Cabela’s Sales Skyrocket as it Shoots to Be World's Best Omnichannel Retailer
Outdoor gear retailer Cabela’s Inc. attributes it omnichannel strategy and expense reduction strategies to its Q4 2015 soar in sales; total total revenue increased 10.5% to $1.4 billion. During the company's third quarter it rolled out a new Vision 2020 strategy, which focuses on being "the world's best omnichannel retailer" by creating intense loyalty for the outdoor brand through legendary products and customer service delivered by highly engaged outfitters.
"We see the potential to continue expanding market share in the outdoor market while growing organically through customer loyalty and by providing rich customer experiences in every channel," commented Thomas L. Millner, CEO & Director.
As a part of the company's new vision it deepened focus on concentrating investment and resources on hunting, fishing, camping, and recreational shooting.
"These categories are areas where customers most identify with Cabela's and where customers demand the most from us in product selection, availability, and expertise," noted Millner.
Cabela's CLUB, its Visa card and loyalty points program, also continues to build a base of loyal customers. For the quarter, the average number of active accounts increased 6.6%, and the average balance of credit card loans increased by 14.4% to $4.8 billion.
In conjunction with the retailer's implementation of the new vision during the third quarter, Cabela's has identified six strategic areas to support its initiatives and drive future growth:
1. Improving top-line sales
2. Increasing profitability
3. Retail store expansion and innovation
4. Focus on putting the customers' needs ahead of all else
5. Diversity within the organization
6. Continued growth of the loyalty program at Cabela's
“We continue to believe that our Vision 2020 strategy will position Cabela’s to be the world’s best omnichannel retailer, while driving improved performance in both revenue growth and profitability,” said Millner in December.