Survey reveals why omnichannel is key to retail success

HIGHLIGHT – According to a survey by e-commerce technology company Lightspeed, omnichannel retailers are outperforming those who operate solely through e-commerce or brick-and-mortar.

“Before COVID, the viability of the brick-and-mortar future was in question,” said Lightspeed CEO JP Chauvet. “When COVID hit, brick-and-mortar-only retailers accelerated e-commerce strategies in the coming years, leading many to believe this may have accelerated the anticipated brick-and-mortar demise. But consumers coming out of lockdown want to shop in-store, while shopping at home. »

The survey, which surveyed retailers of various products around the world, found that omnichannel retailers outperformed overall (61% in the US), celebrating the strongest year-over-year revenue growth over compared to only e-commerce merchants (47%) and physical merchants (41%).

Here are some other key findings:

  • Retailers are coping with labor shortages by operating with fewer staff than needed (32%), increasing wages/benefits to attract/retain staff (18%) and being open fewer hours due to staffing limitations (12%).
  • 63% of consumers felt it was important or very important to support independent local businesses, and 37% plan to shop locally more often in 2022.
  • 74% said technology adoption had a positive impact on their business over the past two years.
  • A majority of survey respondents (60%) also said shoppers have become less patient since the pandemic.
  • Nearly half of all US and Canadian retailers reported higher revenues in 2021 compared to 2020, with 12% in the US saying they were significantly higher.
  • Sales channels like social media and online marketplaces also played a vital role in driving sales growth throughout 2021. Among the top sales channels where merchants are seeing growth, Google and Facebook have ​​took the top two spots with nearly equal sales growth across all regions, while Instagram came in a close third.
  • On average, 39% of consumer survey respondents said they would shop primarily in-store over the next six months, compared to just 23% for e-commerce. This indicates a growing, but not yet quite equivalent, recovery to pre-pandemic levels, as 50% of customers shopped in-store in 2019 overall. About 30% of consumer survey respondents said they plan to buy less overall in 2022, compared to just 10% who plan to buy more.

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Robert Dalheim, editor of Case Goods and Global Sourcing, has been writing about the woodworking industry and business news since 2015. He graduated from Northern Illinois University with degrees in journalism and political science. Contact Bobby at [email protected] or by calling (336) 605-3815.

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