Financial constraints prevent retailers from embracing omni channel

Financial constraints prevent retailers from embracing omni channel
Marketing Tech’s editor has more than a decade of editorial experience spanning computing, performance marketing and, currently, enterprise digital strategy. Simon’s career began in print, where he edited the news section of business computing title PC Plus and contributed to a variety of other special interest titles, including MacFormat and Computer Arts. He then made the transition to digital journalism, joining PerformanceIN where he covered a sector of the marketing industry where advertisers only pay on a performance basis. Most recently, Simon became editor at TechForge Media where he manages the editorial strategy of Marketing Tech and the company portfolio’s newest launch Connected Car.

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Budget restrictions are behind the current lack of an omni-channel strategy among retailers, a new study has found.

Enterprise e-commerce solution Mozu polled 300 CEOs and IT leaders from B2B and B2C retailers to discover that 34% have “insufficient financial resources” to implement a new retail technology.

After interrogating the data further, Mozu reported that both high-revenue organisations and smaller-revenue retailers rated problems with securing the necessary investment in a similarly high position.

Leaders vs laggards

Mozu went on to prove just how key a healthy war chest can be to omni-channel integration by comparing leaders in the space with retailers at the opposite end of the spectrum.

While omni-channel laggards rate financial resources as the top resource barrier, the same issue does not even make the top three for omni-channel leaders. Instead, limited access to third-party developers, implementing back-end technology and a lack of education and training of employees all rank higher.

To give you an idea of how few retailers actually have an omni-channel strategy up and running, only 31% of respondents revealed that they consider themselves to be “omni-channel integrated”. The majority are still struggling to implement technologies.

Customer experience

The most important omni-channel capabilities to retailers are a seamless customer experience across channels followed by a mobile application offering and support for inventory and catalogue management across channels.

Unsurprisingly, mobile is still a priority for retailers as 29.5% of those polled revealed mobile payments is the top technology they plan to implement in the next 12 months, which was in front of the 16.4% who opted for a dedicated mobile app.

Find out how you can create an omni-channel experience in Marketing Tech’s latest free-to-download whitepaper.

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