key-takeaways-from-the-newstore-omnichannel-leadership-report

NEWSTORE recently released its 2019-2020 Omnichannel Leadership Report, and our team has wasted no time diving in for valuable insights, news, and industry trends for the new year. 

The report, billed as “An assessment of over 200 luxury, premium and lifestyle brands’ omnichannel competence,” is a comprehensive document that hopes to help steer Retailers in the right direction as the omnichannel concept continues to evolve. 

Here are our biggest takeaways:

Retail Leaders Are Widening Their Lead

(Photo courtesy of NewStore)
(Photo courtesy of NewStore)

When ranking industry omnichannel leaders against the industry standard for categories like consumer engagement and associate mobility, the top brands far and away outperformed their peers in every measurable statistic. In other words, there seem to be two clear cut groups forming: Those who innovate, and the rest of the industry. One of the commonalities between the industry leaders was their willingness to invest in an omnichannel retail model. 

Businesses like…

Nike: Who has “spent over $1billion on its omnichannel transformation.” The sports apparel giant has strengthened its grip on the retail world, and is leading the pack with innovation. From its mobile app, to data analytics program, and focus on customer experience, Nike has beaten every other brand on the list when it comes to patron engagement and retail efficiency. 

The truth is that it’s a new era for retail, and if you’re not moving forward, you’re going to lose market share to the Nikes of the world. 

Mid-Market Brands Need to Keep Up

The report also showed the lack of omnichannel adoption for midmarket brands. While luxury retailers and basic brands have found ways to adapt to consumer trends, most of the categories in between have yet to invest significantly in technology. 

It makes sense when you think about it – luxury brands are highly dependent on the customer experience, so it’s natural that they would invest heavily into technology that improves on what’s most important to them. Commodity retailers are in an extremely competitive arena which fuels innovation as brands fight for their piece of the market share.  

Mid-market brands, until now, haven’t really had a reason to change their business principles. That paradigm is about to change. In order to stay relevant and have the ability to compete with eCommerce, they’re going to need to invest in technology like the rest of the brands have. 

Trends to Keep an Eye On

If you weren’t on board with making omnichannel a reality for your company before, it’s time for a wakeup call. The landscape is only going to continue evolving. Worldlink can help you deploy these new ideas accurately, efficiently, and consistently. 

4 Technology Trends to Watch in 2020

1. Experiential Retail

In order to compete with eCommerce, Retailers need to provide additional value to their customers. Experience per square foot seems to be the new unit of measurement for success.

2. Sustainability

In addition to experiential shopping, customers want to feel good about their decisions. Leveraging a more sustainable supply chain – and an infrastructure that can adapt to this change – will be an increasingly important factor moving forward.

3. Subscription-Based Sales

From Netflix to Blue Apron, the subscription economy has increased by over 100% a year over the past five years. It’s time for retail to cater to the consumer’s need for efficient time management and convenience by providing more of these offerings.

4. New Store Formats

From co-tenancy and micro destinations to large format experiential retail centers, Retailers are flipping the script on brick and mortar. Innovative companies like Lululemon and Abercrombie & Fitch Co. have made switching up their store dynamic a priority initiative. 

Partner with Worldlink to Deploy New Technology

At Worldlink, we can facilitate each of these innovations. From project management and coordination to deployment and standby support; our team will guide you through the latest trends and make your location’s omnichannel aspirations a reality.

Contact us to learn more, or give us a call at (949) 861-2830.