SOPHIE HORROCKS: There's a false perception that e-commerce is completely taking over.
But not everyone wants to buy everything online, and actually, online growth rates are starting to slow.
Physical stores offer more value than they're often given credit for.
They provide critical touchpoints along the customer journey (inspiration, testing, handling returns)
but they also drive brand awareness and generate sales, both within the stores themselves and also via digital channels.
Bain experience shows that, for a store, it can actually drive an uplift of 30% in online sales in its catchment area.
Smart retailers are investing in omnichannel experiences that blend digital and in-store channels seamlessly.
To do this successfully requires breaking down traditional channel silos.
There are three main ways.
Firstly, investing in the technology and capabilities to create that seamless end-to-end journey that's independent of channel.
Secondly, really understanding the value that stores can bring and optimizing their contributions along that customer journey.
And lastly, training store staff to really support an omnichannel experience, and aligning incentives accordingly.
Retailers that focus on and master an omnichannel experience will be the industry leaders.