An effective omnichannel strategy presents retailers with a significant opportunity as they seek to engage with an ever-evolving customer base. The marriage of the digital world and the physical one are creating wholly new sources of value, a phenomenon we call Digical℠, and FashionCo recognized it needed the right strategy to succeed in this environment.
Prior to their engagement with Bain, FashionCo's success was due in large part to sales from their brick-and-mortar stores. The company maintained e-commerce channels, but sales accounted for just 10% of its total revenue and those channels only offered discounted, off-season products. Compounding matters, the company lacked an integrated omnichannel strategy which created a varied customer experience across channels, with disjointed back-end operations and pricing inconsistencies.
Omnichannel customers are typically a retailer's most valuable customers: