Multichannel – Luxury Memo special report

Luxury Daily -There are many theories, explanations and predictions for how the way people shop is changing. But one undeniable reality is that customers no longer shop through single channels.

The rise of digital, the fragmentation of retail options and the dissolution of brand loyalty have all contributed to the rise of multichannel retail. Multichannel, or omnichannel as some call it, simply means that a brand or retailer is integrating the various channels of its business, such as bricks-and-mortar stores, social media and ecommerce, into one cohesive path.

This trend has been incredibly influential over the last few years, with brands across the luxury world radically reorganizing the way they do business to capture shoppers across touchpoints.

“Shopping today is all about digital, digital and digital,” said Brian Bunk, principal at Boston Retail Partners retail consulting firm, Boston. “With the advent of mobile commerce, consumers expect to shop whenever and wherever they want.

“The customer journey continues to evolve as consumers move across channels to research, purchase and review products with easy access to merchandise and information right in the palm of their hands,” he said. “According to a recent research report, Retail’s Digital Crossroads: The Race to Meet Shopper Expectations, digital influences up to 75 percent of all in-store visits and mobile is leveraged in almost half of all in-store shopping experiences.”

“A major trend is a focus on a holistic and personalized customer experience across any and all touchpoints,” Boston Retail Partners’ Mr. Bunk said. “Too many omnichannel efforts have failed because their main focus was on a technology or solution versus focusing on the desired customer experience.

“For many retailers, there should be more of a focus on the personalized digital experiences within the store, and the capabilities to support anywhere, anytime, anyhow shopping that customers now desire and expect,” he said. “Buy online, pick up in the store (BOPIS) is simply the table stakes for retailers, and the key is to execute it flawlessly.

“With increasing expectations, we are also seeing new twists on the BOPIS model to provide customers options, such as buy in-store, ship to home; buy online, ship to home; and buy anywhere, ship or pick-up anywhere.”

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