Incisiv, in collaboration with Blue Yonder and Microsoft, today released the 2023 Omnichannel Experience Index, assessing top retailers' omni-channel capabilities and experiences across four key areas: Inventory Visibility, Frictionless Fulfillment, Cost and Payments, and 360-Degree Service.
The index found that shoppers are increasingly leveraging digital platforms, with 93% of all shopping journeys now starting online, up from 81% in 2020. For omni-channel retailers, ever-evolving shopper needs make it increasingly challenging to meet and exceed their expectations, thus foundational capabilities are required to address these expectations. The absence of these capabilities has a negative impact on not only digital performance KPIs, but also revenue and shopper satisfaction. Key findings of the report include:
Incisiv recognized 20 retailers and brands as "Leaders" in the 2023 Omnichannel Experience Index. Leaders offer the richest omni-channel experience maturity across the four key areas of the index. The complete list of leaders is available to download here.
"Retailers must curate omni-channel experiences that can keep up with the ever-evolving demands of shoppers. Shoppers are loyal to retailers that provide their ideal experience, therefore digital transformation in retail isn't slowing down. In order to retain their shoppers, retailers must continue advancing their omni-channel capabilities and offer a full-service experience so they can stay ahead of the competition. Blue Yonder, in collaboration with Microsoft, understands the complexity it takes to make these advancements and offers solutions to help retailers rapidly implement and delight their shoppers with new experiences," said Erin Halka, senior director, Solution Strategy - Commerce, Blue Yonder.
"Retailers across sub-segments adopted digital capabilities at an accelerated pace over the last two years. The speed of digital transformation might appear to have slowed a bit on the frontend as retailers take a step back and shore up the capabilities to enable a seamless truly omni-channel experience," said Gaurav Pant, chief insights officer, Incisiv. "However, shopper preferences are a moving target, and retailers must continue to continuously transform to meet expectations, especially as customer retention is getting increasingly difficult. A re-imagined omni-channel operating model aligned to evolving consumer needs will ensure retention. We conducted this study to help retailers understand how they compare to their peers, as well as identify high-impact improvement opportunities for digital transformation."
"To win at the four key findings of this index, retailers need to unify their consumer and operational data that resides in disparate applications. Microsoft is on a mission to help retailers do this by enriching their data with additional data sources, providing access to insights across organizational silos," said Shelley Bransten, corporate vice president, Global Retail & Consumer Goods Industries, Microsoft. "Blue Yonder's solutions use Microsoft Azure to help retailers make more informed decisions to power their global supply chains."
Download the complete 2023 Omnichannel Experience Index here.
Survey Methodology
Incisiv's 2023 Omnichannel Experience Index is based on insights from its proprietary digital maturity benchmarking methodology. The insights span 115 retailers, 104 digital capabilities and seven industry segments. Each retailer's returns capabilities and experience were assessed using an observational methodology.
About Incisiv
Incisiv is a next-generation industry insights firm that helps retailers and brands navigate digital disruption in their industry. Incisiv offers consumer industry executives responsible for digital transformation a trusted platform to share and learn in a non-competitive setting, and the tools necessary to improve digital maturity, impact and profitability. More information is available at incisiv.com.
About Blue Yonder
Blue Yonder is the world leader in digital supply chain transformations and omni-channel commerce fulfillment. Our end-to-end, cognitive business platform enables retailers, manufacturers and logistics providers to best fulfill customer demand from planning through delivery. With Blue Yonder, you'll unify your data, supply chain and retail commerce operations to unlock new business opportunities and drive automation, control and orchestration to enable more profitable, sustainable business decisions. Blue Yonder ? Fulfill your Potentialtm blueyonder.com
"Blue Yonder" is a trademark or registered trademark of Blue Yonder Group, Inc. Any trade, product or service name referenced in this document using the name "Blue Yonder" is a trademark and/or property of Blue Yonder Group, Inc. All other company and product names may be trademarks, registered trademarks or service marks of the companies with which they are associated.
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