Five Insights into the Omnichannel Landscape
The 2016 eTail East Benchmarking Survey was conducted at the eTail East event, where 98 leaders in multi-channel (58%), pure-play online (35%), in-store only (1%) and other (6%) types of retail were polled to determine the depth of importance omnichannel has for their businesses. This report outlines the five key insights the survey revealed about the omnichannel landscape.
Key topics include:
- The top metrics retailers are seeing success in
- How essential omnichannel strategy is to a business
- The best ways to invest in digital marketing channels
- Greatest omnichannel challenges facing retailers
- The most important benefit of omnichannel strategies
DOWNLOAD THE FULL REPORT
Succeeding in the Omnichannel Future
Why do nearly half of retailers perceive themselves as having made no progress, or very little progress, in completing their omnichannel journey? Why do nearly half of retailers have no omnichannel strategy?
Retailers acknowledge that transforming their business must be their next objective, and that the steps they must take to get there are unfamiliar, and seemingly unending; these retailers are just beginning to realize their objectives, they are preparing for their transformation, or they are now very early in the process.
Many retailers are investing in new technologies in order to connect with customers in ways neither party might have ever considered previously. These beginners are looking to those retailers who have developed an understanding of how to succeed with new technologies, just before taking a hard look at their own existing infrastructure. These beginners are each building a vision of their own transformative retail practices, and identifying the technologies that will help them achieve them.
Most importantly, they are looking to their customers for answers, to give them information about what it takes to improve those customers’ experiences, to gain their loyalty, and to begin building lifetime value—arguably the greatest strategic purpose of omnichannel.
Retail brands are constantly refining their commercial capabilities and marketing capabilities. 2016 has been no different, as retailers are shifting their marketing budgets and technology investments to build better strategies to connect with consumers across their increasingly non-linear paths to purchase. The goal is simple: to create a seamless, enjoyable shopping experience across the spectrum of digital and offline commercial channels.
Brands are pulling in revenue from more commercial channels than ever before, but there are still great opportunities to reinforce the connecting fibers between those channels. It is no longer sufficient to simply have a presence in these various channels. Rather, every channel must feel like an extension of the others, and critical capabilities like attribution analytics and cross-promotions must cover that entire spectrum.
Retail marketing is evolving right alongside omnichannel commerce; audience reach is expanding as the number of commercial channels grows, and campaigns are becoming more effective at engaging and converting. The digital age has brought consumers and brands closer than ever before, a fact that brands are embracing through campaigns that encourage direct interaction. Consumers are no longer an audience to be advertised to; they are participants to build relationships with. Today’s best campaigns are content-centered, highly personalized, and deeply measurable.
eTail’s sixth annual e-commerce outlook will assess some of the trends and technologies driving retail innovation. This paper evaluates the marketing tactics retailers are leveraging, and takes a look at how those tactics have impacted core KPIs. It will also take a close look at innovative initiatives like referral marketing and user-generated content. Finally, it will gauge how well retailers are keeping up with omnichannel commerce.