How well placed is your retail business when it comes to its digital transformation? Today we'll look at some of the ways your competitors might be complementing their bricks and mortar stores with online empires.
For some retailers, COVID-19 was the death knell for their business. For others, it gave a much-needed nudge to supplement in-store sales with thriving online hubs.
So how well did you transform your business compared to your competitors in 2020?
Well, Retail Express conducted a benchmarking study of 22,000 Australian and New Zealand retailers across multiple sectors throughout 2020.
It looked at something called "omni-channel" retail, which is defined as "an approach to sales that focuses on providing seamless customer experience whether the client is shopping online, from a mobile device, a laptop or in a brick-and-mortar store".
The study's key findings
Founder and CEO of Retail Express, Aaron Blackman, says "the quality of a retailer's eCommerce store, Click & Collect services and home delivery speed have now become key factors in who consumers decide to shop with."
And the study demonstrates significant opportunities for Australian retail businesses to improve, with less than a third of surveyed retailers offering key omni-channel practices:
Click and collect: 26% of retailers offer this service
Display stock in store on website: 14%
Display live inventory available for online orders: 3%
Ship from store: 21%
Cross-channel gift vouchers: 26%
Inter-store stock transfers: 21%
Pre-orders: 13%
Investing in tech moving forward
As a business owner, it's important not to think of 2020 as a once-off. Instead, consider that disruption is the new normal.
As such, Mr Blackman says retailers should be constantly thinking of ways to improve their omni-channel offerings.
"Just offering online shopping with Click & Collect will no longer be a competitive advantage, same day Click & Collect, and the speed of home delivery will be the benchmark," he suggests.
In 2021 and beyond, digital transformation will be a significant priority as retailers look for ways to adapt to future disruptions, adds Mr Blackman.
"Now is the time for retailers to plan and design a robust and flexible operating model including a review of current systems and technology looking for all possible efficiency gains," he says.
Get in touch
If you think now is the time to invest in your digital offerings, then get in touch today to discuss your funding options.
Obtaining the right finance is an important step when it comes to implementing the right technology, processes and personnel to fund your business's future.
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