Digital channels influenced up to 50% of all in-store retail sales in September 2014, up from 36% in September 2013. This coincides with the growing number of shoppers who showroom (72%) and webroom (78%).
The 2014 Omnichannel Retail report, commissioned by L2 in partnership with RichRelevance, examines omnichannel data across 100 brands and investigates retailers’ efforts to drive customers into stores.
Despite a greater emphasis on omnichannel retailing, only six brands provide real-time inventory visibility online, while an additional six brands offer in-store pickup. As many as 62% of retail executives have cited that customers already expect omnichannel capabilities, and 55% believe their competitors have already made investments in technology to enable these seamless experiences across all channels.
All seven of the big box brands spotlighted in the 2014 Omnichannel Retail survey offer real-time in-store visibility, while 75% of department stores provide this detailed access to information. These figures drop off significantly for the next highest category, sportswear retailers, in which 40% offer visibility through every channel.
Retailers have different strategies for crediting omnichannel sales, preventing them from completely settling on an accepted best practice. Up to 31% of retailers credit the e-Commerce channel for a sale in which a customer buys online, then picks up the order in-store, while 21% of retailers fully attribute those sales to the physical store. Thus far, only 16% of retailers have a single profit and loss (P&L) report that spans across all channels.
There are multiple challenges for retailers wanting to join the omnichannel fray: Half of the respondents noted that they are limited by their company’s business model, while 40% said they were limited by a lack of in-store associate training and had difficulty integrating back-end technology across channels.
Click here to access additional information on the report.