Omnichannel – Thematic Intelligence

Omnichannel Thematic Report Overview

A successful omnichannel proposition integrates a retailer’s multiple sales channels across physical stores, websites, and mobile apps, to provide shoppers with a smooth and integrated shopping experience. Omnichannel has become key to how retailers operate, with many consumers accustomed to shopping online but also desiring the experiences created in stores.

The omnichannel thematic report provides detailed insight into the theme of omnichannel, specifically focusing on its impact on the retail and apparel sectors. The report provides an overview of omnichannel and its components, the leading companies, the timeline of developments in omnichannel, and related mergers and acquisitions. The report also details the relevant trends across technology, macroeconomics, and retail trends.

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Omnichannel Theme – Key Trends

The main trends shaping the omnichannel theme over the next 12 to 24 months are classified into technology trends, macroeconomic trends, and retail trends.

Technology Trends: RFID, mobile apps, VR & AR, and contactless retail are some of the leading technology trends likely to influence the omnichannel theme positively. The growing use of mobile devices for shopping is driving the requirement for retailers to provide a uniform and intuitive shopping experience across all devices. Retailers can interact with consumers in real-time via mobile apps, provide tailored suggestions, and offer reward programs and deals to encourage purchases. Mobile apps also help retailers collect information on consumer behavior and preferences, which can be used for personalization and to guide future marketing initiatives.

Macroeconomic Trends: Hybrid working and inflation are the key macroeconomic trends impacting the omnichannel theme. Hybrid working has changed how and where consumers purchase items, for instance contributing to the polarization of store formats. When consumers are in the office more frequently, they also are more likely to use alternative fulfillment methods to home delivery – especially click & collect, so having a good omnichannel proposition is key here for consumers to continue to attract these shoppers.

Retail Trends: Online order fulfillment from stores and dark stores, polarization of store formats, online specialists’ investments in stores, and growth in popularity of click & collect. The polarization between high-end, experiential stores and low-priced convenience-focused stores has become more prevalent since the pandemic. Consumers are more likely to make purchases of premium or luxury items in premium shopping locations, with stores including features like interactive displays, good customer service, and experiential elements.

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Omnichannel Theme Value Chain Insights

The key components in the omnichannel theme are online, blended, and in-store. The online component comprises personal recommendations, online customer service, online fulfillment, and online returns.

Personal recommendations: Personalized recommendations let retailers make specific product recommendations to consumers by taking into consideration factors such as their interests, shopping behavior, and order history. By providing customized recommendations, retailers can improve the shopping experience, and engagement, and boost revenue. Retailers monitor the success of their recommendations to enhance the recommendation algorithms used. For example, Walmart launched a set of tools for its online website and app that emphasize customization and convenience, including an online style tool created by the automated styling platform Stylitics, which makes recommendations for complementary clothing and accessories.

Omnichannel Theme Value Chain Analysis

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Omnichannel Theme – Industry Analysis

The key industries covered in the omnichannel theme are apparel, food & grocery, health & beauty, and home.

Many consumers have got used to shopping online, but still want to touch and try products before they buy them, especially in apparel where fit is a key issue – so an omnichannel approach fits the sector well. Moreover, consumers are also enjoying more seamless omnichannel shopping in the health & beauty sector. This is being aided by beauty brands offering features on their mobile apps to allow consumers to virtually try on cosmetics. Likewise, omnichannel is an especially important theme in the home sectors, especially in homewares and furniture as it allows retailers to employ VR and AR to build immersive virtual showrooms, allowing consumers to make informed decisions and minimize returns by visualizing how items will look in their homes.

However, omnichannel is less important in food & grocery compared to other retail sectors. Contrary to other sectors where customers purchase items less frequently and place more emphasis on the shopping experience, & transactions are frequent, making convenience and price more important than the omnichannel experience.

The industry analysis also covers –

• Use cases
• Timelines
• M&A trends
• Venture financing trends
• Patent trends
• Company filing trends
• Hiring trends

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Omnichannel Theme – Competitive Landscape

Some of the companies making their mark within the omnichannel theme are:

Public Companies: Currys, H&M, Ulta Beauty, United Natural Foods, Very, and Walmart are some of the key public companies in the omnichannel theme.

Private Companies: IKEA, Prada Group, Publix, and Sephora are some of the key private companies in the omnichannel theme.

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Retail Sector Scorecard Insights

The scorecard approach is used to predict tomorrow’s leading companies within each sector. Our sector scorecards have three screens: a thematic screen, a valuation screen, and a risk screen. The thematic screen ranks companies based on overall leadership in the 10 themes that matter most to their industry, generating a leading indicator of future performance. The valuation screen ranks a universe of companies within a sector based on selected valuation metrics. The risk screen ranks companies within a particular sector based on overall investment risk.

Retail Sector Scorecard

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Scope

GlobalData provides detailed insight into the theme of omnichannel, specifically focusing on its impact on the Retail and Apparel sectors. The report provides an overview of omnichannel and its components, the leading companies, the timeline of developments in omnichannel, and related mergers and acquisitions. The report also details the relevant trends across technology, marcoeconomic, and retail trends.

Key Highlights

• In Western countries, where the online channel is mature and retailers are facing high-cost pressures, we have started to enter a post-omnichannel era, as retailers are less willing to subsidize their online operations.
• Adopting an omnichannel approach has changed how retailers operate and interact with consumers, and created numerous benefits, including consumers being more satisfied with the consistent shopping experience as they interact with retailers across several channels and touchpoints.
• Retailers are starting to implement digital apps that cross over into shoppers’ physical journey to gain better data on customers, and link online and physical consumer behavior. This includes tracking of store stock, in-store navigation, and most importantly paying in-store by app.

Reasons to Buy

• Themes are disruptive, so it’s easy to be blindsided by industry outsiders who invade your sector. Understanding the themes ecosystem will get you ahead of the curve.
• Understand the important themes in 2023 and beyond, allowing you to grasp a wider view of changes in consumer behaviour and how it will impact your markets.
• Explore how emerging themes in retail are allowing industry leaders to evolve, so you can better position yourself for long-term success.
• An easy-to-use framework for tracking themes across all companies in all sectors.
• Companies who invest in the right themes become success stories; those who miss the big themes end up as failures.