Australian retail giant Woolworths has underlined its commitment to new retail channels announcing plans to generate A$1bn in online sales by 2014.
According to a report published in the New Zealand Herald, Woolworths chief executive Grant O’Brien has stated online retail - or as he referred to it multi-optional retailing - presented potential to expand sales.
'Giving customers multiple options isn't a threat, it's a huge opportunity, probably the biggest opportunity in retail for many years,' O'Brien said.
'If you can't recognise that, then you need to question your future in retail,' he added.
'Retailers need to stop complaining and start innovating and that includes us.'
Woolworths was pursuing innovation and working towards “making the entire business multi-operational by 2015”, he added.
'In 2020 I believe 100 per cent of our turnover at Woolworths will emanate from the multi-option channel, with customers having access to at least one online touch point before making their final transaction,' he said.
A major challenge in achieving its stated objectives, said O’Brien, would be improving its supply chain.
