15 Stats to Explain Why Omnichannel is More Than Just a Buzzword

Last year, the Oxford English Dictionary dubbed ‘selfie’ as the word of the year.

If it were up to the retail industry, however, ‘omnichannel’ should have been the word to define 2013. As a new way of thinking about multi-channel retailing, omnichannel dominated conversations in 2013 and will continue to rule the day in 2014 and beyond.

Although consumers might not be privy to the term, merchants can’t seem to escape it.

The thing is, however, that merchants shouldn’t want to escape it. They should want to embrace it – for the increases they can receive in annual sales as well as the competitive advantage it offers.

Interesting Omnichannel Statistics You Should Know

To identify the challenges and obstacles that middle- and large-market multi-channel retailers face when deploying a successful omnichannel commerce strategy, Forrester was commissioned to conduct a study.

That study, titled “Consumer Desires Vs. Retailer Capabilities: Minding the Omni-Channel Commerce Gap,” was based on surveys that went to 256 U.S. and European retail and manufacturing decision-makers involved in digital commerce initiatives.

It was also dispersed to 1,503 multi-channel shoppers.

The findings were quite telling:

1. 71% – Amount of consumers who cited the ability to view inventory information for in-store products as important or very important.
2. 50% – Amount of consumers who expect to buy online and pick up in-store.
3. 39% – Amount of consumers who are unlikely or very unlikely to visit a retailer’s store if the online store does not provide physical store inventory information.
4. $1.8 trillion – The amount of online and web-influenced retail sales that Forrester expects by 2017, up from $1.3 trillion in 2013.
5. 73% – Amount of consumers who stated that they are likely or very likely to visit a local store if the retailer provides in-store product availability information online, compared with 36% of customers who would visit a store if no inventory information was available online.
6. 25% – Amount of consumers who said that they use store pickup so they can collect their orders on the day they purchase them (thus avoiding the wait for shipping).
7. 10% – Amount of consumers who simply find it more convenient to pick up from a store than have items shipped to their home.
8. 56% – Amount of consumers who have used their mobile device to research products at home with 38% who have used their mobile device to check inventory availability while on their way to a store and 34% who have used their mobile device to research products while in a store.
9. 45% – Amount of consumers who expect sales associates to be knowledgeable about online-only products.
10. 69% – Amount of consumers who expect that store associates be armed with a mobile device — in order to perform simple and immediate tasks such as looking up product information and checking inventory.
11. 27% – Amount of consumers who would be very likely to leave and visit another retailer’s store if a product is out of stock with 21% who would buy online from a different retailer and 21% who would simply hold off buying the product.
12. 45% – Amount of consumers who would take up an in-store associate’s offer to ship an out of stock product to the consumer’s home for free.
13. 93% – Amount of surveyed retailers who cited that enabling ship-from-store had resulted in a positive or significantly positive uplift in online revenue.
14. 77% – Amount of surveyed retailers who cited that enabling ship-from-store had reduced or significantly reduced their fulfillment costs.
15. 88% – Amount of surveyed retailers who cited that enabling ship-from-store had improved or significantly improved their customer satisfaction metrics.

Because some retailers are slow to adopt omnichannel retailing, the competitive advantages it offers to those that do are great. When given the choice, consumers prefer buying from the retailers that are focused on omnichannel.

According to the statistics also garnered from the Forrester report, only a minority of those surveyed are taking advantage of its benefits:

• Only 32% of surveyed retailers are giving shoppers the ability to view inventory information for in-store products.
• Only 1/3 of retailers have operationalized even the basics, such as store pickup, cross-channel inventory visibility, and store-based fulfillment.
• Only 6% of retailers reported no significant barriers to becoming an integrated omnichannel company with internal technology challenges, organizational silos, and poor operational execution all thwarting progress.
• 10% of retailers who offer “pickup in-store” orders cannot fulfill those orders due to inaccurate store inventory, while 51% of retailers reported that between 2% and 10% of orders cannot be fulfilled; 52% of retailers cited inventory accuracy issues as a major barrier to the rollout of these programs.
• Only 39% of retailers today have enabled their sales associate to be able look up product information for them although half of all consumers that visit a physical store expect this capability.

