Today, the retail market is difficult and in order to remain competitive, it is important to meet customers in every possible way. This is where omnichannel retail operates. With an online and offline blended shopping approach, retailers can design an outstanding shopping experience that aligns with the expectations of modern day customers. Let us look at the advantages and how to implement an omnichannel strategy.
Why Businesses Must Embrace Omnichannel Retail
In the current world, putting a business’s omnichannel strategy in place is not an advantage, it is actually a requirement. Customers demand and expecty effortless integrated experience across in-store, online and mobile shopping channels. Consider the following ways how your business will benefit from adopting this model.
Maintain Higher Customer Retention Rates
Customer loyalty sits at the foundation of successful businesses. Being able to serve your customers seamlessly acrossmore than one channel gives your customers the freedom that they want. Research shows that brands that implement omnichannel strategies report 13% higher customer retention rates year-over-year.
Having a synchronized inventory allows shoppers to have better experiences. For instance, “Buy Online, Pick up In-Store” (BOPIS) is a great way to cut out friction for your shoppers. These and other options make shoppers feel valued and help to keep them coming back.
Pro Tip: Use loyalty crafted offers based on advanced customer information extracted from all available channels to provide a more focused targeted strategy to a customer. This makes a customer more loyal customer.
Increase Revenue
Did you know that customers who engage with your brand on multiple channels are the most profitable? Such customers spend about 15 to 30 percent more than single-channel shoppers, and significantly increase your lifetime revenue. Furthermore, although repeat customers only make up 8 percent of your customer base, they account for 40 percent of your total revenue.
In addition, the different channels pointing to each other enables customers to buy on impulse. For example, if a customer is browsing your website, they may come across a banner stating, “Limited stock in-store.” This encourages the customer to visit the store and purchase the item.
Pro Tip: Examine the customer journey to determine effective points where you can cross-sell or upsell products.
Increase Footfall
Omnichannel does not only improve sales online. It can also enhance in-store traffic. Shoppers regularly utilize online platforms when making purchases offline. In fact, 75 percent of shoppers discover information online and make a point of going to the physical store.
Therefore, users can take advantage of this by making their digital footprint from store locators to the stock available visible and SEO friendly. This, complemented by targeted advertising or offers, can be very useful in improving foot traffic.
Pro Tip: Enhance your profile on Google My Business and post live updates regarding stock and other deals.
More Satisfied Customers
With omnichannel, you can offer customer support via social media, email, chat, or any channel that your customers prefer. Customers value convenience and with real-time support, customer satisfaction increases and repeat business is achieved. According to studies, 75% of customers return to brands that provide them with good customer service.
Using tools like Microsoft Dynamics 365 for Customer Service can help streamline support across channels, ensuring every interaction is efficient and helpful.
Customer support feedback should be used to enhance service throughout the business. Changes such as higher response rates and increased outreach are small but make a significant impact.
Spread the Good Word
You do not need to market your brand when your audience is doing it for you. Satisfied customers will share your brand with their friends and family and 92% of consumers will trust their recommendations. That is the most powerful form of advertising.
When it comes to engaging with your audience on an omnichannel strategy, social media will benefit you the most as loyal customers can share their experiences and get rewarded for it. Engaging content, including self-created posts and special offers on social media encourages them to share more of your brand.
Pro Tip: Build a strong community around your brand with referral programs that reward customers for bringing new consumers. This will not only raise sales but will also foster a solid community around your business.
How to Achieve Omnichannel Retail
While building an omnichannel retail strategy can be complicated, it is doable if approached correctly. Here’s how to go about it:
Combine Your Physical and Digital Outlets
The first step is to remove the walls that currently exist between your stores, website, and mobile applications. Break down the silos among your physical locations as well as your website and mobile apps. This will ensure that stock levels, pricing, and marketing values are the same throughout all systems. This makes it easy and pleasant for everyone, whether they’re purchasing online or at a physical store.
Pro Tip: Use API-led connectivity to link various systems and applications, making integration more efficient and more sustainable.
Make Use of Other Alterable Formats
With the aid of digital self-service kiosks, smartphone applications, and shelf technologies, shopping can become much more easy and interactive. It is also possible to gain critical information about your consumers from these touch points.
For instance, interactive kiosks can show what products are available, different types of promotions, or allow online checkouts. Additionally, placing digital signs around the cashier which enables people to purchase items has been shown to increase sales by 33%.
Pro Tip: Consider adding QR codes or other mobile-centric technologies to link the physical items with the digital world.
Take the Unique Customer Journey Into Consideration
Utilize metrics from all platforms to grasp the purchasing experience and mannerisms of the customer. With Microsoft Dynamics Customer Insights, you have the ability to create a 360-degree customer view. This makes it possible for you to provide personalized suggestions, set personalized percentages off, and pursue their needs.
Pro Tip: Divide your audience for effective targeted marketing campaigns for specific customer segments.
Provide Alternative Methods of Fulfilling Orders
In modern times, customers care more about convenience more than anything else. Options such as BOPIS, curbside pickup, and basis on demand delivery are nowadays a reality and no longer just a luxury.
Adopting these fulfillment methods enables you to maintain customer satisfaction and minimize resistance within the purchasing cycle.
Pro Tip: Implement hourly inventory changes so that customers are guaranteed the correct information.
Use Technology Targeted for Customer Care
Managing consumer inquiries is tedious because of the many channels used. Get specialized tools such as chatbots, CRM systems, unified communication systems, to enhance the process. This guarantees enhanced coverage at all times.
Pro Tip: Have your support staff trained on how to interact on different platforms with the same intent.
Test And Optimize Your Strategy
Now that the omnichannel strategy has been crafted, put it into action. Collect relevant data, analyze customer feedback, and make changes whenever necessary. For instance, what sounds appealing now may need changes in the future.
Adoption of an omnichannel business model is a necessity rather than option in this era of rapid technological advancement. By adopting both digital and physical approaches, retailers are able to improve customer satisfaction, generate sales, and remain relevant in the marketplace. Begin from a limited scope, enhance integration and personalization, and adapt to the new expectations of consumers. Leverage the benefits of an omnichannel retail business and see the results for yourself!
Final Thoughts
Adoption of an omnichannel business model is a necessity rather than option in this era of rapid technological advancement. Starting from the consumer’s perspective always helps understand their needs and wanting. Implement the business model and strategies to best suit the needs and watch the business flourish and thrive.