Modern customers want to engage in unique ways with your brand. They want to browse and shop through multiple channels and expect it to be a seamless experience. Omnichannel retailing is a proven way to boost customer lifetime value, increase their spending and improve their experience. So, what is omni channel retailing? A consistent, well thought out and integrated, well coordinated approach to ensure rich and seamless customer experience across all possible touchpoints. However in order to achieve the kind of experience your customer wants through an omnichannel strategy, you must understand their preferences, needs and wants and based on that you can meet or exceed their expectations.
- According to Google’s Omnichannel shoppers: Customers who are able to buy through multiple channels have a 30% higher lifetime value than others.
- Brands that choose to implement omnichannel strategy achieve 91% greater year-over-year customer retention rates as compared to brands that don’t.
- 77% of strong omni retailing companies store customer data across channels, compared to 48% for weak omnichannel companies.
- Brands that offer strong omnichannel retail solutions have a 30% higher CLV than those who don’t.
- Businesses that implement omni channel retailing strategies experience a 9.5% year-over-year increase in annual revenue.
- Almost 73% of retail customers prefer multiple channels to shop, which is why retail brands have adopted an omnichannel retail strategy.
“Without a clear view of how customers engage with your store – both online and off – as well as how they shop, what they buy, when they make their most frequent purchases and more, your business does not have a chance to reach its full potential. Using data, you can identify best-selling items, slow-moving inventory, opportunities for more success and so much more” – Nicole Leinbach Reyhle, author of Retail 101
Customers want to be understood and recognized, wherever and whenever they shop or engage with your brand. Customers use an average of six touchpoints before purchasing something, and successful retailers support their customers seamlessly across all these touchpoints. Several retailers are seriously considering implementing omnichannel shopping experience. Chipotle Mexican Grill is one of them. Customers can place their orders on the store app and then pick it up at the nearest Chipotle outlet.
Here are some benefits of omnichannel retailing:
- As a brand, you can retain more customers through an omnichannel strategy because it pays to be present where your customers are.
- When you are present across multiple touchpoints, you can harness more data and wealth of information about your customers which you can further leverage to better understand their preferences, needs, wants and buying behavior to offer personalized services and boost sales.
- It’s a proven method to ensure customer satisfaction, because if you have an omnichannel approach, you’re mitigating the barriers to customer engagement.
- Omnichannel strategy gives multiple payment options to buyers so that they can opt for the most convenient one and this eventually combats the payment hassles making the engagement more reliable.
“You must have a plan on how to utilize as many channels as possible to get your customers attention. This plan needs to involve your brand message and consistency, as well as have a clear path to welcoming sales” – Cathy Donovan Wagner, Founder of RETAILMavens
What does it take to have an effective omnichannel retailing experience?
- It’s important to create rich buyer personas in order to get holistic information on preferences, habits, preferred mode of communication etc and offer a seamless user experience. For that you must have a clear understanding of the customer journeys.
- Based on the personas that you identify, it’s time to segment the audience so that you can align the content with specific buyer journeys and achieve the desired outcome. Personalization of content is critical to make customers feel valued.
- Prioritize all the channels or touchpoints and have solid strategies to maximize user experience.