majority-of-retailers-fail-to-bridge-omnichannel-chasm

We recently spoke to 350 retailers to find out their thoughts on the effectiveness of their omnichannel strategy and their plans for the future. The findings were eye-opening.

In particular, the study found a staggering gap between omnichannel adoption and excellence. Embracing the promise of omnichannel is not the same as implementing effective strategies and technology, and retailers are failing at execution on a substantial scale.

The ability to effectively operate across all possible retail channels is difficult, that cannot be understated. The retail industry is undergoing a metamorphosis unlike anything it has experienced in decades.

However, that is no excuse. Today’s customer expects you to know him or her. This is made difficult to do when spending considerable time on cost-consuming backend processes. 

Omnichannel execution needs significant improvement. Retailers need to invest more time and resource into technology to effectively implement their omnichannel strategies or face being left behind.

Check out our infographic which reveals some of the findings from the report:

Omnichannel-disconnect_Infographic (1)-min.jpg

Key Stats to Remember

Today, over 90% of retailers and brands have an omnichannel strategy or plan to invest in one soon, and 87% of retailers agree omnichannel is critical or very important to their business success. However, only a small segment (8%) believe they have mastered omnichannel or (12%) have the right omnichannel technology.

In addition to the enormous gap between omnichannel importance versus execution, additional key themes were highlighted:

  • Almost half of retailers (45%) say they either do not have the right omnichannel technology or feel they would benefit from additional technology platforms.
  • Over half of retailers consider their omnichannel approach a "Work in Progress" and 19% say it's a "Struggle" or a "Pipedream. Therefore, 74% are dissatisfied with their strategy execution and progress.
  • More than six out of ten survey respondents say the key payoff from implementing omnichannel successfully is to provide better customer service.

Want to learn more about what retailers really think of omnichannel? Insights and analysis can be found in our new study, The State of OmnichannelDownload it here.

The report includes insights and benchmarks on:

  • What omnichannel means to retailers
  • How omnichannel is used
  • Management of sales spikes and returns
  • Challenges and c-level hurdles

Learn more about the omnichannel chasm. Download the report now!

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About the Author

Derek is CEO of Brightpearl, responsible for the overall company strategy. Co-author of the Omnichannel Survival Guide, Derek is recognized as a leading retail expert, and his mantra is to deliver on Brightpearl’s mission to automate the back office for today’s merchants. During the 1990’s Derek founded two IT companies, including Ireland’s first online advertising agency building database driven websites and offering SEO services. Most recently, he served as Senior Vice President of field sales and marketing for Norton, responsible for $1.7bn of revenue globally. Since Derek became CEO of Brightpearl in spring 2016, the company has seen significant growth in its core customer base, cementing its position as an invaluable asset for mid-sized merchants seeking a competitive edge.