Online shopping soared to new levels in 2020, propelled in part by the COVID-19 pandemic, accelerating e-commerce growth expected to span years into a matter of months. As online shopping boomed and the pandemic wore on, consumers increasingly resorted to curbside and other delivery fulfillment options, like buy online pickup in store (BOPIS), as a way to avoid crowds in stores. The most prepared retailers had already established these fulfillment options prior to the pandemic; others had to make adjustments to accommodate their customers.
Adopting and implementing an omnichannel retail strategy empowers retailers to improve customer service and profitability. As discussed in a recent report from the Retail Industry Leaders Association (RILA) with McKinsey & Company, two-thirds of survey respondents cited the growth of omnichannel and digital shopping as the most significant trend affecting the industry – and the greatest challenge. The report goes on to say, “The growth of e-commerce and demands by consumers for seamless omnichannel experiences are here to stay: consumers expect to continue making more purchases online post-pandemic than before COVID-19. With e-commerce projected to reach 25-40% of sales across categories after the pandemic abates, retailers must understand the role of digital shifts on the customer journey, upgrade e-commerce capabilities, and rethink the network as the role of the store blurs.”
At Logistyx, we love seeing our clients doing great things and implementing creative solutions to help improve the way they fulfill e-commerce orders. Some of Logistyx’s favorite shippers have been praised in the news in recent months for the great strides they’ve made with their omnichannel retail strategies by adopting some of the new innovations available to fulfillment teams, and we’re thrilled to see many of these impressive initiatives taking off.
Here are some news stories we’re excited to see:
Crocs’ record-setting quarter was covered in Yahoo! Finance
The footwear company recorded its highest revenue and adjusted operating profit of any quarter in its history as sales in Q4 ran up 56.5%. The growth was led by the Americas and EMEA regions, with digital seeing the fastest growth among channels.
E-commerce surged 92% in the quarter, representing Crocs’ 15th consecutive quarter of double-digit e-commerce revenue growth. The overall digital business, which includes owned and third-party e-commerce, grew 87% and represented 41% of fourth-quarter sales, compared to 34% last year. For the year, e-commerce revenues climbed 58.2% and digital sales, including sales at crocs.com and third-party sites, grew 50%.
Foot Locker’s strong digital sales were reported by Nasdaq
Footwear and athletic apparel retailer Foot Locker has managed to navigate the turbulences in the retail space on the back of its sturdy e-commerce business as well as prudent operating strategies.
Foot Locker has been investing significantly to reinforce its digital presence, with a focus on augmenting its e-commerce platform and saw digital sales rise triple digits across the regions that were heavily affected by store closures. The retailer further bolstered omnichannel strength by adding new services like its ‘Shop My Store’ feature on its website.
Home Depot received a glowing report on CNBC
Home improvement giant Home Depot’s Q4 earnings surged past expectations as consumers poured more money into home improvement due to the pandemic.
Digital sales increased about 83% in Q4 compared with a year earlier. The retailer grew about 86% for the full year compared with the year prior, with about 60% of those online orders fulfilled through the store.
Home Depot plans to continue to invest in integrating its e-commerce and brick-and-mortar business.
To learn how you can optimize your omnichannel shipping strategy to effectively take advantage of the ongoing e-commerce surge, see how Logistyx’s cloud TMS for parcel shipping can help.