are quickly adapting to the rising shopper demand for omnichannel shopping experiences. Meanwhile, retailers in Asia Pacific and Latin America are working to improve their omnichannel offerings by working around the issue of secure payments, and largely trying to convince shoppers of the benefits of shopping through multiple channels.

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Introduction

Scope

Key findings: Omnichannel is the future

Key findings: Omnichannel has its challenges

What is omnichannel retailing?

Shoppers are increasingly utilising multiple channels to shop

Shoppers are channel hopping

Being omnichannel yields increased opportunities for retailers

Omnichannel Platforms

Platforms for omnichannel retailing

Physical stores

Retailers can leverage physical stores to transact and fulfil

Physical stores play a key role in building retailers’ brands

Web

Online channels offer benefits not offered by physical stores

Mobile

Mobile commerce is projected to grow quickly in the near term

Mobile may be the key to unlocking omnichannel proficiency

IoT

IoT commerce is quickly developing

Case study: Amazon

Amazon offers Dash devices to facilitate frictionless shopping

Amazon Echo leads voice-controlled IoT commerce

Amazon DRS enables others to offer IoT commerce

Emerging platforms

Smart appliances further facilitate frictionless shopping

Wearables will create new retail opportunities in the future

Alibaba leads in developing connected cars

Amazon integrates Alexa with Ford passenger vehicles

Priorities for Omnichannel

Prioritise pricing, service and transparency

Customer expectations for fulfilment are higher than ever before

Challenges of Becoming Omnichannel

Retailers must rethink how to track sales

Retailers must rethink logistics and organisational barriers

Retailers must overcome fulfilment and payment barriers

Retailers must rethink their brick-and-mortar strategies

State of Omnichannel by Region

Asia Pacific

Major retailers in China work towards omnichannel proficiency

Mobile is leading omnichannel efforts in China

Alibaba prioritises O2O: Online-to-offline efforts

Alibaba leverages secure payments and logistics for O2O initiatives

JD.com prioritises delivery to advance omnichannel proficiency

Omnichannel is currently most relevant retailing strategy in India

Retailers in India experiment to overcome challenges

Latin America

Omnichannel initiatives in LATAM are slow to take off

Omnichannel retailing is in its developing stages in Mexico

Walmart leads omnichannel retailing in Mexico

Western Europe

Advances in omnichannel retailing bring challenges for retailers

Retailers in Western European markets continue to innovate

North America

Nordstrom is a leader of omnichannel retailing in the US

Home Depot is another best-in-class omnichannel retailer in the US

Home Depot continues to make digital investments

Recommendations

Focus on shifting organisational mindset and prioritise essentials

I nvest in necessary platforms and be mindful of regional differences

Why buy this report?

Want to find out more about this report?

Request more information

Megatrends

Strategy Briefing

How to Survive in an Omnichannel World: Best Practices for Omnichannel Retailing

New Report Guarantee

About This Report

New Report Guarantee

Overview

Why buy this report?

Retailers must continue to invest in various platforms to achieve omnichannel proficiency

Achieving omnichannel proficiency yields benefits to both shoppers and retailers

Priorities to achieve omnichannel proficiency include offering consistency across all channels, proper inventory management, and various fulfilment options

Retailers must overcome a variety of barriers to achieve omnichannel proficiency

Omnichannel retailing currently varies by geographic region

Want to find out more about this report?

Table of Contents

Introduction

Scope

Key findings: Omnichannel is the future

Key findings: Omnichannel has its challenges

What is omnichannel retailing?

Shoppers are increasingly utilising multiple channels to shop

Shoppers are channel hopping

Being omnichannel yields increased opportunities for retailers

Omnichannel Platforms

Platforms for omnichannel retailing

Physical stores

Retailers can leverage physical stores to transact and fulfil

Physical stores play a key role in building retailers’ brands

Web

Online channels offer benefits not offered by physical stores

Mobile

Mobile commerce is projected to grow quickly in the near term

Mobile may be the key to unlocking omnichannel proficiency

IoT

IoT commerce is quickly developing

Case study: Amazon

Amazon offers Dash devices to facilitate frictionless shopping

Amazon Echo leads voice-controlled IoT commerce

Amazon DRS enables others to offer IoT commerce

Emerging platforms

Smart appliances further facilitate frictionless shopping

Wearables will create new retail opportunities in the future

Alibaba leads in developing connected cars

Amazon integrates Alexa with Ford passenger vehicles

Priorities for Omnichannel

Prioritise pricing, service and transparency

Customer expectations for fulfilment are higher than ever before

Challenges of Becoming Omnichannel

Retailers must rethink how to track sales

Retailers must rethink logistics and organisational barriers

Retailers must overcome fulfilment and payment barriers

Retailers must rethink their brick-and-mortar strategies

State of Omnichannel by Region

Asia Pacific

Major retailers in China work towards omnichannel proficiency

Mobile is leading omnichannel efforts in China

Alibaba prioritises O2O: Online-to-offline efforts

Alibaba leverages secure payments and logistics for O2O initiatives

JD.com prioritises delivery to advance omnichannel proficiency

Omnichannel is currently most relevant retailing strategy in India

Retailers in India experiment to overcome challenges

Latin America

Omnichannel initiatives in LATAM are slow to take off

Omnichannel retailing is in its developing stages in Mexico

Walmart leads omnichannel retailing in Mexico

Western Europe

Advances in omnichannel retailing bring challenges for retailers

Retailers in Western European markets continue to innovate

North America

Nordstrom is a leader of omnichannel retailing in the US

Home Depot is another best-in-class omnichannel retailer in the US

Home Depot continues to make digital investments

Recommendations

Focus on shifting organisational mindset and prioritise essentials

I nvest in necessary platforms and be mindful of regional differences

Why buy this report?

Want to find out more about this report?

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