Recognizing the shift to online shopping habits among consumers, more CEOs at retail companies are focusing more of their business initiatives on ecommerce strategies, according to a new report.
PricewaterhouseCoopers Canada Retail Consulting Services surveyed 21 national retail chains and found that all believe ecommerce is a game-changer for the industry. Nearly all also plan to focus on the area in order to align their organizations as multi-channel retailers.
"Retailers are increasingly focused on growth strategies that differentiate them and provide new, exclusive and differentiated value, thus providing a more compelling proposition to keep customers coming back," Antony Karabus, PwC Canada Retail Consulting Services Leader, said.
Furthermore, the CIOs polled said they believe their ecommerce business will grow anywhere from five to 20 times greater than their brick-and-mortar locations.
Mobile commerce is another area of retail that has experienced big gains lately. During the summer, Forrester Research predicted that U.S. mobile commerce will reach $31 billion by 2016 and account for 7 percent of all ecommerce sales. However, the report said that retailer investment in the area will remain modest until a clear return on investment is evident.