Before COVID-19, rising consumer demands for better digital and omnichannel shopping experiences were already keeping retailers and brands on their toes. Smart organizations actively invested in new technologies and people to support better omnichannel shopping experiences.
The pandemic catapulted these efforts, forcing retailers and brands to double down on critical functionality needed to meet consumer demand. The implementation of capabilities such as BOPIS, curbside pickup and optimized inventory management has increased significantly over the past years, but the overall adoption of best practices that make up the entire customer experience have seen lackluster growth since the Index was first launched in 2015.
According to GfK’s consumer research*, an increasing percentage of shoppers expect shops and services to be available at all times. 41% state that they always look for ways to simplify their life – in other words, convenience is top of mind! 36% agree that price is the most important factor in their purchasing decision, followed by 34% stating they only buy products or services from a trusted brand.
* GfK Consumer Life
For some, prioritized investment in digital and omnichannel capabilities has paid off. In 2021, the highest scoring retailer in the Index had implemented 72% (Bloomingdale's) of best practices. In 2022, the highest scoring retailer has implemented 85% of best practice capabilities (Bed Bath and Beyond). Furthermore, 12 retailers and brands scored above the 2021 high score of 72%. Good news for some, however, the majority of companies in the Index still fall below the average. Overall, the industry should, and can, do better.
You dedicate time, resources, and budget toward delivering the best customer experience possible. But, are you truly meeting customer expectations? How do you compare to your competition? See how you perform against the Omnichannel Retail Index to help prioritize your digital roadmap and make smarter investment decisions.