Omni-Channel Beats Online Only Every Time
In today's digital age, you might think online shopping dominates. But here's a revelation that challenges this assumption:
Up to 82% of retail sales are still connected to physical stores. Let's break this down:
- 70% of sales occur directly in stores
- 12% are online orders fulfilled by stores (BOPIS - Buy Online, Pick Up In Store)
This statistic underscores the continued importance of brick-and-mortar in the retail landscape. Here's why it matters:
- The BOPIS Advantage : BOPIS orders are typically more cost-effective than home delivery. They drive additional in-store purchases, often increasing sales by 12-20% of the original online order value.
- The "Halo Effect": Online sales tend to grow in areas within a store's catchment. Conversely, when a retailer closes a physical store, online sales in that area often decline. Do you see the mutually reinforcing relationship between online and in-store presence here?
- Profitability Boost : By implementing the right technology and logistics systems, retailers can leverage this hybrid model to significantly increase profits.
The BIG takeaway? Stores and online aren't competitors—they're collaborators. The future of retail lies in seamlessly integrating both channels to provide a cohesive customer experience. So essentially , its CLICK & MORTAR!
Coming Soon: We'll explore strategies for maximizing add-on sales for BOPIS customers. Stay tuned for insights that could transform your retail approach!
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Posted by Brian Hume
23rd August 2024
