This post is part 2 in a two-post series by Elin Sternberg, a (former) master thesis student writing her thesis in cooperation with our Swedish partners from Consid. In this post, Elin concludes the findings of her research, concluding that even though implementing an omnichannel strategy is extensive, it should be viewed as a necesary long-term investment in the survival of the firm.
You can find the part 1 here.
Tomorrow belongs to those who can hear it coming – The study of Omnichannel and its maturity in Swedish Firms
Our aim has been to investigate the current maturity level of Omnichannel in Swedish firms and what consultants can do together with the Networked Business Initiative in order to help encourage this transition. Furthermore we aimed to determine what the biggest barriers are in the development as well as question where the consultants and experts see the future of Omnichannel heading. Below we conclude our research.
According to the consultants, Sweden is in no way leading the change towards omnichannel communication. However, the empirical findings suggest that they are in a good position to implement this concept into firms. The technology and infrastructure of the country is there to support the development according to the consultants. The largest restriction for the development of omnichannel in Sweden today seems to be the lack of knowledge around the concepts as well as the cost of implementation.
The lack of knowledge regarding what the implementation of an Omnichannel strategy can do in the future for a firm is concerning to the consultants as they see how this enforcement may become vital in the future for the firms success. We conclude that initiatives such as the NBI Network with its dashboard can provide a road map for the firm in terms of their own position in the market, and a comparison to their competitors. Furthermore, it may act as a tool for the consultant to guide their clients and the initiative provides a network for consultants to work together, over company boundaries, to enhance the knowledge of the clients as well as exchange their own experiences.
The cost of the implementation of an omnichannel strategy seems to be extensive, from what we can conclude. However, the consultants and experts all argue that this investment should be viewed as long-term in the survival of the firm, in an ever changing globalized, digitalized market. Without this, the prediction seems to entail that the firm will be in the hypothesized 50% of firms that will not survive in the next ten years due to late recognition of the strategy shift. In the upcoming decade the over-all prediction seems to be that the Omnichannel strategy will be implemented in all types of firms, in every type of industry. From what we can conclude from our interviews and secondary data collection, that the majority of consumers will have a personal relationship with the firm, and the companies that lack this intelligence will not survive.
If you are interested in reading the entire thesis, you can access the paper on DIVA: Sternberg & Bertilsson – “Tomorrow belongs to those who can hear it coming -The study of Omnichannel and its maturity in Swedish Firms”.
Our journey has ended as Master students studying this phenomena, however, I will continue the work through my connection with Consid. In the fall I will start as a sales and marketing trainee at their head office in Jönköping, with the ambition to help assist the team in the future developments with the NBI Network. I am excited to keep working with the initative and look forward to the fall!
If you have any further questions, feel free to contact me at email@example.com