Omnichannel as a strategy

E-COMMERCE has grown by leaps and bounds in the last two years, driven by lockdowns, social distancing and remote work. Two years ago, only 17.8 percent of global sales were made from online purchases. That number is expected to reach 21 percent in 2022, a 17.9-percent increase over two years according to e-commerce platform Shopify, and hit 24.5 percent by 2025. In the Philippines, e-commerce revenue is projected to reach $20.182 million in 2022 and post an annual growth rate of 17.45 percent until 2025, according to Statista.

Does this mean that the physical store as a channel is reaching its demise? Not quite. It is, however, transforming to be part of renewed omnichannel strategies that companies need to look into as consumers are changing the way they buy online and offline. This is why business leaders need to adopt new omnichannel strategies in order to succeed.