Recommended omnichannel retail strategies for 2015
No matter where you sit in the retail supply chain, whether you represent a store, supplier or logistics provider, you’ve probably heard about omnichannel. But taking steps to do something about the consumer’s growing expectation to make products available anywhere, anytime, delivered quickly and consistently, might seem daunting.
A new report by Retail Systems Research (RSR) and SPS Commerce help put omnichannel into perspective for retail stakeholders. Based on a comprehensive survey to each major audience in the supply chain, the 2014 Retail Insights: Fulfilling Consumer Expectations report by RSR and SPS Commerce offers practical ways to tackle omnichannel. Here are a few topline recommendations from the experts at RSR that don’t require reinventing the wheel:
- Retailers, go beyond legacy systems: While retailers likely aren’t going to shed their legacy systems anytime soon, there can be better ways than costly integrations to
incorporate new systems and technologies. Many mobile applications and fulfillment solutions use service-oriented architecture (SOA), for example, to make systems work together in an easier way.
- Manufacturers, curate assortments: By curating product assortments, which might seem counter to the “endless aisle” encouraged by omnichannel, RSR found that retailers don’t necessarily want nearly unlimited assortments from their suppliers because consumers aren’t demanding it. Less really is more.
- Logistics services providers, lead: Fulfillment providers can really set themselves apart by focusing on the services and the technologies that enable omnichannel, whether within or beyond their 4 walls. Think about what drives results and makes a difference to your customers (retailers, suppliers, and the end consumer). The answers may not require adding more warehouse capabilities.
- All stakeholders, go beyond swapping spreadsheets with more efficient data sharing: Product information, for example, can be shared more efficiently in databases and trading exchanges such as SPS’ Retail Network, among other technologies, that make the process more efficient.
Omnichannel: means to an end
As these recommendations show, parties in the supply chain need to take more orchestrated steps to enable better visibility and collaboration. To learn more about how to prepare for omnichannel retail and see what your peers are doing, contact one of our experts.
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