Navigating the omnichannel universe is a challenge for many retailers. Whether they started out online or as physical business, knowing which channels to leverage can be tricky. This article explores strategies for building an omnichannel business that makes sense to the reader’s unique business. Stefan Sjostrand, the president of Ikea Canada, recently cautioned businesses about in-store sales cannibalization and shared how Ikea will lead the way in succeeding both offline and online.
Stefan Sjostrand, Ikea Canada President, recently shared his views on multi-channel retailing and how many businesses are doing it “wrong”. As a result, companies today are experiencing cannibalization of storefront sales at the expense of online channels.
According to an HRC Advisory survey, cannibalization is so strong, that nearly 75% of survey respondents are finding that e-commerce transactions are stealing sales that would have otherwise happened in stores. With e-commerce growth rates surpassing brick-and-mortar store sales by 10-15%, 70% of retailers are struggling to formulate a profitable balance between in-store and online sales.
With e-commerce sales rising rapidly, there are a few key recommendations to consider so that your in-store sales remain healthy. At Elastic Path we work with leading B2C and B2B organizations to help them deliver …read more