Retailers today wish to give their customers effortless shopping experience. These days customers are not only looking for the perfect product that suits their need, but they are also demanding a seamless affair in getting that product.
The way to this smooth purchase journey starts with omnichannel retail. Omni-channel retail refers to the multi-channel method that aims at providing the customer with a seamless shopping experience whether the client is shopping online from a mobile device, a laptop or from a retail store near-by. Omni-channel provides the customer with an integrated shopping experience that multi-channel does not.
Brands who are embracing omnichannel retailing improve the overall buying experience of their customers and create more channels to increase the sales throughput. In fact, they have gone an extra mile to create a personalized experience by reaching their doorstep instead of focusing on driving the footfall to the stores. Given below are 7 benefits of omnichannel retail and its impact on your business-
#1. Sustainable Revenue Growth- According to the research done by the IDC customers who buy from stores and from e-commerce websites have 30% higher customer lifetime value as compared to a customer who shops only from one channel. Retailers can capitalize on this potential value and have consistent revenue growth by giving customers the option to buy in person.
#2. High Customer Retention- In today’s competitive environment retaining a relationship with the customer is quite challenging. Brands are consistently researching and coming up with innovating ways to engage their customers. One of the approaches is how to create a personalized experience. Consistently following customer behavior through social media channels is one of the ways to gain deeper insight. Being individually distinguished and personally attended is what customer cherish.
#4. Customer Self Service- Customer’s embrace self-service for a sense of self-independence. All thanks to digital innovation driven by technology. At the same time, it also allows the consumer to keep in touch and receive feedback from the service provider through chatbots, social media response engagement, and the call center support. If customers get answers to their questions without taking up Omni-channel Retail- The Future of E-commerce much time and resources, it increases business efficiency and customer satisfaction.
#5. Increased sales and Margins- Omni-channel set up allows customers to make a purchase from wherever they please. It gives retailers’ stock visibility and accessibility to the customers’ in their preferred channel. Moreover, it provides convenience to the customers and substantially increases the buying opportunities for various products offered by retailers. Most importantly it provides customers with a wide range of selection and numerous ways of accessing and purchasing that selection thereby enhancing sales.
#6. Easy Returns- Ease of returns improves the overall brand experience. Which means omnichannel gives a choice to make returns via multi-channels that further helps in building the loyalty of the customer. Just think you are buying from a website but now you can return it back to the store next door? What needs to be adapted is technology stock management and pricing management – as each channel may have some different pricing to offer.
#7. Decreased labor costs/ Shipping cost- Over the long run, the retailers would be able to optimize inventory and reduce the amount of time taken which will significantly bring savings. Similarly, optimization can be done at the nearest omnichannel fulfillment center, items included in an order or in the available inventory, retailers can reduce shipping costs.
Adopting omnichannel strategy ensures a successful future and engaging business prospects. Omni-channel retailing offers a 360 view of all the purchases made by the customers. In the end, what all the retailers want to offer i.e. best-in-class customer experience, operational excellence to serve their customer better to drive growth. It will enable retailers/ brands to improve the insight or understanding of their customer. In the end, customer satisfaction and streamlined efficiency are what everyone is aiming for.
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