What is the Value of Multichannel Retail?

In order to ascertain the value of multichannel retail it’s important to first understand the aims of retail stores. One could say that retail stores exist to generate money for the store owners, however this is a little cynical. It’s better to think that retail stores exist to make it easier for customers to purchase products, and to offer a shopping experience that is positive and rewarding.

Firstly, what is multi channel retail? Essentially, it refers to the idea that customers should have various options in terms of how they either buy or return products. It’s really taken off in recent years, simply because technology allows for more buying options. Specifically, around 50% of shoppers now own Smartphone’s, and there are various ways that these can be used to offer a multichannel experience.

Still with Smartphone’s, and customers may be able to take images of products without committing to buy, QR technology could be used to link merchandise to
product information and kiosks could be used in store so that customers could order different versions or colours of products, whilst in store.

The upshot of giving customers more ways to interact and buy with products is that it increases sales. It is also great for stores where the price-point may be a little higher but customers are prepared to pay a little more of a quality retail experience.