The Benefits of an Effective Omnichannel Strategy

According to 73% of respondents in our most recent study, the cost of living crisis will have an impact on both in-store and online retail in 2023. No matter what the future holds, retailers must establish a competitive edge.

There are grey areas in the structure of a successful retail company strategy. The process involves a large number of moving elements in the pursuit of creating a strategy that gives each customer access to a personalised experience.  

As with everything in business, unorganised efforts might be detrimental to value. But mastering an effective omnichannel strategy can have tangible business benefits that can provide retailers with a competitive advantage. 

Here are three ways that brands can use their omnichannel strategy to drive value: 

Use technology to create a seamless experience to reduce customer loss

Before a client even enters the store, the experience has begun. In the digital era, LCD or LED screens can establish this first point of contact by showcasing eye-catching video material that captivates the brand and showcases the newest “looks,” “trends,” and “items” available.

Presenting a range of digital signage elements creates a customer experience that better meets customer’s expectations. We currently live in a world where everyone has access to digital information and expects prompt service. Customers may make decisions about products and locations more quickly by using interactive touch displays or QR codes that can respond to basic queries and display product information, for instance.

This process can help businesses ensure that they are connecting with the right audiences, in the right way. Ensuring that retailers stay connected with their customers, and avoid losing them to the competition. A seamless in-store experience combines the best parts of the offline experience, with the best parts of the online experience. Doing so will ensure that customers remain connected and loyal to your brand. 

Create social spaces in-store to drive customer acquisition 

Overall, in-store shopping has historically been viewed as a transactional process. But shopping today is no longer limited to the purchase of goods and services. It is about the engagement and overall experience. It has evolved to represent more than just a physical location; it is also a social environment that provides a journey for the customer and fosters an intimate relationship with the brand.

These concepts are still growing in complex ways. A contemporary store might have branded areas, visual content, and interactive elements for social media photos. Have you ever been enticed to enter a store because they have a DJ playing? And with VR headsets fostering the augmented reality experience, the virtual may interact with the physical in unprecedented ways.

With these developments, it is important for retailers to continue expanding on these ideas to create a social experience. From people visiting in groups to experience the interactive games on offer; to new customers hearing about the brand through seeing their friend’s social media posts. Businesses have a real opportunity to boost customer acquisition by providing an experience that moves away from the archetypal shopping experience. 

Master both online and offline experiences to create recurring customers 

Customers enjoy the immediate nature of eCommerce, but they also enjoy shopping in-person. Particularly if the shopping experience combines the powerful emotions and allure of a physical store, with the quality and promptness typical of eCommerce. An effective omnichannel doesn’t heavily focus on one aspect of the shopping experience, but rather is driven by a combination of creativity and technology in both. 

Over time, more and more customer touch points have been required to entice customers. The buyer only required two touchpoints in 2000, but by 2015, that number was anticipated to be close to six, and more recently, marketers have increased the need to eight. As we tackle the recession, only the most intelligent retailers who invest in an effective omnichannel strategy-  that combines physical and digital outlets to engage customers – will thrive.

Consumers expect to be able to connect with a brand through a touchpoint that is convenient to them. Customers will be more satisfied if there are various channels available to make their purchases. Having multiple touchpoints means that they would naturally be more likely to purchase from you. This can create recurring customers and boost customer loyalty – something that will be vital as retailers handle the effects of the recession. 

The bottom line

An effective omnichannel strategy is no longer a nice-to-have, but essential to ensuring growth. Customers have expectations and retailers must ensure they are maximising every opportunity to meet them. The benefits are clear, and if retailers are to succeed in the recession then every touchpoint must be optimised. From boosting customer loyalty to creating new recurring customers, an effective omnichannel strategy will help retailers stay competitive throughout the recession.