A few years back, ‘Omnichannel’ was merely a buzzword, a theoretical concept that was just discussed among the industry experts. Today, it is no longer just that. The modern customer is looking for a seamless shopping experience, whether it is online or offline. Omnichannel retail allows better brand interaction as today’s customers do not differentiate between channels while shopping. They may start browsing on a desktop, check the product on their mobiles, and actually purchase it in the store.
According to a report by Aberdeen Group, companies with omnichannel customer engagement strategies retain, on average, 89% of their customers, compared to the customer retention rate of 33% for companies with weak omnichannel customer engagement. With more and more shoppers looking for an integrated experience across all touch-points, retailers today face the daunting task of offering the modern customer just that.
What is omnichannel retail?
Omnichannel retail involves offering customers a truly unified shopping experience across all channels. Whether it is over brick-and-mortar stores, social media, eCommerce, or online stores. The focus is to make the ‘how they shop’ journey as smooth and high quality as can be irrespective of ‘where they shop’.
Why is Omnichannel marketing important?
According to a study conducted by invespcro.com, shoppers who buy from a business both in- store and online have a 30% higher lifetime value than those who shop using only one channel. Today’s shoppers are more aware than they ever were. They expect a seamless experience from the brand that transcends the boundaries of any channel that they use.
A report from Market Watch suggests that the global omnichannel retail commerce platform market is expected to grow from USD 2.99 billion in 2017 to USD 11.01 billion by 2023, at a compound annual growth rate (CAGR) of 21.48% during the forecast period.
Omnichannel marketers retain more customers than single-channel marketers. They also have a higher average order value and omnichannel marketing ensures greater engagement with the brand.
How can you implement an omnichannel retail strategy for your brand?
With the tech-savvy customer taking over and the touchpoints during a shopping experience increasing significantly, an omnichannel approach is a way forward for all retailers. The advent of technological innovations in the omnichannel world and innovative operational methods have forged the future path for retailers. Achieving a flawless omnichannel experience is easier said than done.
Read More: Practical insights to implement a robust Omnichannel strategy
