Omni-channel technology – the next level in sales
Omni-channel refers to a sales approach that uses multiple channels to reach customers and provide them with an excellent end-to-end shopping experience, right up to delivery. It covers all the way brands and customers interact with each other.
Whether customers are shopping at a physical store, by phone or mobile device or laptop, an omni-channel approach is designed to make shopping as smooth as possible. It means that the end-to-end process – from distribution and promotion to communication, sales & delivery – is well-integrated.
The strong point of omnichannel software is its automation and synchronization through various parts of the business. Whenever a transaction is recorded, omnichannel software will update other data concerning this transaction like inventory, cash/bank etc. and instantly adjust related information. Thus, the feature of real-time overview will create timesaving and cost-saving for business. Staff don’t have to manually re-entry adjusted data based on real transactions every day anymore.
‘The Omnichannel Experience combines all channels into one seamless Experience.‘
How does the store fit into an omnichannel strategy?
Ecommerce may be growing, but retail still plays an important role in consumers’ lives. A large percentage of consumers still prefer physical stores to shopping online, even if the role of the store is evolving. Both retailers and customers are starting to realize the potential of the store as a showroom and a provider of curated experiences.
Ideally, an omnichannel strategy benefits businesses by uniting their physical and online channels and reinforcing their strengths, making them stronger than they would be on their own.
Five reasons why businesses are adopting an omnichannel strategy
- Improve customer lifetime value An omnichannel experience puts the customer first, and it’s no wonder that customers want to stay with businesses that put them in the driver’s seat. It’s also not surprising that retail leaders see long-term goals as being critically important. The Coresight report shows that 53% of leading European retailers state that improving lifetime customer value is a reason for implementing an omnichannel strategy, while only 34% of other retailers feel the same.
Reach new customer segments An omnichannel strategy benefits businesses by enabling them to reach new customer segments. This benefit is nearly equally important to both leading retailers and ‘others’ (48% vs. 45%), but both numbers should be higher, as reaching new customers is a key to growth.
Increase operational efficiency Some omnichannel strategy benefits that businesses might see include increased operational efficiency and reduced costs. With an omnichannel strategy, businesses only need to collect a customer’s data once, rather than at every touchpoint. Creating a holistic overview also means that companies don’t need to worry about creating and implementing strategies for every channel.
Increase sales Increased sales are a great benefit for retailers who need a revenue boost. A Harvard Business Review study showed that omnichannel customers spend 10% more online than single-channel consumers. This is one area, though, that leading retailers (42%) aren’t as focused on as ‘others’ (57%). It’s clear that leading retailers are prioritizing long-term growth and are viewing omnichannel strategy benefits as being strategic and structural.
Improve inventory turnover The days of retailers losing business due to items being out of stock may be ending. An omnichannel strategy benefits businesses by providing them with a better overview of their inventory, and the ability to fulfil orders from anywhere. An omnichannel strategy makes it easier for businesses to optimize stock levels and develop smarter replenishment practices.
“The future is a store where the digital and offline businesses are merged.”
With growing and emerging technologies transforming commerce, it’s imperative that retailers understand the impact of online and offline customer experiences. The European Omnichannel Retail Research illuminates the far-reaching insights and deep discernments on market-ahead innovations, technologies, and retail trends.
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