Research illustrates the scale of retailers’ under-preparedness – the new book provides antidote and secrets for survival
Against the backdrop of compressed margins and relentless competition from the large retailer players such as Amazon, and with more than 45,000 retailers reporting to be in financial distress, it’s no exaggeration that the retail landscape is now a battle for survival – with omnichannel at the epicenter.
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With more than six in ten shoppers also reporting customer service to be more important than price when it comes to brand choice, there remains a huge opportunity for merchants that are able to deliver an authentic omnichannel experience.
- 91% of retailers have an omnichannel strategy in place – but only 8% think they have mastered it
- 70% consider their omnichannel approach a “work in progress” “struggle” or a “pipedream”
- A total of 74% of retailers and brands are not satisfied with their omnichannel strategy execution and progress
- Just 12% of retailers believe they have the right omnichannel technology currently
This is the basis for a new book, The Omnichannel Survival Guide: for the new retail reality, published by Brightpearl, a cloud-based ERP built solely for retailers and wholesalers, it’s designed to equip retailers’ with the tools to survive the transition and master omnichannel before it’s too late.
The book, by leading retail experts Chris Tanner, founder of Brightpearl, and CEO Derek O’Carroll, highlights that while more than 90 percent of retailers and brands have an omnichannel strategy or plan in place, the majority are failing to provide the seamless buying experience customers’ demand.
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Derek O’Carroll, CEO of Brightpearl, said, “Consumers now expect their shopping interactions to be barrier-free, consistent and personalized. This is the crux of omnichannel, and, unfortunately, the majority of merchants are failing to deliver that.
“Retailing is undergoing a transition that it has never experienced before; integrating sales channels and keeping up with the pace of change are huge challenges as technology continues to revolutionize the way retailers interact with their customers.
“Merchants no longer have the time come to terms with what omnichannel means for their business. They must act now, or be left behind. This is where our survival guide, jam-packed with sensible real-world guidance, can help businesses to put the puzzle pieces together and finally get to grips with omnichannel.”
The authors have worked with various retail leaders to develop the survival guide. Covering all aspects of omnichannel, including selling and customer service, it also provides advice on managing inventory across multiple channels, about marketplaces, reporting, accounting, sustainable retail and more.
Andrew Busby, Founder & CEO, Retail Reflections, and one of the most influential retail analysts in the UK, said, “If you’re a business struggling to come to terms with the modern, multichannel world of retail, I urge you to pick up this book. The retail landscape is littered with examples of businesses that have failed to move with the times and have paid the price.
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Andrew added, “The Omnichannel Survival Guide offers expert advice to help retailers and wholesalers traverse the omnichannel retail landscape and not only survive – but thrive.”