March 15, 2018
As the lines between physical and online retail continue to blur, effective omnichannel functionality can be a competitive advantage for retailers with a physical presence, according to a new report from the National Retail Federation and Forrester. In 2017, retailers made headlines for the number of physical locations that closed, but the report indicates that, this year, 43 percent of store-based retailers expect a net increase in the number of physical locations they operate vs only 16 percent that expect a net decrease.
The NRF report said such an increase is important because 42 percent of those polled said faster delivery of online orders is their top customer-facing priority. A major way they expect to accomplish this goal is by leveraging their physical presence. Other omnichannel functions retailers identified as priorities in the report include buy online/pick up in-store (21 percent) and buy online/ship from store (15 percent).
As omnichannel priorities increase, the burden on companies to implement payment and fulfillment systems that provide visibility and reporting across all sales channels increases. As does merchants’ exposure to fraud. March is Omnichannel Month on Card Not Present. Visit our special section for more content explaining the challenges that accompany the opportunity provided by omnichannel selling.