Latest Stats for Omnichannel Retail in 2024

In 2024, omnichannel retail strategy is the norm. Let’s have a quick look at the latest stats:

Customer Expectations:

• 91% of consumers prefer brands that offer omnichannel experiences
• 87% of customers expect brands to put more effort into delivering seamless, cross-channel experiences

Consumer Behavior:

• 76% of consumers purchase products they’ve seen on social media
• 54% of shoppers prefer social media for customer service, citing it as faster and more convenient than traditional methods
• 90% of consumers use multiple devices during their purchase journey

Omnichannel Effectiveness:

• Omnichannel marketing increases customer retention by 90% and results in a 287% higher purchase rate compared to single-channel marketing
• Retailers with integrated omnichannel strategies see 10% annual revenue growth
• 88% of omnichannel businesses use or plan to implement “Buy Online, Pick Up In-Store” (BOPIS), with a 30% higher conversion rate for those who do

Challenges for Retailers:

• Only 8% of retailers have fully mastered omnichannel strategies, while 87% view it as critical
• A significant 40% of businesses struggle with integrating the necessary technology and data for effective omnichannel marketing
• Additional Sections for Enhancing the Article:

Key Benefits of Omnichannel Retail for Consumers and Businesses

1. Enhanced Customer Experience: Omnichannel strategies create a smoother, more integrated experience for consumers who can browse online, check in-store availability, and purchase through any channel they prefer. This flexibility drives customer satisfaction and loyalty.
2. Increased Sales and Conversions: By offering multiple touchpoints, retailers can engage customers at various stages of the purchasing journey, ultimately driving higher conversions and repeat purchases. Consumers who shop across multiple channels tend to spend 15–30% more than those who shop through a single channel.
3. Improved Inventory and Fulfillment Efficiency: Omnichannel inventory management allows retailers to use physical stores as fulfillment centers, optimizing stock levels and reducing shipping costs. Ship-from-store and in-store pickup options lower logistics expenses and allow customers to receive products faster.
4. Stronger Brand Loyalty and Retention: Omnichannel customers feel more connected to brands that provide cohesive experiences across channels, which fosters loyalty. In turn, loyal customers often bring more value, with higher lifetime spending and brand advocacy.
5. Data-Driven Decision-Making: Omnichannel systems collect valuable customer data across channels, helping retailers understand customer preferences, identify trends, and personalize offerings. This data-driven approach allows for continuous improvement and adaptation to changing consumer behaviors.

Omnichannel Best Practices for Retailers

• Unified Inventory Management: Centralize inventory data across all platforms to ensure real-time visibility and avoid stockouts. This approach enhances the ability to fulfill orders from any location, improving both customer experience and operational efficiency.
• Flexible Fulfillment Options: Offer customers convenient fulfillment options, such as ship-from-store, curbside pickup, and in-store returns for online purchases. Providing a range of choices increases customer satisfaction and allows retailers to meet various consumer needs.
• Consistent Brand Experience: Maintain brand consistency across all channels, including in-store, online, and mobile. Ensure that visuals, messaging, and customer service standards align to build trust and a seamless experience.
• Data-Driven Personalization: Use customer data to deliver personalized recommendations, targeted promotions, and customized experiences. This creates a more relevant experience and fosters stronger connections with customers.
• Continuous Optimization: Regularly review and optimize your omnichannel strategy by analyzing performance data and customer feedback. Adapt to market trends and evolving consumer preferences to stay competitive and effective.

Conclusion

Omnichannel retailing is no longer optional—it’s essential for meeting customer expectations and staying competitive in today’s marketplace.

From increased inventory visibility to integrated mobile experiences, consumers are gravitating toward retailers who prioritize seamless, multichannel engagement. While technology integration and organizational challenges persist, the benefits of omnichannel retail are too significant to ignore. For retailers ready to embrace these practices, the rewards include enhanced customer loyalty, reduced fulfillment costs, and a stronger position in the competitive retail industry.

Although the business case for implementing omnichannel practices is becoming more and more apparent, many retailers have not executed on this strategy because of technology issues.

In addition to the mere 6 percent of retailers who did not report significant barriers, the Forrester survey also showed that 40 percent of retailers reported that they have difficulty integrating back-office technology across channels.

To overcome technology hurdles and embrace omnichannel to its fullest, feel free to contact the team at NetSphere Strategies.

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