Macy's Plans to Put Billion Dollars Into Omnichannel, Online Retailing
By: FierceRetailIT September 02, 2014
Macy's is putting its money where its mouth is, promising to invest up to $1bn in technology and infrastructure to support online and omnichannel efforts.
"Internet-generated demand continues to grow rapidly and we believe that will continue, particularly now that we have rolled out Buy Online Pickup In Store, which some people refer to as click and collect, to all the Macy's and Bloomingdales stores," CFO Karen Hoguet told analysts during a conference call. Macy's rolled out a buy-online, pick up in-store feature to 675 full-line stores in early August. And while the program was too new for Hoguet to comment on, she highlighted the initiative as one that holds big promise for the holiday season.
"We haven't even marketed this capability yet, and we are already finding that many customers like this option," Hoguet said. "Once in the store, these customers are often buying other items as well. We are excited though by what we have seen so far and expect it to be a help in the holiday selling season. Omnichannel strategies are clearly enabling us to accelerate growth and we are just at the early stages of exploring all the opportunities."
Macy's is investing primarily in technology that builds out omnichannel programs.