Retailers to focus on omnichannel integration in 2014
Technology has drastically changed the retail landscape, but the growth of ecommerce software and mobile tools is beginning to plateau as IT priorities shift to omnichannel integration. The most recent survey on the state of the retail industry by BDO USA revealed that fewer retailers were convinced e-commerce will continue to experience strong growth in 2014. Survey respondents didn't believe online and mobile retail would come to a halt or decline, but did predict slower growth rates in these areas.
While 64 percent of respondents believed they would see growth in online sales, this was a 10 percent decline from the previous year, indicating some stagnancy. Another 34 percent felt that their online sales would remain consistent with the previous year's numbers, which was a 62 percent jump from 2013.
"After a banner year of e-commerce and m-commerce growth in 2013, retailers largely expect these platforms to keep delivering big returns in the year ahead," said Natalie Kotlyar, a partner in the Retail and Consumer Products practice at BDO USA. "But safeguarding this future growth requires retailers to invest across channels in order to deliver a safe, seamless and efficient experience for shoppers. All the moving parts – mobile apps, websites, supply chain IT systems, brick-and-mortar – need to be carefully coordinated for companies to hold their own in this fiercely competitive landscape."
Taking the focus off the niche
Rather than devoting all efforts to m-commerce or e-commerce in coming months, it is likely that the majority of retailers will be moving toward omnichannel strategies that will combine online and mobile marketing along with social media and other efforts to expand brand visibility. Marketing Land pointed out that though there are advantages to focusing on one sector of retail marketing, such as tracking cost efficiencies, paying attention to all avenues will be better in the long run.
Creating an overall brand experience
With omnichannel strategies, retailers can customize their brand across Web platforms, from their presence on sites like Pinterest, Instagram and Facebook to their mobile apps and in-store experiences. Retailers should focus on the consumer experience from start to finish, making it important to track customer behavior through each of these channels. Retail technology like CRM can aid in tracking and making sense of this data, according to Marketing Land.
