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Though rising costs associated with online shopping are cause for concern, retailers can leverage their brick-and-mortar stores to enhance the e-commerce experience and streamline the costs to themselves via omnichannel services.
The most essential of these services are buy online, pickup in-store (BOPIS) - a service that allows shoppers to select and pay for an order through an online channel and then come to a physical location to fulfill it - and buy online, return in-store (BORIS), which enables consumers to come to a store to return an item purchased online.
BOPIS is one of the most valuable omnichannel offerings that retailers can provide. It's also one of the fastest-growing omnichannel services among retailers, with adoption of BOPIS across big box, department store, fashion, activewear, and specialty retail verticals expected to grow from 44% adoption in 2016 to a resounding 90% by 2024.
Likewise, BORIS is poised for steady growth in the near future: US retailer adoption of BORIS is expected to increase from 40% in 2017 to 81% in 2024, more than doubling over the period, according to Business Insider Intelligence estimates. As these services become increasingly popular and consumers come to rely on them, retailers will need to find a way to implement them in a way that distinguishes them from their competitors' offerings.
In The Omnichannel Fulfillment Report, Business Insider Intelligence examines the current trajectory of BOPIS and BORIS and provides strategies retailers can use to implement them. We first examine the growth that each service is expected to see in the next few years, as well as the drivers of higher adoption among both consumers and retailers. We then look at some best practices that retailers can use to develop BOPIS and BORIS offerings that will help them stand above their competitors as the services grow in popularity.
The companies mentioned in this report are: Amazon, Happy Returns, Optoro, Ryder Supply Chain Solutions, Walmart
Here are some of the key takeaways from the report:
- BOPIS is expected to hit 90% retailer adoption by 2024, while adoption of BORIS is estimated to double from 40% in 2017 to 81% in 2024.
- This growth will be driven by the services' ability to reduce shipping costs and inspire impulse purchases from customers who are picking up or returning items in-store.
- Customer adoption will also grow, as those who use BOPIS can avoid shipping fees, have their orders fulfilled more quickly, and physically see their items before taking them home.
- Meanwhile, when consumers use BORIS, they don't have to deal with the hassles associated with shipping a return back, don't have to worry about their return getting lost in the mail, and can get their refund more quickly.
- Due to BOPIS' popularity, retailers will need to employ best practices to set their offerings apart from competitors. These include making orders available for same-day pickup, offering several ways to pick up orders, and streamlining the pickup process.
- BORIS is currently seeing low usage despite high consumer interest. However, we expect the service to take off in the next five years, which means that retailers need to assess their BORIS capabilities and implement a service that can stand out. Some key strategies for doing so include optimizing the process via mobile devices, deploying a turnkey solution from a third-party provider, and enabling employees to handle returns from anywhere in the store.
In full, the report:
- Sizes BOPIS and BORIS adoption and provides a forecast for its growth through 2024.
- Looks at the factors driving adoption of the services among both retailers and customers.
- Outlines the best BOPIS and BORIS practices retailers can follow to set themselves apart from competitors and drive value with the services.
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