Austin Power, business development manager for order fulfillment solutions with Retrotech Inc., lists the challenges that retailers face, as they move to an omnichannel model of sales.
Over the next 10 years, online retail will continue to gain popularity in both developed and emerging markets and as a result, logistics companies are set to play a key role in providing vital supply chain management solutions that are able to evolve with consumers' changing shopping habits.
Digitally connected consumers have turned retail models upside down as omnichannel shopping has transformed supply chain from an important business concern to a mission critical one. So profound is this change that 50 percent of CEOs recognize that their supply chain can be a strategic differentiator. However, 83 percent of worldwide CEOs believe that their retail supply chains are "not optimal" for today's changing retail environment.
Among a slew of Latin American countries ready for retail expansion, Chile ranked first place in the 2014 A.T. Kearney Global Retail Development Index (GRDI).
Piyush Sampat, principal with Deloitte Consulting LLP, charts the maturity of retailers' efforts to adapt to the omnichannel. Integration of online and store fulfillment remains a challenge, he says.
Online shoppers want retailers to make it easier to purchase their goods and services. Consumers also want websites and stores to work better together. For now, they also prefer to evaluate and purchase products from their desktops rather than their mobile devices, and when it comes to shipping and returns "free" is a driving factor to complete the sale. These and other findings appear in the third annual UPS Pulse of the Online Shopper study, conducted earlier this year by comScore.