Omnichannel Retailing: Its benefits to brands and their customers
In 2020, there were approximately 150 million online shoppers annually in India due to the dramatic changes in the consumer’s shopping behaviour during the pandemic. With merchants such as Myntra, Tata CLiQ, Ajio and more online, stores are now on our fingertips. For shoppers looking forward to spending, the experience has to be flawless, seamless and straightforward. For merchants servicing online omnichannel retail, it is quite the challenge, but not impossible.
From integrating systems to ensure stock is available when the shopper arrives, to managing payment gateways till attempting the shortest delivery time to customers - the demands to offer a great shopping experience every time is colossal. That’s where omnichannel retailing reduces the challenges vendor-side, and offers a full-stack solution for each of the processes.
Nowadays businesses are forced to think omnichannel, and with that, think of how they can best meet the customer’s demands - online, or in-store, or in a hybrid fashion. Losing a customer to a competitor is far more costly than we can imagine. Once gone, always gone.
As co-founder, Farooq Adam said in a statement on Timestech, “Our vision is to bring the focus back to customers and drive interactions within the brand’s omnichannel ecosystem—ultimately, unlocking sales and engagement”. Fynd makes it easier for you to service your customer in an omni-channel manner to engage and delight your shoppers. It brings you closer to your customer by leveraging the power of technology.
Omni channel retailing, powered by Fynd, is a solution which brings together customer delight and back-end management to ensure that the brand is always connected to the customer. Integrating channels, managing touchpoints, and even automating activities - every channel is synced so your brand always presents their best foot forward.
Why should brands adopt omnichannel retailing?
Omnichannel retailing is a novel concept that gained much traction after brands saw the power of seamless integration and the ease of doing business.
Here are some ways omnichannel retail power the brands to fulfill consumer’s needs:
Increase purchase frequency: When brands satiate a customer’s demands to the fullest, they return. When an omni-channel model is used, businesses get 250% more purchases using the omnichannel strategy, and the Average Order Value (AOV) is 13% more than single-channel orders.
Retain more customers: Online or offline, customers have a preference of where they want to shop. By using omnichannel retailing, brands can use the power of tools such as those at Fynd to retain their loyalty and attention. 89% of businesses using omnichannel retailing retain their customers, those that don’t see only a 33% retention rate.
Increase in-store visits: In-store visits are priceless because of opportunities to build relationships with customers. Fynd instore solutions help by allowing brands to sell products that are unavailable at the physical store. It assures that customers visiting the store get their favourite merchandise irrespective of its physical availability, thereby positively increasing customer footfalls in the store.
Better data collection and cumulation: With a world-view of the customer - across channels and methods - brands can now track their journeys, and offer customized experiences at every touch point. Using data, they can dig into sales data, behavior patterns, and trendlines. Additionally, they can also gain insights into how customers choose to shop and then offer motivations to come in-store, or maybe emailers to push for an impulse online purchase.
Benefits to the customer in omnichannel retail set-up:
When the lines between online and offline are blurred, omnichannel flourishes in the customer’s eyes. For them, the experience is standardized and therefore, kept at a high standard.
Proactive customer care support: According to Accenture, “more than 89% of customers get irritated when they have to go through multiple customer service calls and loops.” When brands use omnichannel, automatically synced customer data is accessible across all the channels. This reduces time to resolve issues, and also a chance to delight the person on the other side. Brands can now start using these calls and texts to build trust and rapport.
Shopping made easy: Shopping offline is already quite an effort on the buyer’s side, and nothing can make the experience worse than having to leave empty-handed because of the lack of sizes and colors available. The omnichannel experience helps customers fulfill their orders using any available channel. If the product is unavailable on the first channel (physical store), you can always source the product using a secondary channel (online store). This ensures that the customers leave the store with happy experiences about the brand, and excited to receive their order to their doorstep.
Increased customer satisfaction: The fact that you have a physical store and an online presence gives your company a "recognizable face" in the cutthroat competitive market, boosting customer confidence in your brand. Giving consumers the choice of how they want to shop has its boons, and being able to choose, as a consumer is a benefit. The fluid experience here is quite helpful in increasing customer satisfaction and brand loyalty.
We believe in the future where every brand is utilizing technology to go omnichannel. While leveraging the power of conventional retailing, and topping it with the seamless online experience - you leave customers no choice, but to purchase from you.
Omnichannel retail is here to transform the way we gather and work through data, understand behaviors and trends to build loyalty, and lastly, retain customers through frictionless customer service.
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