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3 ways omnichannel strategies transform the retail industry

Posted by Binh Pham on

Omnichannel is a critical and developing trend within retail industry at the moment, and even in the future. These are 3 ways that omnichannel turns the retail's world around. 

Increased sales & customer loyalty

According to a research by Accenture, 88% of shoppers today use at least one digital channel when searching for products. So making your brand and products readily available and easily accessible in all channels is absolutely essential. Retailers have a much higher chance to increase sales and customer loyalty if they can maintain a strong presence in both physical and digital domains.More importantly, selling to omnichannel shoppers is generally more profitable. A Deloitte study indicated that omnichannel consumers spend 93% and 208% more per transaction than online-only and in-store-only consumers do, respectively.

After the retail giant Wal-Mart rolled out the online grocery pickup services, aimed especially at omnichannel shoppers, they found out that shoppers who place online grocery orders and then pick up the items in stores spend 50% more than similar shoppers who purchase in stores only.

“This is the customer we’re going after—the shopper in our ‘sweet spot’ who accesses Wal-Mart in multiple ways.”

Doug MacMillon, CEO, Wal-Mart

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Better consumer insight

Nowadays, modern consumers interact with brands via a greater number of engagement touch points - direct interaction with in-store sales associates, e-commerce websites, mobile apps, and social networks like Facebook and Twitter. Consequently, retailers now have to monitor a myriad of consumers’ desirable behaviours in both digital and physical domains, such as registering for newsletters, writing reviews, and pressing ‘Like’ or ‘Share’ on Facebook.

Download whitepaper "Embracing omnichannel - How brick & mortar  retailers stay relevant in the digital age" here

As consumers move back and forth effortlessly among channels, retailers need appropriate strategies and tools to track their behaviours across all channels in order to have better consumer insights. They need to know where, when, and how often desirable behaviours happen; and establish causal links between behaviours and bottom-line results. For example, do consumers who liked a retailer’s Facebook page spend more than those who did not? If yes, by how much? Only by implementing omnichannel strategies can retailers answer such questions.

Enhanced consumer service

When your sales associates have relevant customer information at their fingertips, they are in a much better position to provide more personalised attentions to customers. They can, for instance, make cross-sell or up-selling suggestions to in-store customers based on their previous online purchase history. This would be impossible without a unified data source that combines data from multiple channels, for example e-commerce sites and stores, and the ability to pull information instantly from that source.

This prospect can get even more promising with the adoption of mobile technology. Imagine you walk into a store and are welcomed by a sales associate equipped with a tablet, or smartphone, who can assist you with detailed production information immediately. She can also use it as an m-POS (mobile point of sale) to conduct transactions on the spot. Even better, if you find the right product but your favourite colour is out of stock, the sales associate can place an online order right from her tablet and have that product shipped to your home.

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Topics: Retail Management System

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