Retailer Omnichannel Survey uncovers high-performing best practices
Insights into omnichannel trends and issues in middle market retail
The RSM Retailer Omnichannel Survey was commissioned to gauge the perspectives and characteristics of middle market retailers with functioning omnichannel strategies, not the entire retail industry. As a result, not all segments of the industry are included, as not all retail sectors lend themselves to a true multichannel experience. This is what drives the wide disparity in reporting online sales, which have been reported as low as 8 percent of total retail sales and as high as 50 percent, depending on the sectors included in the calculations.
Retailers surveyed reported significant growth. Participants have averaged a 36 percent increase in total sales volume in the past 12 months (with a median 28 percent increase)—this comes in the same year in which overall retail sales increased by just 3.8 percent. More impressive, perhaps, is the fact that they also reported a 40 percent increase in new customers during this period (with a median 33 percent increase), suggesting that employing a multichannel strategy allowed them to reach customers they did not previously attract. Most importantly, in this slow growing economy, this increase largely represents a shift in market share.
Given these results, it’s understandable that almost one in four retailers surveyed expect to increase their current omnichannel investment by more than 20 percent in the next 12 months and the group is expecting an average 27 percent sales increase in the next 12 months as a result (with a median 20 percent increase)–during a period in which economists are predicting only 3 to 4 percent growth in the economy.
The perspectives of retail executives proficient in omnichannel practices provide rare insight into the retail industry. The analysis provided here is designed to spark discussion that can help drive middle market retail companies forward in the months and years to come.
Video: Key Findings from the Survey
The RSM Retailer Omnichannel Survey focused on middle market retailers actively engaged in omnichannel activities. From senior leadership involvement to sales growth and new customers, the survey reveals the necessity and power of a successful omnichannel strategy.
Watch this brief video with John Nicolopoulos, national retail practice leader, to learn more.
Infographic: 9 Takeaways in Omnichannel Middle Market Retail
What is the state of omnichannel for today’s retailers in the middle market? The 2017 RSM Retailer Omnichannel Survey examines the readiness, strategy and performance of middle market retailers.
Based on the survey of industry executives adept at omnichannel strategy and execution, the infographic below provides some insight into emerging trends and best practices.
Video: Top Trends in Retail in 2017
Retailing in the United States will continue to evolve in 2017. Successful retailers will need to have a keen eye trained on a variety of trends and issues affecting the industry and their businesses.
Listen to what John Nicolopoulos, RSM retail practice leader, shares in his industry outlook about the various challenges—and opportunities—retailers will face.