A new study conducted by M-Cube, the instore digital entertainment provider, has found that 86% of retail leaders believe having a strong in-store omnichannel strategy is important for success.
The study, which surveyed 250 retail leaders in the UK to understand the importance of omnichannel retailing and its impact on businesses, found that 76% of businesses believe omnichannel retailing is key to success in the next five years. Sixty-two percent of retail leaders also prioritise omnichannel capabilities over other strategic initiatives.
The importance of physical stores
The survey revealed that the majority of respondents (59%) believe that physical stores will remain important in the omnichannel world, with 21% saying this importance will grow. In fact, since implementing omnichannel strategies, 69% of businesses have seen an increase in sales or revenue.
Alexios Blanos, UK Business Director at M-Cube, commented: “Our research shows that retail leaders are prioritising omnichannel capabilities as they see the value in integrating digital and physical offerings to improve customer experience. These leaders are recognising that having a strong in-store omnichannel strategy is crucial for success in today’s retail environment and it should therefore be at the forefront of their strategies moving forward.”
Maintaining customer experience
According to the survey, the biggest challenge when implementing omnichannel capabilities is achieving a consistent customer experience across channels. Ninety percent of retail leaders believe maintaining a consistent customer experience across all channels is important.
Despite these challenges, the majority of businesses (72%) feel confident about the successful implementation of omnichannel strategies. Ninety-two percent of retail leaders believe that incorporating digital signage into omnichannel solutions will be important, with 39% of retail leaders saying AI and machine learning will play a key role.
Blanos added: “The importance of omnichannel retailing is only set to grow, retail leaders must prioritise omnichannel capabilities to stay competitive in today’s market. Customers make purchasing decisions for a multitude of reasons, so businesses need to make sure they are doing everything they can to make sure they are standing out. This starts with creating powerful experiences across all channels.”
To find more information, visit M-cube here.