Every retail business aims to build consumer loyalty and ensure an excellent shopping experience. To succeed at this, it is important to track the customer journey and have a competent strategy that covers every point of interaction with the shoppers.
Nowadays, there are plenty of approaches for companies to choose from, with multichannel and omnichannel retailing among the most widely used ones. Read ahead for a detailed overview and comparison of these two strategies, alongside tips on which one to integrate into your company.
Even though both omni- and multichannel solutions deal with multiple offline and online sales outlets, they implement different approaches. Let’s start the comparison by taking a look at their definitions:
Multichannel retail is a marketing and sales approach where a company uses multiple separate channels to attract consumers and communicate with them. For example, a traditional retailer may have a physical store and a website with little interaction between each other.
The main advantages of multichannel retail are as follows:
The main disadvantages of this strategy are:
Omnichannel retail, on the other hand, is a strategy that implies various channels integrated into one seamless system. The omnichannel technology enables the clients to interact with the merchant via any of the synchronized channels that are convenient for them. For more detailed information, check our comprehensive guide on omnichannel retail.
The major advantages of the omnichannel strategy are:
The biggest downside of omnichannel integration is considered to be the need to implement special software and update the organizational structure. However, with all-in-one solutions, such as the one from Payneteasy, this is no longer a reason to worry - read ahead for more details.
The customer journeys are a major difference between multichannel and omnichannel approaches. Here is an example of a client’s experience with multichannel retail:
As you can see, the physical store and the website in the example are not interconnected, which causes confusion and delays in the issue’s resolution. Now, let’s take a look at what a typical customer journey looks like with an omnichannel strategy:
Here, the process of switching between sales channels was seamless and convenient for the user. Now that the difference between omnichannel and multichannel is clear, you can decide which approach suits your retail business better.
Payneteasy Omnichannel Solution - Utmost Convenience for Businesses and Clients
The omnichannel approach is clearly a more advanced system, making it one of the leading retail strategies today. With it, you can introduce a unified service standard, provide your clients with an individual approach, and increase customer loyalty.
So, why wait? With the help of a smart omnichannel solution, your company will thrive and increase its revenues significantly. Luckily, Payneteasy is here to help you with updating your retail business approach.
Since 2006, Payneteasy has been successfully providing clients worldwide with payment solutions of varying complexity. When it comes to our omnichannel solution, you will be receiving a service with extra-fast integration and branded payment pages on the following purchase channels:
The optimization of your business’s payment operations is our goal. Send us a request now, and we will get back to you with a custom solution within the shortest time frame!