Omnichannel selling and its immense benefits
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Consumers no longer see a difference between offline and online shopping in 2021. Whether it is searching the Amazon store, visiting the local marketplace, or hanging out at the mall - it’s all shopping. There has been a drastic change in customer shopping behaviour in the last two years. According to McKinsey, nearly four out of five people have tried a new shopping method like curbside pickup or purchasing goods through Instagram.
In a fast-changing world where consumers have more choices than ever before, businesses need more ways to sell to their customers. This is where omnichannel selling comes into play. It doesn't just mean selling on multiple channels but instead selling across channels. This helpful approach helps businesses to reach their customers no matter where they are.
Omnichannel is noted as one of the best ways to offer a great customer experience irrespective of where they’re shopping, in its true form it’s merging online and offline seamlessly. This article will lay out the major benefits of omnichannel selling for brands looking to bring this feature into their business.
Benefits of Omnichannel selling<digit>1<digit>
Hit higher sales numbers
Omnichannel customers spend 4% more in-store & 10% more online than single-channel customers.
Retailers using omnichannel find it far easier to expand their sales channels than businesses that do not. Products are added to marketplaces, online stores, and eCommerce platforms without complications, as the data is centralized and instantaneously accessible across channels. The brand’s presence on every channel means being available to customers, increasing brand visibility & recapturing missed sales opportunities, thereby growing overall sales.
Personalized Experiences
Nowadays, customers are overwhelmed with marketing messages via email, Facebook advertisements and other promotions. They are continuously on the lookout for brands that treat them as individuals & provide a personalized experience.
Personalization is the first step toward developing an efficient omnichannel sales strategy. The data collected from customer's interaction with the retail business is organized & aggregated to insights into individual buying behaviour. This information is used to tailor customer interactions with the brand, resulting in more positive experiences & increase in customer loyalty.
Customers receive tailored recommendations, offers, and discount codes depending on the selected channel, increasing the cross-selling & up-selling of retail products.
Fynd Now, an AI-powered search solution, helps consumers seamlessly complete their purchase journey from product discovery to product purchase, buying exactly that suits their taste & budget.
Greater Order Fulfilment
Retailers can sell more, fulfil orders faster, lower the cost of unsold inventory, and ensure customers discover what they're looking for by leveraging total inventory visibility, powerful order orchestration & routing capabilities. For example, if a shopper wants to purchase an out-of-stock product, the omnichannel seller can quickly check all their stores & warehouses to see if the item can ship from an alternate location, saving a lost sale.
Customer Retention
It pays to connect with customers consistently across retail and business-to-business channels. A study based on a survey of 305 companies found that companies with the strongest omnichannel customer engagement strategies retained an average of 89 percent of their customers, compared to a 33 percent retention rate for companies with weak omnichannel strategies.
How to evaluate if omnichannel selling is a good fit for your retail business?
Retailers must answer a few questions to assess if omnichannel selling is a good fit for their organization:
- Do they have a strong presence in the online & offline channels of the brand?
- Is every channel of the retail business integrated with each other?
- Can they map customer journeys accurately across online & offline channels?
- How easy is it to share data across channels & analyze customer journeys?
- Are all the channels tailored to meet the individual customer’s needs?
- Can they offer cross-channel support to their customers?
- How prepared are they to implement omnichannel payments?
- Are the current policies compatible with omnichannel processes and policies?
- Do they have access to emerging technologies supporting omnichannel selling?
- Would omnichannel selling make it easier for your customers to purchase from you?
Last but not least, you must have a clear roadmap to check how omnichannel selling can positively contribute to grow your brand store sales without hassles & make shopping enjoyable for the customers.
Example of Omnichannel Selling
Zara distinguishes itself in the fiercely competitive retail market by encouraging customers to shop both online and in-store. They offer several in-house sales channels in an attempt to extend the online store's functionality into the physical store, such as:
- Sales associates walk around with iPads, which consumers may use to place purchases for previously unavailable merchandise. The store alerts consumers when their order has arrived, allowing them to come in later and pick it up.
- Smart mirrors are strategically placed throughout the store to provide consumers with a holographic-style reflection of how they would look wearing an outfit without putting it on.
- Customers can pay for their shopped items without the assistance of a cashier at self-service checkout counters.
- Customers who would like to avoid paying delivery fees can order online and pick up their products in-store at Zara. Customers can go in and scan their receipt, and a specially designed robotic arm will retrieve their package.
Conclusion
In today’s challenging retail business environment, you need to connect with your customers, no matter what channel they are using. One of the best ways to do this is through omnichannel selling. With its help, you can offer your customers a seamless experience and assure an exciting customer journey.
Fynd is a one stop solution to your omnichannel selling needs, giving your business the edge you need to stay ahead of the curve. If you are interested in learning more about omnichannel selling and how it can be implemented in your business, Connect with us now.
