The phrase “Customer is King” has never been more true than in today’s environment of social media and connectivity to wireless devices. Thanks to the explosion of e-commerce, consumers have expanded their purchasing power well beyond traditional brick-and-mortar stores.
To keep up with consumer demands and identify additional avenues of revenue growth, many retailers have begun changing their fundamental approach to how they bring products to consumers, turning to an omni-channel business strategy. This approach engages consumers, captures sales and provides consumers with a seamless, consistent brand experience across all purchasing channels.
Elements of an omni-channel strategy may include:
In addition to changing how the consumer-facing portion of the business operates, there are also strategic financial aspects to consider:
As retailers take a more integrated approach to product sales, there are other important business and financial ramifications to consider as well:
All of these topics, and more, are areas retailers will likely need to address as they continue to respond to consumer demands in this increasingly digital environment. Having the foresight to consider risks in a changing retail landscape can be challenging. Consulting with a team of advisors, including lawyers, data privacy experts and accountants, will help identify risks and position retailers to grow while still delivering a valuable customer experience.
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