The Candid Voice in Retail Technology: Objective Insights, Pragmatic Advice

Are Stores A Vital Component Of A Successful Online Strategy?

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We recently published our annual study on eCommerce. And within, we pointed out that retailers have a problem. Namely, for far too long their internal organizations have remained siloed – the result of a structural system that once made good business sense in the context of managing massive enterprises but in a changing world, no longer does.

But while we noticed that Winners are more cognizant of the problem, that doesn’t mean they have yet figured out how to modernize their operations across selling channels. It just means they aren’t averting their eyes from an inconvenient truth any longer.

The real question then becomes, what do they see as the best way out? And their answer may surprise you: for the best performers, the store plays a critical role.

Figure 1: For Winners, Part Of The eCommerce Key Is… Stores?


Source: RSR Research, July 2018

More than half of Retail Winners say that a more coordinated strategy tying digital channels and physical stores into closer alignment is the best thing they can do right their ships. We completely agree, and this sentiment has been expressed in our benchmark BOOTStrap Recommendations dating back to RSR’s earliest days in 2007.

However, it is worth noting that Winners also place more emphasis on investing in a new, more streamlined technology platform AND establishing a single executive who is tasked with owning the customer relationship across all channels. It should come as no surprise that RSR has also been touting the importance both of these concepts for what feels like eons, as well. For as imperative as it is that retailers stop the delayed purchase of new tech to keep up with consumers, it is equally important to manage that technology – across ALL channels – to guarantee the customer has just as good an experience online as they do in stores. It is heartening to see these concepts taking root with Retail Winners.

Average and lagging retailers, however, are still willing to focus elsewhere. A decision which will only exacerbate their current problems.

We hope you read the full report. It is available here, and is free for everyone to read.

 


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Articles & Opinions July 30, 2018
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