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Top Three Multi-channel Myths Busted!

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“Bricks-and-mortar stores are dead”

The Misconception: The high street is in its death throes and soon our favourite stores will be boarded-up…

The Facts: There’s no doubt that the high street is facing serious challenges. According to Deloitte, 4 out of 10 shops will shut in the next five years. But the report says retailers need to evolve their thinking and strategies in the multi-channel environment:

John Lewis

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John Lewis has an incredibly successful online presence that draws customers into their high street stores:

“In a truly multi-channel world, the purpose of the store changes from ‘driving sales of the product in store’ to being a ‘brand and product showroom that drives revenues across all channels’”

Why do consumers still like bricks and mortar stores?

● See and touch products

● Buy the product immediately

● No extra costs such as postage and packaging

● Hassle-free returns

● Enjoyable experience

“Online retailing means my company’s sales are being cannibalised!”

The Misconception: Offering your customers alternative channels through which to buy your products could see overall sales being cannibalised as consumers simply shift from one channel to another.

The Facts: Research by PwC shows that far from cannibalising sales, the opposite is true – it can actually encourage more spending by a consumer.

  • Nearly one in five surveyed by PwC said that they spend over 25% more at their favoured retailer if it offers multi-channel sales options

  • In the US, 56% are spending more and in Russia, 49%

  • That figure swells to a huge 68% in Brazil.

Retailers should be using online and social channels to their advantage. Exclusive events and offers promoted through social channels are a great way to drive in-store footfall.

“Foreign buyers will shun your products”

The Misconception: Overseas consumers won’t be interested in buying from a foreign multi-channel operation, and prefer to shop from companies based in their own country.

The Facts: According to the PwC 2012 Global multi-channel consumer survey, companies are enjoying huge success in foreign territories. Take China and Brazil – out of the top ten brands, those surveyed said that their favourite brands were:

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China

Apple Store at number 2

Adidas at number 5

Nike at number 6

Carrefour at number 7

Brazil

Wal mart at number 4

Carrefour at number 5

  • Germany rated three foreign companies in its top 10 including C&A, Esprit and H&M.

  • There are exceptions though – France didn’t feature any foreign brands in its top ten. Quelle surprise!

  • According to an IMRG e-Retail survey, 72% of UK e-tailers ship goods outside of the UK.

Learn how to maximise your multi-channel software and strategies by downloading our free eGuide ‘Multi-channel leaders, we salute you: what you can learn from John Lewis’.

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