What Is Omnichannel Retail and Why It Works Miracles
The sales process constantly evolves to improve communication, customer satisfaction, and business profitability. Before, one sales channel, such as a physical store, was enough. Later on, technology advanced, and merchants started interacting with the consumers via multiple channels, so email marketing, websites, chatbots, etc., added up.
However, the most modern approach to retail is the omnichannel strategy. Read ahead to find out the definition of omnichannel retail, how it affects the customer journey, and whether you should introduce it in your business operation.
Omnichannel Retailing Definition
Omnichannel retailing combines all client communication and sales channels into one system, thus enabling continuous interaction with the consumers and seamless transition from one channel to another. Omnichannel integration allows you to combine marketing efforts and develop the best possible business response to changes in consumer behavior.
Here is an example of an omnichannel customer journey:
- A client wants to buy a new sweater.
- He or she starts Googling options and follows the first link from the search.
- The customer compares the results among several different sources and selects the preferred option.
- The user then checks the selected website for offers and promotions.
- The client joins the mailing list to receive a welcome bonus for the first purchase.
- Then, the user applies the received promo code and selects the click-and-collect option.
- The customer visits the offline store to collect the order and try on the sweater.
- The client sees another item they like in-store and purchases it as well.
This chain of events showcases how an omnichannel system works. It is possible due to the fact that the online and offline sales outlets of the store are integrated and synchronized instead of being managed separately.
There are plenty of benefits that come along with omnichannel presence, which we will take a look at below.
Advantages of Omnichannel Sales
Now that you know how to define omnichannel retail, the next question is how you can benefit from this approach. Here are some of the advantages an omnichannel retailer is sure to experience:
- Improved efficiency. Having a centralized database, accessible through any channel, implies increased visibility of your goods and promotions and easily accessible product information. Besides, interconnected online and offline sales outlets are extremely convenient for consumers.
- Increased sales. Your retail business’s sales volume will rise with the adoption of an omnichannel strategy since the products you offer will be available for ordering 24/7 in any convenient way for the clients.
- Higher retention rates. Users tend to return to companies with great products and customer service. An omnichannel business contributes to the latter and turns one-time buyers into your loyal clients.
- Better understanding of your consumers. The omnichannel technology enables you to collect valuable customer data from a variety of sources. For instance, you will know what the users check at the website, whether they read the newsletters, from which channel they purchase more often. This data can be used for end-to-end analytics and adjusting your sales accordingly.
- Faster updates. The synchronization between the sales channels allows you to speed up the process of introducing updates. Instead of dealing with multiple different services, you can manage everything in one window.
- Higher customer satisfaction. You won’t face the need to duplicate messages in different channels and spam your clients with irrelevant information. For example, when they buy a product, they will not receive an email or push notification promoting the same item.
The list goes on - sounds great, doesn’t it? What’s more, the latest statistics prove these statements to be right.
Let the Numbers Speak: Omnichannel Retail Statistics
Here are some impressive stats that further showcase the advantages of omnichannel solutions:
- 71% of in-store shoppers who use smartphones for online research claim that their device is becoming increasingly important for their experience at the physical store.
- Businesses with the strongest omnichannel customer engagement maintain an average of 89% of their clients, in contrast with 33% for companies where the omnichannel strategy is weak.
- The number of click-and-collect orders has grown by 208% throughout the pandemic.
- 45% of consumers expect sales associates at land-based stores to be aware of the online-only products.
- Omnichannel strategies generate an 80% higher rate of the clients’ in-store visits.
As you can see, omnichannel shopping has become an integral part of many people’s lives. So if your retail business hasn’t adopted this approach just yet, there’s no time better than now!
Fast and Simple Omnichannel Integration with Payneteasy
Have you made up your mind to introduce an omnichannel retail approach to your company’s operation? Payneteasy is here to make your sales channels convenient for the end users. With our all-in-one solution, you can offer your customers to make payments via:
- A website with a branded payments page. Manage multiple payment options through one interface.
- A mobile app using an SDK library for the integration of a payment acceptance function.
- mPOS and POS terminals at physical stores.
- ChatBots on any social media platform.
- Phone using Mail Order/Telephone Order (MOTO) transactions.
- Digital Wallets, such as American Express, Apple Pay, Microsoft Wallet, Samsung Pay, and more.
Reach out to us now and receive a working effective omnichannel solution in no time!