How Brick & Mortar Retailers can adapt to fast-growing e-commerce business with Omni-channel Approach
The retail industry is constantly on the cusp of change. Major retailers understand that due to technological disruptions, the marketplace is overcrowded, saturated and competitive.
An Omnichannel retail strategy enhances the customer experience, besides providing additional channels for customer purchase. Research estimates that omnichannel customers spend between 15 and 30 percent more than single or even multi-channel clients.
Put simply, the omnichannel approach means to be present on all channels. So, as can be seen, there are many advantages of opting for omnichannel strategies:
Developing Brand Loyalty: Customer Retention
Existing customers stay loyal to your brand. The focus is always on connecting with your brand for advocacy, repeat purchases, and even referrals. The convenience conferred by an omnichannel approach makes it possible to develop a loyal clientele for your retail brand.
A Harvard study found that omnichannel customers are more likely to engage with retailer channels, specifically digital touchpoints. This includes downloading coupons, using shopping apps and engaging with in-store digital touchpoints such as self-serve kiosks and price checkers.
This study also found that omnichannel customers were more valuable compared to single channel counterparts.
No Geographical Barriers
Customers are able to locate products across vast geographical distances and finish the delivery order by locating the store closest to them.
Integrated Analytics and Communication
Multiple communication channels connect different streams of information a business must comprehend to meet customer's needs. Cross channel capabilities also make it easier to integrate data.
Meet Customers at the Point They Are
Through Omni-channel connectivity, retailers standardize digital retail experiences and link online as well as an offline presence through the plug and play functionalities by connecting various systems and apps including websites, ERPs and mobile apps.
Online retail models are gradually moving past traditional brick-and-mortar stores to incorporate an omnichannel approach. This can grow your business in strategic directions. At the heart of an effective e-commerce company is a retail model (https://www.yourretailcoach.in/
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