What is omnichannel retail?
Omnichannel retail is a strategy that allows businesses to connect with customers through various buying channels, including physical stores, online marketplaces, mobile apps, social media platforms, and more.
The goal is to unite all channels so customers receive a seamless and consistent experience when they engage with your business. In an omnichannel retail model, all channels are integrated into a single system, which allows companies to track customer interactions and preferences across all touchpoints. This data can also influence the retail marketing strategy to improve product recommendations and offer a more tailored customer experience.
Your business may already be using an omnichannel approach to some extent. But there are always aspects you can and should improve.
Benefits of improving the customer experience
When businesses take the time to invest in improving the omnichannel experience, the benefits can be significant. 76% of customers will stop buying from a business after just one bad experience.
This means that the cost of just one mistake is really high. At the same time, if your omnichannel customer experience is good, your business will attract very lucrative omnichannel buyers. A Harvard Business Review study revealed that omnichannel customers spend 4% more in the store and 10% more online every time. Plus, the more channels buyers use, the more they spend.
But that’s not all. According to the same study, omnichannel shoppers are more loyal than those using only one channel. Within six months after purchase, they are more likely to go to the store again and to recommend the brand and products.
Omnichannel strategies contribute to businesses in various ways, making them worth perfecting. For 32% of companies, omnichannel strategies increased conversions and/or basket sizes; for 25%, they even improved customer lifetime value (CLV).
Omnichannel strategies for marketing campaigns make a big difference as well. Marketers using three or more channels for their campaigns have 494% higher order rates than those using only one channel.
Want to benefit from omnichannel retail even more? Then read on to learn five tips on improving your strategy!