Understanding The Value Of Omni-Channel Retail Strategies

Understanding The Value Of Omni-Channel Retail Strategies

  • Best Inc. by Best Inc.
  • November 20, 2020

In the “Internet of Things” Era, a consumer could be looking at your product online, while comparing it with an item they are looking at in a physical store. This means a present-day shopper is highly likely someone who is tech-savvy, shops across multiple channels, and is empowered in making better informed purchases; making it imperative that we understand how valuable it is to have an omni-channel retail strategy in place.

Understanding The Value Of Omni-Channel Retail Strategies

Understanding Your Customer

Based on a Harvard survey, results have shown that over 70% of shoppers prefer to use multiple channels when they shop (online and offline) while another study has shown that a business with a well-planned omni-channel strategy has an average consumer retention rate of 89% instead of the usual 33%. On top of that, omni-channel shoppers have been found to be more loyal and tend to be bigger spenders.

Therefore, it is key to find out what kind of platforms your shoppers are on before implementing a good omni-channel retail strategy that can maximize your outreach to them.

A Quick Omni-Channel Checklist

Once you have successfully identified your target channels, re-look at your customer’s journey to provide them with a seamless experience when all your channels are connected. Below are just a few key points to consider (where applicable) to help get you started on:

  • With 70% of US shoppers also having indicated that they have bought an item online but picked it up in-store, how easily can your customer transition from online to offline?
  • How efficiently are your products distributed to your retailers?
  • Are you able to keep track of all your different sales platforms to fulfil delivery orders efficiently and accurately?
  • Do you have a loyalty program that gives your customers points and rewards?
  • Can your customer look at their past purchase history regardless of which channel the item was purchased from?
  • Do you have enough touchpoints to leverage on data collected and integrate it in your current process to provide shoppers with a more personalized experience?
  • A good returns logistics process can increase your level of customer service and retention rate. How easily can your customer return a purchased item in-store or online back to you?

Ironically, even though consumer behavioural studies have proven the effectiveness of omni-channel customer engagement, less than 50% of retailers recognize developing such as strategy as their priority. There is no denying that implementing a solid omni-channel strategy will be quite a challenge, but it would no doubt help you gain a competitive edge over your peers.

With the help of a third-party fulfilment service provider, your business planning is made easier as you gain better insight with a customized order management dashboard that helps keep track of all your sales platforms in real-time, alongside a warehouse management system that helps to optimize the accuracy and efficiency of your product distribution and delivery.

Discuss more with us at Best Inc. and find out how you can achieve that seamless customer experience today.