The Future of the Retail Industry by Implementing Omnichannel Marketing Strategy in the Republic of North Macedonia
Year: 2021
Type: article
Study design: Observational Study
Abstract: There have been significant changes evident across the retail sector over the last 20 years, which have been primarily influenced by technological advancements.These changes have forced many retailers to rethink their business models.Driven by those global advances in technology and changes in consumer buying behaviour, brick-and-mortar retailers are being forced to become omnichannel retailers subsequently bringing fundamental changes to consumer engagement, brand perspective, and price decision-making processes.This calls for new metrics for evaluating retail performance.The methodology used was a quantitative approach with a questionnaire including different types of sub-industries that are under the main industry of retail and their top executives as responders, reaching responsiveness of 100 respondents conducted online, during the period of January to February 2021 in Republic North of Macedonia.The analysis was conducted using the statistical program R Statistical Software.Responders responded to a questionnaire providing results on how omnichannel marketing impacts the retail industry by exploring through factor analysis, the two factors, profitability and customer engagement with multiple observed variables which have similar patterns of responses since they are all associated with a latent.The omnichannel research framework reported here will help guide research in this area.
Authors: Gjorgjina Sherovska, Ilijana Petrovska
Institution: University American College Skopje
Language: English
Subfield: Marketing
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W3207653841