With online commerce accounting for a larger percentage of retail sales than ever before, traditional brick-and-mortar retailers are increasingly embracing online retail in order to boost their bottom lines.
Walmart, for example, recently acquired online shoe retailer ShoeBuy, along with the company’s inventory, for roughly $70 million. The move, along with a similar acquisition of home furnishings retailer Hayneedle, was designed to help online commerce subsidiary and recent acquisition Jet.com better compete with online retailers such as Amazon.
Meanwhile, Macy’s announced it would close 100 stores and eliminate more than 10,000 jobs. According to a release, the company plans to invest the savings from the cuts into digital and online sales channels.
Growing a new grocery store
While some brick-and-mortar retailers are looking to the online world for a boost, real-world retail is as important as ever, with more than 95 percent of Generation X shoppers still visiting physical stores, according to IBM. For the February Omnicommerce Tracker™, PYMNTS caught up with Brendan O’Meara, managing director of worldwide retail at Microsoft, to discuss what retailers are doing to bring omnichannel to the real world.
O’Meara noted that inventory management is one of the most important aspects of an effective omnichannel strategy because it provides shoppers with a consistent experience in finding the products they’re looking for in all of a merchant’s channels — online, mobile and in-store.
The latest Tracker features the most recent news and analysis, as well as more than 60 providers, including five additions to the directory.
To download the February edition of the Omnicommerce Tracker™, click the button below…
About The Tracker
The Vantiv Omnicommerce Tracker™, powered by PYMNTS.com, features industry-spanning research and insights that arm retailers with data to make smarter decisions for enabling omnichannel commerce.