The current retail landscape is filled with buzzwords and process management strategies that often address a multi-channel approach, or rather what is referred to as an omnichannel approach in the marketplace. In past years, hundreds of press articles and collateral have been released discussing which retailers may be embracing omnichannel strategies to better ensure the success of the retailer.
Having the right omnichannel strategy may be one of the most important factors for retailers when competing with high-volume, low-margin sectors. Lowe’s Companies Inc., best known for the operation of its chain home improvement and appliance stores in the United States, attributes much of its growth and success to their omnichannel approach. The chain notes that integrating online, in-store, and a combination of order fulfillment has increased quarterly earnings. The company stated that online purchases delivered from a store saw sales growth of 33 percent during the quarter.
Although physical store locations remain a vital part of the omnichannel approach, the increased use and accessibility of the e-commerce platform has had a profound effect on the shift of in-store processes and procedures. According to Euromonitor International, a market research firm- U.S. stores decreased by 0.1 percent in 2017 from a year earlier, the first downturn since 2009.
In his role as COO, Mark Holenstein is responsible for the Sales, Customer Service and Marketing departments at Signavio, a leading provider of Business Process Management solutions for retailers. For more information download Signavio’s seven-step guide to operational excellence for retailers. For more information please visit www.signavio.com.