Multichannel Initiatives boost HMV Market Share
HMVs efforts to boost its multichannel business are paying off as the entertainment retailer has gains market share in the first three months of the year, according to the latest Kantar Worldpanel data.
The retailer has improved its market share in the first three months of this year by 1.7% to 19.2%. This means it is catching up with online rival Amazon, which currently holds a 19.9% share of the total entertainment retail market. This comparison is however offset by the fact that the overall online marketplace has seen a growth in market share by 2.7% year-on-year.
Nevertheless, HMV's attempt to improve its previously weak performance by growing its digital business through a multichannel strategy is now paying off.
Successful tactics include offering digital versions of physical products at point of sale, a click and collect service, in-store Wi-Fi for enhanced customer experience, a host of mobile apps and better online integration of its PureHMV loyalty programme.
HMV's Marketing and eCommerce Director, Mark Hodgkinson, commented on further initiatives now that the company has secured its financial future: "The business has been focussed on survival, but as we move forward now we're able to start putting some plans in place. We've got a clear roadmap, it's now about making sure we execute it."
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