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How to boost your competitive edge with an omnichannel retail strategy

(Source: Bigstock.)

Executing an omnichannel strategy is vital for gaining that competitive edge. Today, with the drastic changes in shopping behaviour, having an omnichannel plan is critical for bottom-line success.

While in-store shopping was once the only way to make a purchase, consumers have become accustomed to shopping online, from their laptops, and from their phones. The CEO of the Australian Retailers Association, Paul Zahra, recently summed up the reality of modern retailing: “Quite simply, if you’re not set up as an omnichannel retailer, you’ll struggle to remain competitive.”

This trend was only accelerated by the pandemic, turning the omnichannel experience from a benefit into a default expectation. 

Yet despite the obvious benefits, retailers are still struggling to invest in omnichannel innovations. In Australia, 67 per cent of retailers describe themselves as ‘omnichannel’, however only 46 per cent actively invest in omnichannel innovations. This stems from the challenge of embracing the diversity of shopper behaviour and having to cater to this wide range of consumer habits and desires. 

The recent report Delivering an optimal omnichannel shopper experience produced by Inside Retailer and monday.com, walks through challenges retailers face in enhancing the connection between online and in-store shopping, plus offers strategies for delivering the optimal experience for shoppers.

The guide includes:

  • Three key dimensions your new omnichannel strategy must address to cater for your diverse shoppers.
  • Why avoiding assumptions is the first step to embracing an omnichannel strategy that will best cater to your shoppers.
  • The instant benefits of connecting your company’s touchpoints, including increased customer loyalty, improved customer experience, increased sales and competitive advantage.
  • Success stories of retailers who took the leap into omnichannel business and how it affected their business.
  • Technology’s role in advancing the move to omnichannel retail, including innovations within physical stores.

You will also learn why a robust software solution is beneficial to creating a holistic experience that ensures a seamless shopping journey. Gavin Watson, retail industry lead at monday.com says “from marketing approvals and new product development, to risk evaluation and compliance, teams must be constantly aligned on all the moving parts in order to stay ahead.”

To learn more, download the white paper ‘Delivering an optimal omnichannel shopper experience’.