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By Peter Leith and Lindsay Carpen

Adapt or die. This adage has never been more true than in today's dynamic retail industry where multichannel retailers dance on the edge of thinning margins and fickle customer preference, all while staving off growing competition. The move by consumers to multichannel engagement, accelerated by the advent of mobile technology, has made the retail environment more competitive and complex. By adapting and implementing a cross-channel strategy, retailers can leverage these same channels to create unprecedented opportunity to improve the customer experience, increase margin and reduce stock-outs.