Retailers need to shift their metrics to drive internal behaviors that support an omnichannel strategy and are inclusive of multi-channel success. KPIs that reflect the whole business health start with robust data sources that can help paint a fuller picture.
While research seems to vary slightly, several experts have stated that $1 online impacts up to $11 offline and over one-third of all offline sales are influenced digitally. In terms of pricing and promotion decisions, retailers need to look beyond their own walls and data to get competitive insights as to how competitive pricing and promotions are potentially impacting their own sales. Shoppers are now armed with comparison shopping tools, coupon sources and promotional flyers on their cell phones. Very few retailers are actually leveraging that degree of insight to understand and convert shoppers in-store and online.
In rather generic terms, Millennials tend to identify themselves as being incredibly self-confident and independent. However, this group is highly connected digitally, seeking constant inputs from a broad online network when it comes to shopping, buying and making purchases. To win with this shopper group, retailers and brands should create authentic transparent shopper touch points, online and offline, where shoppers can remain connected and engaged with a larger social community, including merchandising/marketing levers like in-aisle and online videos, forums, product reviews and how-to’s.