Fashion brands such as Zara, Nike and others are adopting omnichannel retail strategies to improve the customer experience and stay competitive in the industry.
According to IDC, omnichannel retailers experience a 15-35% increase in average transaction size, a 5-10% increase in profitability, and a 30% higher lifetime value than single-channel retailers.
Zara's strategy includes a "click and collect" service, RFID tags, and automated inventory management systems to provide real-time inventory visibility and reduce delivery times and costs. They have also expanded their distribution network and offer multiple return options.
Nike's strategy involves investing in technology, influencer marketing, and personalized customer experiences. They provide real-time inventory visibility across their stores, website, and mobile app, and offer free in-store pickup. Nike has also opened concept stores with immersive experiences to build brand loyalty.
Adopting an omnichannel strategy is crucial for retailers to meet the evolving demands of consumers and increase profitability. By investing in technology, inventory management, logistics, and marketing, retailers can create a seamless brand experience that enhances customer satisfaction and drives business growth.