Omnichannel Retail Strategy Way Forward For Brick And Mortar Retail

Abstract

Omnichannel retail Is it the way forward for brick and mortar retailers? newlineContext: Retailers are today operating in an environment where technological advancements are constantly changing the retail environment. Today s Omnichannel customers are no longer satisfied by retailers operating isolated sales channels but rather expect a highly integrated shopping experience where they can combine the different channels according to their preferences (Piotrowicz and Cuthbert son, 2014 ).To thrive in this new kind of environment retailers of all types must re-examine their strategies to deliver information and products to customers. Omnichannel marketing is the way forward for Brick and Mortar retailers to survive. newlineObjectives: The purpose of this study is to explore the concept of Omnichannel retailing and its beneficial impact for organized retail firms that have implemented it in the Indian market. It also tries to study the challenges in the implementation of this strategy . newlineMethod: Literature Review and Retail domain expert interviews were done to understand the need for Omnichannel marketing in the current scenario. Survey of Retail professionals has been done to understand the customer attributes, the beneficial impact of an omnichannel strategy, implementation challenges and role of retail stores in future. newlineConclusion: The beneficial impacts of Omnichannel strategy will lead to more and more organized retailers to go for it. By leveraging multiple channels, Omnichannel retail not only increases revenue from online retail but also drives significant traffic to stores, further increasing revenue. Customers value the retail store experience on multiple levels and continue to make the vast majority of their purchases in stores. The retail store of the future will no longer be just a point of sale. It will be an experience zone, where technology will be used to transform the customer buying process newlineImplications: Transformation is the need of the hour for managers.