In today’s world of retail, customers want to seamlessly switch from browsing their mobile devices to buying something in-store. A successful omnichannel strategy for retail creates an experience that lets customers switch from one store to another without hassle.
Omnichannel retail has become an integral part of any retail strategy. Companies that are omnichannel-savvy will be able to serve the 73 % of customers who utilize different channels to research items, find discounts, or compare prices.
Table of Content
- 1 What is Omnichannel ?
- 2 What Is Omnichannel Retail?
- 3 Different Avenues of Omnichannel
- 4 How to Build Your Omnichannel Retail Strategy
- 5 7 best omnichannel retail strategies
- 6 Difference between omnichannel and multichannel
What is Omnichannel ?
Omnichannel, is a lead nurturing and user engagement method that allows a business to provide access to its offerings, products, and support services to potential customers or clients across all platforms, channels, and devices.
Adopting an omnichannel approach to your sales, marketing, and service plans has many advantages.
What Is Omnichannel Retail?
Omnichannel Retail is where retailers interact with their customers with multiple physical and digital contact points. When customers traverse these channels, their applications and data are also moved. This ensures that customers have a consistent, brand-specific experience from beginning to end. In this way, the biggest brands are now employing a multichannel store as a media strategy, as well as other options, inside brick-and-mortar stores, to expand the reach of their brand and increase visibility and influence with their customer audience.
Different Avenues of Omnichannel
There are a variety of channels for companies that are omnichannel to join, including digital marketplaces, digital platforms, and Social media sites.
One area where Omnichannel can be successful is in various online marketplaces.
Businesses can gain an edge by utilizing the existing market and successful companies while reducing money and time.
The most well-known example of a successful omnichannel marketplace is Amazon. It began as a basic online bookshop; Amazon has grown into the biggest marketplace on the internet.
Utilizing Amazon as an additional channel, companies can get access to:
- Around 2.45 billion monthly visits, almost three times more than the next largest company.
- Amazon’s quick, reliable fulfillment center is available regardless of the location you sell from.
- There are more than 200 million Amazon Prime members.
- One of the biggest data collection centers around the globe.
Walmart needs no introduction. Being one of the largest retailers around the globe, Incorporating it into your omnichannel strategy could assist businesses in expanding their market reach.
- Large-scale Walmart.com boasts 120 million monthly unique visitors.
- Quick delivery and Returns: In-store pickup, 2-day and next-day delivery options, simple return policy.
- Tools for selling: Huge investment in marketing, reporting, and analytics.
Sellers on Walmart.com receive 13 times more customers per month than Amazon and Amazon, which makes Walmart significantly less crowded by sellers than other marketplaces. For example, Walmart Marketplace sellers get around 27,000 visitors per month in comparison to only 2,100 visitors on Amazon.
The sales of e-commerce are expected to exceed that $100-billion mark within Latin America by the end of 2022. The rapid growth of this region is an important factor in your global strategy of eCommerce.
Also known as the “Amazon of Latin America,” Mercado Libre can help companies tap into the omnichannel potential globally.
Social media platforms like Facebook, Instagram, and TikTok are a second option for companies that operate omnichannel. Businesses can extend their reach to previously untapped markets with ads on social media platforms as well as mobile apps.
The recent Facebook Meta change in branding is also important for organizations that operate omnichannel since Meta will be part of the metaverse of channels. The most recent data show that Meta brands can reach 3.6 billion users monthly.
Businesses have a great opportunity through social commerce, and those who aren’t taking part stand to lose an important revenue stream particularly when you consider that:
- 73% of consumers across the globe made purchases in the store after spotting or finding the product on social media.
- 66 %of Gen Z Shoppers use social platforms to study products before purchasing them.
With millions of users using Google daily, advertising and search results in Google are the ideal growth chance to promote your brand or product’s appropriate customers at the right moment.
- 75% of all shoppers utilized 75% of shoppers worldwide used a Google product during the last week to assist with their shopping.
- 59% of those surveyed said they use Google to find out about the purchase they intend to purchase in-store or on the internet.
- 76% of customers like to surprise themselves when they shop.
How to Build Your Omnichannel Retail Strategy
Know your customers
Find out your audience’s preferences behaviors, preferences, and interests. Use social media and other existing channels to discover the various segments of your customer base. Then, choose the appropriate channel: Find the most popular channels your customers currently use and what they do.
Connect to all channels
Select the best technology that is adaptable and integrated across all channels to provide the same experience across every interaction
Customers are increasingly purchasing products directly through their preferred social media channels. Therefore, include social media posts in your online store as well as direct hyperlinks to your product pages in social media posts.
Customer service 24/7
Being available 24/7 isn’t feasible in the real world, but it is feasible to provide 24/7 access to customer service. Develop a unique in-person, mobile, and online customer service system that allows your customers to contact them whenever they want to.
Maitain your channels
Always improve your strategy and the performance of your channels in line with customer needs and preferences. This will create loyal customers who come again
7 best omnichannel retail strategies
1. Learn to understand your customers.
The first step to developing an efficient Omnichannel Retail Strategy and restaurant plan is to know what your customers want and what they are buying from you. One method to accomplish this is to conduct a quick survey asking people to share their dining habits and shopping preferences. It is possible to offer discounts for your customers to provide incentives to take the survey.
