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Strategy for striking the omnichannel balance in Retail 4.0

Strategy for striking the omnichannel balance in Retail 4.0 The rise of Industry 4.0 led to digitally-enabled evolutionary and radical changes in all branches of the retail industry, resulting in the emergence of the distinct term “Retail 4.0”. Within this paradigm, particular emphasis is placed on forming a balanced system of omnichannel sales and customer service, allowing reaching a synergistic effect in the face of constant changes, turbulence and uncertainty in the business environment. The main objective of this study is to offer and justify a practical strategy for optimal utilization of sales channels and customer service provision within the Retail 4.0 paradigm.Design/methodology/approachThe conceptual argument of the study is based on the review of the literature and illustrative case studiesFindingsThe decision-making model proposed in this study provides a roadmap for retailers. It underscores the need for a data-driven approach, where decisions are informed by real-time analytics and customer insights. This model also advocates for a flexible yet structured approach to managing various sales channels, ensuring that each channel complements and enhances the other.Originality/valueThe study offers and justifies an original five-stage process model for forming a balanced system of omnichannel sales and customer service. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Strategy & Leadership Emerald Publishing

Strategy for striking the omnichannel balance in Retail 4.0

Osiyevskyy, Oleksiy; Umantsiv, Yurii; Kavun, Olha
Strategy & Leadership , Volume 52 (3/4): 13 – Oct 30, 2024
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Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
1087-8572
eISSN
1087-8572
DOI
10.1108/sl-12-2023-0120
Publisher site
See Article on Publisher Site

Abstract

The rise of Industry 4.0 led to digitally-enabled evolutionary and radical changes in all branches of the retail industry, resulting in the emergence of the distinct term “Retail 4.0”. Within this paradigm, particular emphasis is placed on forming a balanced system of omnichannel sales and customer service, allowing reaching a synergistic effect in the face of constant changes, turbulence and uncertainty in the business environment. The main objective of this study is to offer and justify a practical strategy for optimal utilization of sales channels and customer service provision within the Retail 4.0 paradigm.Design/methodology/approachThe conceptual argument of the study is based on the review of the literature and illustrative case studiesFindingsThe decision-making model proposed in this study provides a roadmap for retailers. It underscores the need for a data-driven approach, where decisions are informed by real-time analytics and customer insights. This model also advocates for a flexible yet structured approach to managing various sales channels, ensuring that each channel complements and enhances the other.Originality/valueThe study offers and justifies an original five-stage process model for forming a balanced system of omnichannel sales and customer service.

Journal

Strategy & Leadership – Emerald Publishing

Published: Oct 30, 2024

Keywords: Marketing; Retail 4.0; Omnichannel balance

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