Multichannel retailers are continually looking for ways to seamlessly interact with a new breed of shopper – the totally connected one. But as shoppers spread their purchases across online, mobile and in-store channels, are the “new” ways of shopping taking away sales from traditional channels?
In a recent Q&A featured on Retail’s BIG Blog, NRF’s Ellen Davis asked Macy’s, Inc. President, CEO and Chairman Terry Lundgren about his take on channel cannibalization. Read on for his viewpoint of why leveraging stores, websites and other channels together creates a synergy that actually increases sales, not moves them around.
It used to be that shoppers made holiday purchases at stores and through catalogs. Then the Internet came along. Now we have mobile and social media serving as sales channels. Do you see ways retailers can capitalize on all of these different shopping opportunities to increase sales across the board, or are the “new ways” of shopping simply cannibalizing sales from traditional channels?
We talk a lot at Macy’s about “omnichannel” retailing. Our customer is multi-dimensional. She is busy at work and out with friends. She always has her mobile device in her hand. She’s active on Facebook and Twitter and YouTube and a dozen other social media sites. She is smart and demanding. We want that customer to be able to interact with Macy’s no matter where she is or how she shops. It makes no difference to us whether she buys something in our store or online … or whether she is shopping from her desktop computer or her Droid or her iPad. Macy’s best customers are those who shop us in-stores and online. We have a whole series of strategies in place to drive our store customers to the Web, and our online customer to the stores. We strive to have a 360-degree view of the customer. Today’s customer is not monolithic. And that’s the way we are approaching our customer.
For more from Terry Lundgren on holiday trends, Macy’s “magic mirror” virtual fitting room, and what you’ll find him doing on December 26, visit Retail’s BIG Blog for the full interview.