Ask your customers about their methods of discovering new menu items and products (social platforms, in-store shopping, and recommendations from friends and family) or what items they’d prefer to purchase in person rather than on the internet. This kind of data can help concentrate your efforts and show the areas where different channels may complement each other. For example, if many people say they’ve found new items on Instagram, you’re sure that’s an avenue you should focus on.
Data is crucial to this. You can use several business metrics to determine how your people interact with your company. Digitally, this could include:
- The most frequently visited pages on your site
- Reactions to the changes to your offerings
- Engagement through Marketing emails
- Sales by a device (mobile versus desktop)
- Social media conversion metrics
In your restaurant or shop In your restaurant, keep track of returning versus new customers and their purchasing patterns. For example, what is the time of day at the highest in purchases? What is the average frequency of purchases? This information provides 360-degree views of the elements that affect the buying habits of your customers.
2. Offer free Wi-Fi at your store.
Consumers are increasingly doing their own research about products when they’re at brick-and-mortar shops and restaurants. The research conducted by Google discovered that most consumers utilize their smartphones while dining out or in a bar. In addition, 84% of people use the internet via their mobiles when they are in a shop, and 65% of people use their phones to search for coupons on the internet, according to RetailMeNot and Forrester Research.
Provide Wi-Fi in the store to guide customers on their purchasing journeys. To make in-store or in-restaurant research easier, incorporate QR codes that provide nutritional and product information online.
3. Diversify where you’ll sell.
Market and sell your items anywhere in your buyer’s shop or search for more details. The majority of customers use a variety of different points of purchase for the item: brick-and-mortar stores as well as social media, online marketplaces like Amazon and Etsy and your own site review websites; and even larger retailers selling diverse brands, just to name just a few.
As you diversify, be sure to make sure that you keep the customers’ experience the same. If consumers are hopping between multiple platforms, they will see the same branding and prices. 90% of customers want that their experience will be the same across all channels and devices.
4. Create educational content.
Engaging, high-quality content is crucial when it comes to teaching customers, answering their questions of customers, and building trust across different channels. The more captivating content you make to demonstrate why buying from you is the best option and the higher your sales.
Content marketing campaigns can come in various forms, including blogs, social media posts, customer reviews, guides, and Livestream videos. Videos are captivating, help with SEO, and can be a huge success when it comes to social networks. You might consider creating explainer videos to promote your cornerstone products and services or even launching tutorials showcasing your areas of knowledge.
Consider integrating Social media into your brick-and-mortar experience.
The dressing rooms could include displays that allow customers to look through product reviews of the clothes they’re trying as a useful addition to other trial-before-you-buy methods. It is possible to encourage customers to take pictures of what they bought or consumed and share them on Instagram for a chance to win. It is also possible to create screens that display the live feed of social media that is related to your product or your industry.
QR codes are another option that can help elevate your omnichannel strategy to the higher step. There are many inventive ways for businesses to use QR codes to interact with their customers, such as using them to provide information about the chefs and makers behind products and recreate the ambiance of an in-store shopping experience.
6. Offer free delivery.
People, particularly young people, are always considering the idea of saving on shipping costs. Consider turning your brick-and-mortar store into a fulfillment center for online stores so that customers can purchase their goods without the cost of shipping.
The Future of Retail report found that almost three in ten customers prefer to pick up their purchases at the curb or in an actual store instead of receiving them by courier since they can get their items more quickly. In addition, over one-quarter of people who prefer to take their purchases directly to the store mention that they shop in the stores following their pickup to continue the omnichannel sale cycle.
7. Use your expertise
Smaller businesses can get a leg over the competition when it comes to Omnichannel. As a homegrown business and have a wealth of knowledge about your products and the industry. Utilize that knowledge in your business by providing workshops and tutorials. Online, integrate live chat or the capability of video chats with a professional on your site.
There are many opportunities to bring your experience to reality by instructing your employees to offer a seamless interconnected experience. Through social media training, for example, they can impart their knowledge to customers via social channels and boost sales while doing so.
Difference between omnichannel and multichannel
Customer-centric vs channel-centric
The other major difference between multichannel and omnichannel has to do with the focus on a channel; in contrast, omnichannel is focused more on the customer.
The goal of multichannel marketing is to maximize how many channels are utilized to increase awareness of the brand. Through more channels, consumers are able to choose the best way to interact with a company. The more channels available, the greater the choice customers have.
Customer engagement vs. customer experience
One of the major distinctions between them is that multichannel is focused on interacting with customers, whereas Omnichannel is focused on improving the customer experience.
Multichannel marketing’s objective is to cast the web as wide as possible to make many people aware of a company.
Multichannel strategies treat channels in different ways. This results in the absence of integration which leads to a sporadic and often frustrating experience between channels as well as internal departments. The inability to switch between different platforms could cause customers to choose brands that offer an omnichannel, seamless experience.
Instead, companies that employ an omnichannel strategy provide the same consistent and personal experience across all devices and channels.