Understanding Omnichannel: The Future of Modern Retail

This blog was originally published on our US website.

Currently, the retail industry is undergoing a profound shift. Price and product are no longer enough — modern consumers value seamless experiences across multiple devices and touchpoints.

Multichannel retail, which refers to the consumer’s ability to interact with your business with various channels independently, such as a mobile device, a website or a retail location, has evolved into omnichannel retail, which goes a step further by providing the consumer a seamless experience between each one.

In order to fully understand omni-channel, it’s important to know who is driving this shift, and address some common misconceptions about retail in this new era of digital innovations.

Millennials are driving this profound shift

Millennials have now surpassed Baby Boomers as the dominant demographic, and have brought with them a greater level of tech-savviness and different expectations. This new breed of consumers are connected to devices and data, comfortable moving across a myriad of media channels and more informed than ever before. In fact, 81% of shoppers conduct online research before a purchase is made.

Retailers who create personalized, catered experiences that enable consumers to seamlessly transition from the online and offline worlds will thrive the most in the next ten years.

Stores are the heart of digital experience

Despite the popular belief that technology holds all the answers for retailing, the future of retail is solidly anchored in physical stores.

Brick-and-mortar stores provide consumers with a sensory experience that allows them to touch and feel products, immerse themselves in brand experiences and engage with sales associates who provide tips and reaffirm the consumer’s enthusiasm for their new purchases. It’s not physical or digital, it’s physical with the digital.

According to a study by A.T. Kearney:

• 95% of all retail sales are captured by retailers with a brick-and-mortar presence,
• Two-thirds of consumers who purchase online use the store before and after the transaction, and
• Physical stores help retailers drive online sales.

The time to embrace change is now

Over the next few years, we’re going to see the retail landscape undergo dramatic changes. Retailers will need to use technology to create seamless shopping experiences and positive in-store encounters to meet the needs of modern consumers, who demand and expect it.

With the right strategy, an excellent way to prepare for this change is to empower your associates with product knowledge and system-based training. We invite you to check out our custom content services and contact us. Our team is excited to show you what we do can to help you gain that competitive edge with custom training solutions!