SEOUL, Aug. 27 (Korea Bizwire) – Shin Dong-bin, CEO of Lotte Group, the leading food and shopping mall operator, highlighted on August 25 that the company should focus on “omni-channel retailing strategies” which allow customers to shop with the same retailer through different channels including mobile Internet devices, computers and brick-and-mortar stores.
“In order to keep up with changing consumer demands, we should adopt the omni-channel strategy, with which we can seek for an opportunity to grow,” he said at the 2014 Lotte Marketing Forum. “As Lotte Group has been a multi-channel retailing company, we need to do our best to overcome the limitations we are faced with. We ought to understand the potential impact of omni-channel retailing,” he added.
In order to employ the strategy, Lotte Department Store, an affiliate of Lotte Group, organized a task force and begins to develop its plan.
At the forum, Bernd Schmitt, a professor of international business in the marketing department at Columbia Business School, gave a lecture on customer happiness.
“In the customer-oriented innovation, it is important for retailers to have happy and loyal customers, not just to sell a lot of goods,” Mr. Schmitt said. “The companies have to establish close ties with customers by combining products and services,” he also said.
“Retailers need to realize the omni-channel plan in the market, getting away from looking at the buying process through the eye of a narrow silo and diversifying its channel,” he added.
By Veronica Huh (email@example.com)