Lotte Focuses on Omni-channel Retailing Strategy | Be Korea-savvy

Lotte Focuses on Omni-channel Retailing Strategy


In order to employ the omni-channel retailing strategy, Lotte Department Store, an affiliate of Lotte Group, organized a task force and begins to develop its plan. (image: Lotte Group)

In order to employ the omni-channel retailing strategy, Lotte Department Store, an affiliate of Lotte Group, organized a task force and begins to develop its plan. (image: Lotte Group)

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 (veronicah@kobizmedia.co.kr)

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