Increase the size of your store with an Omnichannel Storefront
The global sales of e-commerce will top $5 trillion in the very first year this year. With this growth rate, it's easy to turn all your focus online. Yet, you could be being left out. Why? Because there's a lot of possibilities in an multichannelretail strategy.
Omnichannel retail means the creation of a seamless process for sales for multiple ways of buying that include your online store, brick and mortar retail establishment, social media platforms, and much more. This involves taking a step back and looking at your overall shopping experience, not just on only one channel.
In a time when the retail landscape is brimming with rapid gratification as well as an expanding array of competition for customers' interest, this kind of convenience could make all the difference. We'll look at how developing an omnichannel strategy could lead to greater consumer loyalty as well as more sales as well as how you can ensure that the whole process is harmonious.
What exactly is Omnichannel Retail?
Omnichannel Retail (also referred to as omnichannel commerce) integrates offline and online interactions so that shoppers can engage directly with your brand through their personal mobile devices, through the apps they love or on your site, or through social media. This creates an experience that is consistent through multiple channels as well as throughout the customer journey. This is the absolute convenience for customers.
An example of an omnichannel retail strategy
Let's look at an illustration of a brand that uses an omnichannel approach to shopping: The Dr. Scholl's.
The Dr. Scholl's are a shoes orthotics, orthotics, and an over-the-counter retail store for foot care. Though they don't own their own brick-and-mortar store, they do sell the products through various physical stores and online shopping platforms.
Dr. Scholl's offers direct sales through their -powered website.
In addition, they offer sales through online marketplaces like Facebook Shops and Amazon.com.
Their products are also distributed wholesale to other retailers who use an omnichannel retail strategy that includes in-person retail stores. Carnival Shoes, Famous Footwear, Nordstrom, Walmart, and CVS are just a few examples of wholesale distributors.
Dr. Scholl's and its distributors are also listed on Google Shopping so customers can compare prices to find the best deal or buy online from their favorite retailer.
As Dr. Scholl also designs custom orthotics for customers, they may prefer having custom-designed insoles measured in person. To meet the needs and preferences of these customers, Dr. Scholl's placed custom fit orthotics in brick and mortar shops like CVS as well as Walmart.
Image courtesy Dr. Scholl's
If a client is creating and purchasing a custom orthotic on the spot at the physical location of CVS, buying a pair of shoes from Nordstrom online, or purchasing a foot treatment directly from Dr. Scholl's website, the Dr. Scholl's brand name appears on all product listings as well as packaging and products.
No matter where a shopper buys from, they are aware that they are buying a Dr. Scholl's product, and not a rival brand.
What makes having an omnichannel retail plan vital?
The landscape of retail has seen major changes over the last decade. Customers are now demanding smooth and personal shopping experiences in a wide variety of ways that are both offline and online. In order to meet the demands of consumers companies must be nearly everywhere across a range of retail environments as well as marketing channels.
A simple shift in your channel of sales will not suffice, however. An effective omnichannel strategy will also focus on creating a coherent and consistent customer experience. Customers must be able to transition effortlessly from online channels to shopping in stores and across different customer service touchpoints.
For instance, customers should be able to search for merchandise online, then add it in their shopping cart, make the purchase either in store or through mobile applications. If they contact customer service for an issue concerning a particular product, staff members or representatives must be able to view customer purchase history on separate channels. They should also be able to handle service for the product, refunds, reshipments, credits as well as any other problems that the client may have.
Furthermore, integrating payments systems that are compatible with the in-store as well as online shopping platforms can help to make transactions an easy and smooth experience for your clients.
Let's dive into a little deeper into the six key benefits of providing an omnichannel retail experience to your customers.
1. Consistency and brand presence across multiple channels provides a top-notch customer experience
Let's say that you're an independent artist that sells fine art prints and other products on your online website. You also sell your products in person at art festivals and conventions. If a customer purchases one of your products at your booth at a festival Then, they decide to purchase an additional one a couple of weeks later. They may visit your website or use one of your social platforms to locate your business.
Through providing the same event experience for their brand as well as personalized online shopping experiences by offering a consistent shopping experience and personalized experiencesonline the customers have a clear idea of what customers can anticipate and know they're in the right location.
Maintaining the same branding recognizable throughout different channels will ensure built-in trust from customers. If your company's brand is growing as does your client loyalties.
2. An omnichannel retail experience drives more sales
According to one study Omnichannel customers were able to spend anywhere from four to ten percent the amount of those with a single-channel experience. If customers have more choices given to quickly and conveniently engage with and shop from your brand, the more likely they are to make repeat purchases and generate more profits for your company.
3. Multi-touchpoints with customers leads to more committed customers
A Harvard Business Review study revealed that shoppers return to an omnichannel store 23percent more frequently than stores of other types. This isn't a shocker. The majority of people choose the business that best caters to their needs and provides the best shopping experience.
Additionally, an extensive brand presence - from in store shopping and shopping apps to a better reputation for your brand. If customers see your products on trusted websites, their preferred social media sites, and in physical stores and trust your products are dependable and that your supply chain can be counted on and that there will be employees available to solve any issues.
4. Using several channels for sales lets you connect with customers where and when they prefer to shop
Customer behavior is different from to consumer. Many prefer to shop in-store at a brick and mortar shop. Others may prefer shopping online and then picking their purchases up in the store at a date that works for them.
Others may prefer shopping online, which doesn't require any need to leave their home as the most suitable choice for their needs. Users on social media might discover your product through Facebook, Instagram, TikTok or other platforms. And they may want to purchase the product without having to go through a separate checkout procedure. Omnichannel commerce allows them to purchase whenever and where it they are most comfortable.
