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The benefits of Omnichannel Retailing
For a decade, the market has vied to win the loyalty of millennial shoppers. Now, a new segment has arisen. Marketers have set their sights on winning the hearts of Generation Z shoppers. Approximately 1.2 billion people are in the habit of using their smartphones to access the internet daily. Generation Z shoppers constitute the majority of them.
Unlike their millennial counterparts, Generation Z is less concerned about the ability to touch and try on a product before purchase. Preferably, this segment is more concerned with brand coverage, social media presence, and overall lifestyle.
According to Forbes, mobile commerce is expected to grow 68% by 2022 as more people use mobiles to shop online.
What exactly is omnichannel retail?
Omnichannel refers to a multi-channel mode of doing business. It connects consumer experiences across multiple devices and platforms with those taking place in physical stores or company locations. It’s a unique and modern approach to creating both a physical as well as a digital presence.
It is a modern approach to commerce that focuses on designing a cohesive user experience for customers at every touchpoint.
With omnichannel strategies, companies can retain 89% of the customers compared to 33% for companies that are involved in limited omnichannel customer engagement.
Why omnichannel strategies?
Omnichannel customers spend more than single or multi-channel customers. Several businesses are already using a combination of strategies to further their omnichannel retail strategies. An omnichannel retail strategy can not only improve customer experience but also provide added channels for customer purchase.
The convenience of engaging multiple retailing channels commences in an increase in sales and traffic.
A joint study by Google, Ipsos MediaCT, and Sterling Brands also found that 75% of consumers are more likely to visit a store if they come across local retail information on the web.
Other benefits of omnichannel commerce include:
1. Semi-automated solutions
With customer experience becoming highly heterogeneous in retail, everyday business organizations are progressing towards using multiple channels of retail. Going digital with semi-automated solutions for businesses, particularly for emerging businesses, has proven to be highly beneficial in ensuring efficiency and cost-saving at the same time.
2. Omni-device retailing
Omni-device retailing allows users to switch between multiple devices and continue shopping from exactly where they left off previously, irrespective of the device they are using. Retailers enabling Omni-device retailing can ensure a positive customer experience.
3. Driving aggressive sales
Omnichannel retail combined with smart AI advertising offers shoppers personalized recommendations related to their previous shopping behavior and preferences. These statistics allow businesses to develop associated product recommendations related to purchase behavior and increase purchase value.
4. Quick payment transactions
With multiple payment options being offered at the time of purchase, shoppers usually look for the most convenient methods of payment, irrespective of the nature of payment platforms, such as in-store, online, or even mobile. Limiting customer payment hassles, like having to enter a 16-digit card-number at checkout, as well as engaging a reliable omnichannel solution gives retailers added leverage to build a magnanimous consumer base.
5. Engagement with consumers
84% of consumers are more likely to choose brands that offer meaningful loyalty programs. Product reviews, social interactions (over social media or direct communications), customer feedback, and in-app games make for key profitable behaviors brands can track and promote.
This trend is growing to be very popular among omnichannel online retailers since it gives retailers the advantage of integrating social media platforms with their online store.
Early bird adopters of Omnichannel retailing have achieved significant benefits such as an increase in efficiency, cost reduction, better work experience happiness index, improved customer experience, and sustained profitable revenue growth.
Looking ahead, retailers are expected to increase their investment in personalization by 18% over the next three years, with 73% of consumers admitting to customer experience directly impacting their purchasing decision.
Under such circumstances, it becomes evident that growing business solutions adopting omnichannel retailing and using digitally smart tools such as NANOS AI make consumers aware of new offerings. AI-based digital advertisements don’t just target the right retailer at the right time but also ensure that you get the best out of your advertising budget.
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