As technology evolves and customer expectations grow, the e-commerce industry is getting more competitive with each passing year. With the additional pressure brought by a global pandemic, many retailers have made their shift towards online businesses.
As consumers get more comfortable doing day-to-day transactions online, they also expect companies to make their experiences consistent, more engaging, and most of all, convenient to their needs.
Consumers are looking forward to seamless experiences every time they shop online, whether they’re browsing for products or services on their smartphones, or desktops. The comfort of shopping online during a pandemic has given consumers a significant amount of convenience and satisfaction.
With this in mind, you’ll probably want to have your own way to deliver only the best customer service. So now, say hello to omnichannel retail.
Omnichannel retail definition
Omnichannel retail is a business method in which all platforms of interaction are integrated into one another bringing customers a seamless shopping experience.
The business model is empowered by a centralized data management system. This enables customers to use different channels in their shopping process.
This approach allows consumers to create their own choice of shopping routines, which is something so engaging and attractive to a new generation of consumers in the digital era.
Omnichannel vs. multichannel
Even though some say that omnichannel seems to be just an extension of multi-channel, these two models are entirely different from one another.
Omnichannel retail provides businesses a centralized data system that shows the activities of all existing channels you have.
Omnichannel retail targets existing clients, which means that they focus more on improving customer profitability and customer retention.
Multichannel retail, on the other hand, adopts multiple channels and manages them separately. It can be email, chatbot, social media, or through websites and applications.
A multi-channel strategy was initially created so that retailers can sell as many products as possible on multiple platforms. Customer experience and retention are the main rationales for omnichannel retail.
Benefits of omnichannel retailing
Now that you have an idea of how the omnichannel model works, here are just some of the major benefits of omnichannel service and what can it contribute to your overall business operations as well as to customers’ shopping experience:
Personalization comes easy
Customers seek a personalized experience at every channel. Apart from your high-quality products, customers want to avail them fast. They’d also want to be able to get information about your products and services as quickly as possible.
Personalized content will not only attract consumers’ interest, but it will also provide the information they need in an organized manner. If you can respond to the customers’ requests and inquiries directly and on a personalized level, they will more likely become repeat customers.
Personalization not only comes easy for omnichannel strategy but it has become a must-have in today’s businesses.
Agents are empowered to assist customers
Customers become irate when they are put on hold for a very long time. If you have multiple yet not-integrated channels, agents have to first log in and out of multiple systems to find the information needed to complete the transaction.
When agents do not have easy access to the previous transaction that the customer had with your account, they would often end up providing customers with inaccurate and inconsistent data.
In other cases, customers would then have to repeat themselves and this makes the situation worse for both parties.
Establishing an omnichannel retail model also empowers your agents to assist the customers. They will have access to better resources where customers’ information is contextualized wherever the interaction happens.
An integrated data is key to empowering agents upon delivering the best customer engagement and satisfaction.
Drives more sales and traffic
If the customers’ shopping experience is enjoyable for them, they will buy more products and services from your brand.
An increased number of sales is one of the decisive factors for retailers who generate a boost in revenue. A study conducted by Harvard Business Review showed that omnichannel customers spend more money when purchasing online.
An omnichannel experience prioritizes the comfort of the clients. No wonder that customers want to keep choosing brands that put them on the pedestal.
Provides seamless support
It is undeniable that the omnichannel strategy delivers an increased operational efficiency while reducing costs. If you want to create a holistic overview, you have to implement a unified strategy for every channel.
This Coresight Research shows that 53% of leading European retailers aim to improve lifetime customer value making it their main reason for implementing an omnichannel strategy.
Get set omnichannel-ready
Competency is the theme of the retail market for 2021 and for the years to come. Now’s the perfect time to level up your game and prioritize customers’ needs and expectations.
Retailers, business owners, and managers must adapt to ever-evolving consumer expectations. You can do this by fully welcoming a new and fashionable approach to consumers’ shopping experience.
Developing a strong omnichannel strategy into your business model will give you more solid chances for scaling up, and earning more while increasing customer loyalty.
