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What is omnichannel retail?

73% of customers use multiple channels throughout their shopping journey, and 86% of customers regularly bounce between two or more channels while shopping. Customers expect a shopping experience that offers convenience, and the ability to make purchases at any stage of the retail process. Businesses that hope to succeed in today’s marketplace need to shift their strategy. Enter: omnichannel retail.

So what is omnichannel retail? Omnichannel retail creates a streamlined shopping experience for customers, allowing them to engage with a business across numerous physical and digital shopping channels. This means going beyond a physical location for your store and creating a seamless online experience for your business including email, website, social, and eCommerce options. 

Why is omnichannel retail important?

So why is omnichannel retail so important? 80% of consumers reported that they valued convenience as a top priority in their shopping experience. Retailers that implemented an omnichannel retail strategy into their daily operations boosted revenue, and retained customers. 

68% of customers indicated that they were willing to pay more for a brand that offered a good customer service experience. Implementing a successful omnichannel retail strategy creates a more convenient, personalized and seamless shopping experience for the customer regardless of the platform used. The right omnichannel strategy will increase ROI, revenue and growth for your business.

What are the benefits of omnichannel retail?

Retailers that create an omnichannel experience create brand loyalty with customers, opening the possibility of repeat business. 75% of US customers reported being more loyal to brands that created a personalized shopping experience, and these buyers were willing to pay as much as 18% more to brands that offered an omnichannel retail option.

Omnichannel retail also offers brands a more accurate breakdown of their customer base. Retailers can gather data to create a more personal and customized shopping experience for the customer both in-person and online. This gives businesses insight into the demographic profile of customers in order to improve marketing and retail practices.

The use of omnichannel marketing methods like search engine optimization tactics and cross-platform advertising offer improved visibility for eCommerce retailers into both existing and potential consumers.  

How do you implement omnichannel into your business?

So how can retailers implement omnichannel? Follow these steps to create the right omnichannel strategy for your eCommerce business.

  • Identify the target customer base for your business and create a profile of behaviors, pain points and purchase practices for that customer base.
  • Understand the consumer journey and platforms your target customer base is using to shop.
  • Segment your customer base to reach your customers where they are and with content that relates to their interests and buying behavior.
  • Create customized content that is adaptable for multiple platforms and devices for your desired customer base.
  • Develop a seamless content flow and smooth shopping experience across channels. 
  • Implement a variety of options including virtual or online shopping experiences, options to purchase online and pick up in-store, and shipping and return options.
  • Invest in customer service. Create space for consumers to interact with your business at all steps in the retail process including purchasing, shipping, returns and questions or concerns.
  • Measure results and evaluate your omnichannel strategy to continue to evolve and increase revenue.

Omnichannel retail and the future of commerce

Don’t let your business get left behind. Implementing an omnichannel retail experience can help you stay ahead of the competition and create growth and revenue for your business. Climb to the top of the eCommerce ladder by implementing an omnichannel retail strategy now.