3 in 4 retailers have a cross-channel strategy (51%) or are working towards one (24%), according to December 2012 survey results from Retail TouchPoints (RTP). Among those with a strategy in place, a leading 45% say it has improved their business by improving loyalty, while others see benefits such as increased brand interactions (38%), improved customer retention (31%), and increased basket size (27%).
Still, creating a seamless cross-channel experience that can provide these benefits is a difficult proposition. In a November report, RSR Research found that when asked to name their top 3 operational challenges, a leading 59% of multichannel retailers surveyed pointed to coordination with other channels to create a seamless brand experience.
However difficult it might be to create the right experience for customers, when it works, it appears to pay off. Of the RTP survey respondents who measure the profitability of cross-channel customers, almost half say that these customers prove to be more than 10% more profitable than single-channel customers. Profitability is most often measured by average basket size (52%), frequency of shopping trips (48%), and total dollar value purchases over time (45%).
Results from RTP’s “Completing the Cross-Channel Challenge” report indicate that retailers haven’t yet fully adopted the use of analytics to evaluate their cross-channels strategies. Just 36% are currently doing so, and only 24% plan to. Among the minority who are currently using some form of analytics, sales (52%) data is most commonly analyzed, followed by customer (43%) and web (30%) data.
About the Data: The TCP results are based on insights provided by 84 retailers and wholesalers.
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