How retailers can ensure sustained growth

Today’s retail landscape is increasingly complex. Retailers face operational challenges caused by border restrictions, greater online competition between small and large companies, rising service standards, and increasing consumer demands that, at first sight, may even seem conflicting.

With conversations turning to recovery, but with little chance of a return to the way things were, retailers must rethink their strategies for long-term growth.

Customers now have endless choices when it comes to whom they buy from and how they buy. For brands, the seismic shift in consumer behavior has led to serious introspection into how to show up for their consumers in more helpful, more relevant, and more meaningful ways. Some brands have done this by focusing on digital transformation, which is important to increasing business value. However, research shows that only 30% of such efforts have met or exceeded their target value and resulted in sustainable change.

It takes a dynamic, integrated strategy to always be there for your customers in a way that drives sustained business growth. To build a strong omnichannel strategy that will optimize your retail business, it’s important that this strategy is adopted throughout the business (not just marketing), and for the right resources to be committed against these efforts.

Here, we’ve provided tips on ways to think strategically about omnichannel retail transformation and offered practical steps for immediate action in our downloadable guide below.

Rethink online and offline boundaries
Today, an omnichannel presence that drives sustained business growth needs to transcend online and offline boundaries with a consolidated retail approach that meets people’s needs wherever they are in their shopping journey.

Traditionally, having an omnichannel presence meant offline retailers expanding to establish an online presence as well and finding ways to connect the two. However, given the opportunities for more seamless connectivity between online and offline experiences today, and how it is supported by advancements in marketing technology, channels and formats, distinguishing between “lines ” feels more like a relic of the past.

Examples of these lines blurring include online-first businesses like Decathlon, which are moving to establish brick-and-mortar stores, and brands such as Zara, which are embracing digital technologies in-store. Other businesses, like Chanel’s Boutique of Tomorrow, are pushing the boundaries of seamless experiences with innovative services at various consumer touchpoints.

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