5. Omnichannel retailing provides valuable data that will help define your business's strategy
Data gathered from offline and online channels enables you to compare sales revenue as well as traffic sources and demographics from various touchpoints to determine which channels are performing the best for your company. The data can provide invaluable insights about the entire customer experience and individual customer preference, behavior when shopping and patterns of buying.
Through analyzing the data and analyzing it, you will be able to make educated choices about managing inventory and pricing, as well as promotions and personalized marketing campaigns. Having this wealth of data available to you will allow you adjust your marketing strategy to concentrate on your shopping experience that is most profitable for your company.
The omnichannel insights based on data that retailing offers can assist your efforts to improve processes, improving customer segmentation and business growth.
6. Successful omnichannel retail strategies work as a safety net for your business
If you are relying on a single point of sales for your retail company and that sales channel doesn't do well, you might lose commissions quickly. If instead you distribute your efforts over three or four additional channels, you'll create more opportunities for success.
It allows you to look at the channels that haven't been performing well enough to find out what you can do to increase customer engagement and channel performance. Maybe a platform that isn't performing well needs to be removed from your overall business plan.
It is also possible to try more chances and play with fresh ideas for your company. If an innovative business or marketing plan isn't performing well in a particular way, there's no need to fret about the impact of it affecting the business. You can also more safely and carefully scale up successful tests to see how they perform in different retail settings.
Tips for a successful omnichannel retailing strategy
How can you get the most of omnichannel retailing and ensure the most pleasant satisfaction to shoppers? We've made every tool available to help you not only connect, but also unify different channels of commerce.
1. Integrate payments across your web platforms as well as in stores
Let's say you own a bakery that accepts online cake orders for cakes that are birthday-themed. Being omnichannel in your retail experiences for this scenario means a customer can place their cake order in advance of a week's the date, then call the bakery just a couple of days later to add on an extra cake topper before paying the final price on the spot when they go to pick it up. Customers can add birthday candles to their order at the point of purchase.
They've now interacted with your online shop in three different ways. On the other hand, all of the data analysis from these interactions is tied to their initial online order, and is best managed from a single dashboard.
Because you've got all the data in one place, you can use that information to provide recommendations based upon each customer's journey and on their past habits. This lets you provide a more personalized and seamless customer shopping experience, encourage repeat purchases, and boost their average purchase worth.
No matter how your customers choose to pay, the integrated dashboard allows you to keep all in-person payments within , so that all your transactions are accessible and monitored at a single location. Your customers will also enjoy a an effortless experience which lets them engage with your brand at any time and anywhere that is most convenient for them.
2. Make sure that you earn recurring income with subscriptions
The translation of an online experience into one in person is important however, it's not the whole picture. Subscribers add consistency and flexibility to cross-channel customer interaction.
Assume you have a flower shop with a brick-and-mortar presence. People regularly visit your physical store only to purchase a special order for an event. You then create an online store to ensure that you don't have to depend on only in-store customer footfall. It expands the reach of your business however, you're experiencing monthly revenue to be uneven and unpredictable.
3. Provide excellent customer service throughout the journey of a customer
No matter how people buy from your company, they must receive the same level of high-quality customer service. Of course, this will look different for each business and situation. These are a few instances:
Responding to emails
Provide an email address on your website, or add an contact page so people can reach out at any time during the day or at night.
Answering phone calls
Make a business number available to those who would like to get help via the telephone.
Chatting live
Being available on social media
Providing multi-channel training to your Customer service reps
It is essential to make all pertinent information available to every customer service rep. Include product specifications and specifications, return policy, shipping policies, coupons and sales information, etc. in order to address questions from each platform.
Using a customer relationship management tool
Your staff should be able to track the customer's support ticket history over multiple channels to provide the customer with a customized service experience and enhance the effectiveness of your customer support staff.
Today, consumers expect consistent service when they're seeking customer support through their mobile phones, returning a product at a store, or using a contact form on your site.
It's important to put forth efforts to satisfy consumer requirements and deliver a consistent customers with a positive experience. When it comes to retail the importance of customer satisfaction is at every point in the shopping journey - especially customer service.
Incorporating cross-channel customer service and a seamless shopping experience can help build strong relationships with consumers, reduces the barriers which can lead to higher conversions, sales, and customer loyalty.
4. Make sure your brand is consistent
Omnichannel retailing is about creating a seamless and seamless experience for customers across all channels. Use it to enhance your branding also!
Whether your customer is using an online channel or is shopping in the physical world it is important for them to know they're in the right place. Use the same logo as well as fonts, graphics as well as colors. Use the same language and messages.
Develop a brand identity document which outlines your company's unique colors, ways that your logo may and cannot be employed, and offers guidelines for font usage, image styles, and tone for your marketing content. That way, regardless of who is working on your marketing strategies, products designs and packaging, in stores, or on online sales channels Your brand will be able to be consistent in appearance and voice that will be recognizable to your customers in every platform.
Keep information like price, locations, telephone numbers and email addresses accurate and up-to-date. Make sure you update this information on your primary website as well as on websites, search engine listings, social media and other advertising channels, including printed material since they aren't able to be changed in a short time as digital ads.
5. Make it easy to return items
Also, ensure that the policies you have in place are consistent across all platforms. You should also provide your support team with the latest information.
Get the most value from omnichannel retailing with payments
We'll help you provide an omnichannel experience that is seamless using a scalable and flexible payment solution. Payouts also provide greater insight into your business with unified customer data as well as a streamlined reconciliation process and seamless reporting on the management of inventory and payments.
Payments was designed using a strong focus on stability, security, and compliance so you can focus on building the right customer experience for them. Since it's developed by the creators of the platform, you will not have to ever worry about compatibility issues that can arise with other third-party payment gateway extensions.