5 Tips to Grow Market Share in an Omnichannel Retail Environment
4. Free shipping, anyone? Consumers today are comfortable shopping online; 43 percent of shoppers surveyed said they prefer mobile or online shopping to in-store. When deciding where to purchase online, shoppers reported they were most influenced by two factors: delivery cost and pricing (which included markdowns, discounts and promotions). Retailers looking to maintain their market share should consider the competitive advantages afforded by things such as free shipping and free returns, as well as online sales.
5. Personalization preferred: When it comes to tracking shopping habits, loyalty numbers was the method most preferred by consumers, with use of credit card numbers and cookies on computers the least preferred.
Most retailer investments over the past few years has been on technology. Technology will continue to have a huge impact on the shopper experience, however, retailers can't afford to forget about the basics. Consumers want personalized service, fair and consistent pricing, and products to be in stock when they go to purchase them. The key for retailers to maintain their market share will be to continue listening to and understanding their customers, leveraging technology wisely, and focusing on improving the customer's multichannel shopping experience.
The mantra of "enabling retail without boundaries" must be the mind-set for retail marketers and merchants. Consumers expect all retail capabilities (e.g., pricing, promotions, product information, customer service, inventory and order transparency) to be delivered to them regardless of their physical location. Retailers must prepare to deliver this experience.
Steven Skinner is senior vice president, retail and consumer goods consulting, at Cognizant, a provider of IT, business consulting, enterprise applications and business process services.