Since the past decade, one could witness a spectacular change in the retailing field. The latest trend being Omnichannel retailing. This is mainly due to the advent of existing online channels and addition of newer channels such as social media and mobile channels. The change is basically because of the amendment in the shopping behavior of the customers.
They expect the best shopping experience which has paved way for the ultimate growth of online retailing with Omnichanneling as the prime weapon to target customers.
Omnichannel – What does it mean?
Omnichannel is the integration of physical channels and digital channels, in simple terms the conglomeration of offline and online methods altogether and providing the customer or user a unified shopping experience.
The brick and mortar stores cannot be considered as less profitable nor the online store is considered as a riskier one. The best retailer would see to it that the customer avails the best of services as per his convenience both online and offline.
Omnichannel retailing is the requirement of the hour, but most of the retailers and merchants are deprived of techno-knowledge which has led to a drop in their business. The cohesive platform would, therefore, endorse the store and would also help in seamless customer experience.
The requirements of Omnichannel Retailing
- Maintain a single identity across platforms
From the brand logo till the text color used, the identity that is being carried upon needs to be the same. Platforms here refer to the online and offline kiosk. This would help in building the brand image and win loyalty among customers.
- Order management
Omni channeling helps in the effective management of orders placed by the customers.
- Single inventory
A Single inventory helps the customers beware of the available product in exact numbers and take a decision based on that. See to it that you specify the exact detailing of the number of items available in the warehouse.
Promotions and marketing strategies need to be unified (the same) in all cases and must be the same in all media (online, offline and Social media) that is taken into consideration.
Growth of Omni-channel in India and the Asian region
Statistics say that the cumulative value of Omnichannel in India is almost 4 percent of the entire retail world which is 24 billion USD out of 600 billion USD. The above percentage is expected a rise of more than a double by 2020.
The value not just considers the transaction values but takes into account the revenue increased via digital marketing.
Note that due to Omnichannel retailing almost 15 percent of the revenues are reaped by Macys, Walmart and other companies in the west.
10 per cent of the revenues due to Omnichannel retailing are from the Asian companies. Omnichannel has evolved from the terminology means into a mere reality.
Doctrine of Omnichannel Retailing
The principle of Omnichannel retailing is the O2O formula where ‘O’ refers to online and offline
respectively. But this strategy is not needed for bigger brands since they already have those marketing tactics. This is not the case for small scale businesses and retailers where they need to think twice about the third-party solutions considering the cost factor.
Tips for brand building and developing customer engagement
- Communication Research Method (CRM) and customer engagement solutions
- Enhance the In-Store shopping experience with AI, chatbots and upgrading yourself with
- Structured Analytics for proper organization and management.
- Implementing software in customer delivery (Tracking of the product made visible to the
- customers step-by- step)
- Provide agile solutions to clients by bringing down the total cost of ownership
- GloCal marketing strategy (Global outlook with local insights)
- Focus on the positive outcome for clients through intellectual solutions
How to unlock Omnichannel retailing?
- Acquire a valid license from a best online retail solution provider (SI, Service Integrator).
- Hire an ad agency or an SEO specialist to prosper in the digital marketing arena.
- Optimize your business platform
- Offer solutions and business consultations to your customers
As days go by, the faith and trust the customer has put in towards Omnichannel retailing increases and even the quality of online retailers has improved over time.
While talking about the mentality of the customer, it is universal that these customers are subjects with limited patience and they expect the shopping experience to be rapid and swift at the same time more effective too.
If the website is not that responsive and takes a longer time to load the customers switch over to your competitors thereby resulting in the deep drop in the turnover ratio.
Also, the minds of customers are quite wavering, which is a benefit for your retail business. When you are into Omnichannel retailing, ensure that you suggest your customers some other products from any other category that is sure to win their hearts.
Make sure your customer comes back to you over and over. This could be possible only if you would deliver the product on time without any inconvenience to the customer. If the product is delivered on time the customer would approach you for the next time.
You might now be clear about what exactly is Omnichannel retailing and also might be updated upon the growth of retail business via Omnichannel retailing. Implement this form of retailing in the online and offline kiosk of your retail business by contacting a retail solution provider and feel the difference in the turnover ratio.