Top Technologies to enhance your Omnichannel Retail Strategy
The modern shopper is no longer loyal to a retail store or a brand. They want the best of everything, and they want it now. An omnichannel strategy is imperative for any brand that wants to meet the demanding needs of customers and thrive in the modern era of business. Businesses that do not adopt an omnichannel strategy will suffer the consequences of missed sales and lost opportunities.
As consumers turn to multiple channels to make purchases, brands need to make sure they can leverage new technologies to reach and engage their customers, build a lasting reputation and achieve an effective omnichannel strategy.
How are new technologies influencing retail businesses?
Today's eCommerce shoppers expect a clutter-free website, simple navigation, flexible payment options, personalized recommendations, and a lot more. The onus is on the retailers to exceed customer expectations and delight them throughout their journey.
Consumer browsing and purchase behaviors are continually evolving due to technological improvements and the seamless omnichannel commerce experiences offered by the competition. As a result, client expectations continue to rise, putting retailers under extreme pressure to fulfill them.
Retailers must keep in mind that the more seamless and connected eCommerce channels and communications are, the more seamless their consumer experience will be. And the more pleasant the customer experience is, the more likely it is that customers will return to the brand in the future.
Here are some key technologies to enhance your Omnichannel retail strategy in 2021:
Touch Free Technology
87% of shoppers say they would prefer to shop in stores with touchless or robust self-checkout options.
The touch-free technology<digit>1<digit> has garnered much attention in the last two years due to its rapid adoption in restarting a retail business. It is growing not only because consumers are more conscious of hygiene but also because a robust in-store experience remains relevant for retailers & consumers, which assists them in doing rapid shopping transactions safely while earning consumer trust & comfort.
For example, the multi-brand retailer Showfields has launched a Magic Wand app, a contactless way of experiencing the store and learning about the brand. All a customer has to do is to find the Magic Wand icon in the Showfields store and scan it to collect their favourite items while browsing the store. Then show your code to a store associate for a contactless checkout in seconds.
Juniper Research has found that redeeming coupons using QR codes will surge to 5.3 billion by 2022, up from an estimated 1.3 billion in 2017. It believes retailers are ready to capitalize on an audience that is becoming more receptive to QR codes.
A brilliant example is the Fynd Store app using a unique QR code that lets the customer scan the brand's barcode on their smartphones & browse authentic products directly from their online store. It helps them shop comfortably from anywhere, anytime, without stepping out despite their busy schedules or odd market timings.
The feature helps extend the brand's outreach to genuine customers and boost online sales by reaching them where they are in a smoother & safer way.
What about a revolutionary SMS technology<digit>2<digit> that lets offline customers take pictures of the product or tag in-store and find them online with personalized discounts?
For example, there is no method to save items when shopping in-store, unlike online shopping, where you can like products and add them to the cart. Customers can conveniently take pictures of products or tags to discover them online using Hafta Have's SMS technology without any app. Shoppers have to take a photo of the product tag or a QR code and text it to Hafta Have. They receive a personalized SMS about the exact item they were looking at in-store, locating the product online with attractive discounts.
The in-store SMS technology has worked wonders for clients like New York Fashion Tech Lab as it has increased text open rates by 99 percent, click-through rates by 35 percent, and ROI by ten to fifty times.
Not only that, it helps unlock the hidden offline shopper data & recovers store abandonment rate using texts about the exact item a shopper looked at in your store.
Live stream shopping builds bridges between the physical & virtual world. Research has found companies reporting live commerce conversion rates upto 30 percent that is ten times higher than conventional ecommerce. Apparel & fashion are the leading categories in livestream events.
To ensure a seamless live-stream shopping experience, brands must have the bandwidth, latency, and capacity to handle millions of transactions in real-time.
Twitch, the video game streaming platform has already started collaborating with fashion brands like Burberry, Champion and Hollister.
Nowadays, the most successful retailers are those that provide their customers with a seamless omnichannel experience. It is only achievable if retailers embrace cutting-edge technology to make online and offline stores accessible from any device, anytime, and anywhere, boosting quality traffic, sales, and a superior customer experience.
Fynd is always delighted to assist customers with their retail technology requirements and helps enhance their omnichannel retail strategy, so don't hesitate to contact us anytime.