Traditional retailers are feeling the heat. Even as competition intensifies, shoppers’ visits to retail stores are declining every year. Online retail on the other hand, is thriving, with sales through digital channels (including mobile sales) increasing dramatically in the last few years. Under these hostile conditions, traditional retailers have staked their futures on omnichannel retailing. The omnichannel strategy hinges on the idea that providing a seamless shopping experience in brick-and-mortar stores and through a variety of digital channels can help give them a competitive edge over online-only retailers.
With significant economic value to be gained from omnichannel technology, the question remains, are omnishoppers really that valuable to retailers? Turns out the answer is yes. Check out these revealing results from a recent Harvard Business Review study.