Study: Omnichannel is more than a buzzword

The term “omnichannel” has been bandied about so much that some feel it is simply a buzzword, but retailers are taking it seriously and working to implement omnichannel solutions and practices.



According to a new survey of executives at tier one and two retailers by digital technology provider Happiest Minds, 64% of retailers are putting an omnichannel strategy in place and there seems to be a widespread acknowledgement of omnichannel as a key strategy lever.



Additionally, 38% of retailers enable their customers to engage with their brands across stores, kiosks, Web, mobile, social and call center. The study finds retailers do need to increase efforts in certain foundational capabilities, such as single view of customer, products and inventory.



In addition, personalization is becoming a differentiating factor for retailers in their goal to reimagine customer experiences. Sixty percent of respondents have initiated analytics and big data programs to shape their personalization strategy.



Stores continue to be the primary channel for majority of the respondents. More than 60% of retailers have embarked on transforming in-store customer and associate engagement with connected experiences and capabilities.



Furthermore, nearly 75% of retailers are investing in threat management, vulnerability and data security solutions and tightening their internal identity and access management solutions.