One of the most successful companies I've ever been associated with operates stores and e-commerce. Here are their counts of "omnichannel" buyers in the past five years ... defined as 1+ purchase in e-commerce in the past year and 1+ purchase in-store in the past year. Tell me what you observe.
- 2022 = 15%.
- 2021 = 17%.
- 2020 = 8% (Covid year, stores were not open for 6 weeks).
- 2019 = 18%.
- 2018 = 19%.
This brand grew significantly over the past five years.
This brand nearly doubled annual profit in the past three years.
The percentage of customers who buy from stores and online decreased over time, albeit modestly.
This brand technically becomes more successful as it generates fewer customers who buy from both stores and e-commerce in the same year.
There are many ways to be successful in business.
You don't need to do what trade journalists and research brands demand of you.
Instead, sell your best customers stuff they love and acquire customers at a cost that allows you to generate a ton of profit in the next few years. Do that and you'll be just fine.
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