The multichannel retail opportunity
Serving the connected consumer
In a low growth environment multichannel retail is a key opportunity as shoppers drive change by demanding more information, faster interaction and a seamless, consistent service on the sales floor, on the phone and online. In the UK, 30.1 million people access the internet every day and smartphones are owned by 29% of the population. These people are what we call 'Connected Consumers', they expect to be connected to their friends, family and favourite retailers all day, every day, wherever they may be.
Our research shows consumers who research and shop across multiple channels are spending substantially more than those who shop solely online or in store. These digitally influenced consumers are worth 44% of all (non-food) sales and retailers need to be on their ‘like’ and ‘favourites’ lists. This poses a great challenge for retailers who need new capabilities to compete - real time stock visibility, click and collect, customer reviews, same day delivery – and this involves new systems, processes and a whole new way of working and measuring performance.
Many retailers still approach multichannel retailing as discrete channels working in isolation rather than enabling the consumer to shop seamlessly across any channel. Exploiting the multichannel retail opportunity requires a retailer to rethink all aspects of the business.