Omnichannel Retail
Omnichannel retail is the practice of providing a consistent and seamless shopping experience to customers through all available channels, including bricks-and-mortar, catalogue, and online shopping. Sucharita Mulpuru of Forrester Research predicts that by the end of this year, cross-channel sales will reach $1.1 trillion (38 percent of total retail sales). Furthermore, the growth rate for cross-channel sales could reach 17 percent in the next few years – outpacing growth in e-commerce and retail sales overall.
Retailers are responding to consumer demand for uniformity and simplicity across channels by using stores as fulfillment centers, launching real-time inventory tracking and offering free shipping and same-day pickup or delivery, according to Shopping Centers Today (SCT). Macy’s is designating fulfillment space in 300 of its stores and using real-time inventory tracking. Nordstrom offers its online customers same-day home delivery by 6pm if they order by noon.
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The omnichannel approach will likely lead to increased store visits for pickup and returns/exchanges. Such visits will translate into more spending at stores, food vendors, movie theaters and other services. Macy’s reports that a return typically results in a transaction that is 50 percent greater than the original purchase and Best Buy reports that at one point, 40 percent of its online sales were picked up at the store, according to the SCT report.
Last Updated on December 1, 2012 by Ramin Seddiq