Omnichannel retail draws more overall sales
Retail encompasses a variety of specialties, from apparel and accessories to furniture and food. Although most industry professionals know the value of both ecommerce and brick-and-mortar sales, many recognize that some of their customers prefer one channel over another. While every tablet is essentially the same, the way clothing looks on shoppers is less certain, so they may be tempted to buy their electronics online and their garments in person. But even those individuals represent only a portion of potential revenue sources.
Reign of the omnichannel merchant
Merchants can maximize their sales and reach the most consumers possible by operating across multiple channels. According to Deloitte's recent findings, omnichannel retail can generate 76 percent more revenue than brick-and-mortar sales alone. Shoppers who buy items in person, on the Internet and with their mobile phones are expected to spend $1,643 on average during the coming months.
But while omnichannel sales have the potential to garner the most sales this holiday season, ecommerce will be the preferred point of sale for most customers. For the first time since Deloitte conducted its survey, Internet-based retail will draw more shoppers than department stores. Because of this, merchants should ensure that every item they have available for sale is displayed online. Deloitte's study discovered that 77 percent of consumers will go elsewhere if a desired item is not listed. By contrast, only 45 percent of respondents said they would go to another chain if they could not find what they wanted. When finding products is as easy as tapping a few keys, retailers must strive to make as much of their inventory available online as possible.
Holiday sales dates may be less important this year
Just as omnichannel retail and ecommerce have risen in importance, once-critical sale dates appear to matter less to shoppers. Forty-five percent of respondents to Deloitte's survey said that Black Friday is not as important as it once was, and only about 25 percent of consumers intend to purchase items on Black Friday or Cyber Monday. This could take some of the burden off staff members during traditional rush days, but merchants may want to factor in a more spread-out revenue stream into their holiday business strategies.
For optimum results this holiday season, merchants should utilize POS software that seamlessly integrates all aspects of their enterprise and can meet customers' shopping needs regardless of their preferred channel. Convenience will be one of the key motivations for customers, so retailers will want to ensure an easy experience across all channels.
