HotWax Commerce Blog

COVID-19 has put pressure on retailers to evolve into omnichannel businesses to succeed during this pandemic. Although the coronavirus has had a significant impact on industries such as the travel and hospitality markets, eCommerce brands have thrived. Retail sales are soaring, despite global trade wars, a U.S. Presidential election, and a raging pandemic. The National Retail Federation expects retail sales to increase between 3.5-4.1% to more than $3.9 trillion in 2020.

Key performance indicators (KPIs) form the foundation of companies’ future growth. For omnichannel retailers that are constantly implementing new processes, the need to monitor and measure the success of these omnichannel initiatives is a requirement, not an option. However, many retailers are struggling to define KPIs at the same pace they launch their omnichannel strategies.

Despite the increasingly digital landscape of the retail industry, brick-and-mortar stores continue to play a crucial role in a customer’s shopping journey. Customers often discover products online, then proceed to buy them in-store. Conversely, some discover products in-store and then buy online. Either way, these establishments and the team members who staff them are the key to a successful retail experience.

The retail industry has changed forever. The advancement of technology, especially mobile devices, has ushered in a new era of how customers prefer to shop. A 2017 Harvard Business Review study found that 73% of people prefer to use multiple channels during their shopping journey, and this has since grown to more than 90%. All retailers must now have omnichannel strategies in place to take advantage of ever-evolving consumer preferences, or they risk being left behind more digitally savvy brands.