Omni-channel retail can be described as a consumer-focused approach for the marketing of multi-channel retailing. It is a powerful strategy adopted by retailers for improving customer experience, business performance, sales and loyalty.
The objective of Omni-channel retail goes beyond simply managing sales in different channels. It also aims at integrating all of your channels so that both customers and sales people can enjoy an optimally functional range of sales capabilities. Providing the best online customer experience.
Key Advantages of Omni-channel Retail
- Greater efficiency
By developing an Omni-channel retail strategy, retailers are able to offer consistent experience to their already informed customers across all platforms. They become equipped to cater to the customers’ needs with a common, central database of products, prices, offers etc. The consumer is able to experience the brand with products and promotions which are consistent across all the retail channels. This means that traditional physical stores actually become extensions of the actual supply chain. The purchase may take place at the store, but the research is done through various other communication “channels”.
You might also be interested in: Optimise Your Organization’s Digital & Mobile Customer Experience
- Increased margins
A well-designed online sales structure will minimize the occurrence of various discounting schemes. In traditional retailing, heavy discounts are offered only on those products which are not getting sold easily via particular stores. But with Omni-channel retail, nationally-based sellers are able to sell the products to all customers (all over the country) at full price.
- Improved data collection
When a business enjoys visibility across a range of different channels, it automatically translates into a more personalized customer experience. When a retailer is equipped to track its customers over multiple channels while comprehending their preferences, it can serve them better. This means that Omni-channel retail allows businesses to also get ideas on how to create offers which may persuade their customers to come out and engage themselves while shopping at physical stores. It is here that the chance of impulsive purchasing is greater.
- Integrated Communication and Data Analysis
With multiple-channel communication, there are various information streams available to your business. These information streams need to be understood for meeting the demands of the customers. With analytics, you are equipped to comprehend, quantify as well as review the communication with your customers.
Omni-channel retail offers cross-channel capability and this means you can engage with consumer data irrespective of its point of generation. You can also do cross-referencing with other similar customer information across platforms. An overall benefit towards your online customer experience.