Brick-and-mortar shopping isn't dead, but it is certainly on the decline: just 57 percent of urban consumers said they preferred to make discretionary purchases in stores, while 39 percent claim their last such purchase was made online.

U.S. retailers are racing to stay relevant in a rapidly changing shopping environment led by growth of e-commerce, the ubiquity of mobile devices, and the demanding expectations of consumers, according to PwC's annual online shopper survey, Total Retail: The Race for Relevance. Based on a survey of more than 23,000 online consumers globally, the report reveals the changing behaviors of consumers, driven by convenience, price, social media and brand trust.

Only 18 percent of CEOs say they have eliminated operational silos and are delivering seamless omnichannel shopping experiences for their customers. This means that the majority of retailers surveyed are still operating in silos, which is taking a toll on retailers' profitability and ability to create a seamless shopping experience for customers.

Analyst Insight: For online customers, the buy button is easy; everything behind that is complex. Eighty percent of omnichannel strategy is about inventory strategy. It comes down to making intelligent inventory allocation decisions across the network and building an infrastructure flexible enough to quickly realign inventory to meet customers where they want. The key to omnichannel success is offering the customer multiple options and incentivizing the profitable flows. - Jason Denmon, Apparel Industry Leader, Fortna Inc.

Retail CEOs say internal silos are holding back omnichannel success. In fact, retailers without these operational barriers are more positive about achieving profitability, according to a new report.

Amazon is diving into brick and mortar in a big way, with plans to open up to 400 physical store fronts, according to reports.