Podcast
Questions and Answers
What is multi-channel retailing, and what are its benefits?
What is multi-channel retailing, and what are its benefits?
Combining several retail channels to sell products/services and increase customer benefits, which can expand reach to new markets, leverage business competencies, overcome limitations of existing formats, and increase share of customer wallet.
Why is it important for retailers to evolve to multi-channel retailing?
Why is it important for retailers to evolve to multi-channel retailing?
To expand reach to new markets, leverage business competencies, overcome limitations of existing formats, and increase share of customer wallet.
What percentage of customers buy offline after researching online, according to the McKinsey 2015 report?
What percentage of customers buy offline after researching online, according to the McKinsey 2015 report?
90%+
What type of retail strategy involves combining several retail channels to sell products and services?
What type of retail strategy involves combining several retail channels to sell products and services?
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What are some benefits of leveraging business competencies and assets in multi-channel retailing?
What are some benefits of leveraging business competencies and assets in multi-channel retailing?
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What is the primary goal of developing channel strategies in retail?
What is the primary goal of developing channel strategies in retail?
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What is a potential limitation of existing retail formats that multi-channel retailing can overcome?
What is a potential limitation of existing retail formats that multi-channel retailing can overcome?
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What is the key concept in retailing that involves providing a seamless customer experience across all available shopping channels?
What is the key concept in retailing that involves providing a seamless customer experience across all available shopping channels?
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What is the main challenge that retailers face in adopting an omni-channel approach?
What is the main challenge that retailers face in adopting an omni-channel approach?
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What is the primary difference between omni-channel and multichannel retailing?
What is the primary difference between omni-channel and multichannel retailing?
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How can big data analytics support omni-channel retailing strategies?
How can big data analytics support omni-channel retailing strategies?
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What is the importance of segmentation and targeting in omni-channel retailing?
What is the importance of segmentation and targeting in omni-channel retailing?
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What are retail objectives, and how do they relate to omni-channel retailing?
What are retail objectives, and how do they relate to omni-channel retailing?
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How can retailers use portfolios to support their omni-channel strategies?
How can retailers use portfolios to support their omni-channel strategies?
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What is the role of retail strategies in achieving omni-channel excellence?
What is the role of retail strategies in achieving omni-channel excellence?
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What is the core competency that enables retailers to anticipate and respond to the rapidly changing external world?
What is the core competency that enables retailers to anticipate and respond to the rapidly changing external world?
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What is the primary benefit of leveraging customer data and analytics in omnichannel retail?
What is the primary benefit of leveraging customer data and analytics in omnichannel retail?
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What is the key difference between omnichannel and multichannel retail?
What is the key difference between omnichannel and multichannel retail?
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What is the primary goal of segmentation and targeting in omnichannel retail?
What is the primary goal of segmentation and targeting in omnichannel retail?
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What is the role of big data analytics in omnichannel retail?
What is the role of big data analytics in omnichannel retail?
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What is a key objective of retail portfolios in omnichannel retail?
What is a key objective of retail portfolios in omnichannel retail?
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What is the primary benefit of decreased operational costs in omnichannel retail?
What is the primary benefit of decreased operational costs in omnichannel retail?
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What is a key characteristic of a sustainable competitive advantage in omnichannel retail?
What is a key characteristic of a sustainable competitive advantage in omnichannel retail?
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Study Notes
Customer Behavior
- 12-20% of customers research online and buy offline, while 80-88% of customers research online and buy online
- 90%+ of customers research online before buying offline
Multi-Channel Retailing
- Combining several retail channels in parallel to sell products/services and increase customer benefits
- Reasons to evolve to multi-channel retailing:
- Expand reach to new markets
- Leverage business competencies and assets to increase profits
- Overcome limitations of existing formats
- Increase share of customer wallet
Omnichannel Differentiation
- Internal sources of sustainable competitive advantage:
- Customer data and analytics
- Bundling and leveraging customer data is core to anticipation and agility in response to the rapidly changing external world
- External sources of sustainable competitive advantage:
- Unique competitive activities that are difficult to replicate
Omnichannel Retail
- 3 key drivers of the shift to omnichannel retail:
- Channel wheel of retail
- Customer journeys
- Shift to omnichannel ecosystems
- Omnichannel retailing:
- A seamless approach to the customer experience through all available shopping channels
- The divisions between channels disappear altogether
- Challenges of omnichannel retailing:
- Retailers must offer the right combination of channels
- The customer experience across these channels must be seamless
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Description
This quiz explores the ways customers interact with physical stores and online platforms, including their research habits and purchasing decisions.