Successful businesses are embracing an omnichannel approach to their cross-channel strategy.
The key distinction between omnichannel and multichannel is that the latter is focused on the product while the former is focused on the customer. Omnichannel strategy creates a consistent and unified customer experience for your brand regardless of where and how customers interact with it.
“Rather than treating channels as independent silos, omnichannel accounts for the spillover between channels and offers customer experiences within and between channels,” Shopify.com explains. “In essence, omnichannel removes the boundaries between different sales and marketing channels to create a unified, integrated whole. The distinctions between channels—onsite, social, mobile, email, physical, and instant messaging—disappear as a single view of the customer as well as a single experience of commerce emerges.”
Omnichannel is powered by technology and reliant on in to coordinate customer interactions with your brand. Previously, where it may have been acceptable for in-store purchases and offline marketing, for example, to occur in isolation, now customers expect each interaction to inform the other – something that has only increased with the acceleration of online adoption during the coronavirus crisis.
The core advantages of an omnichannel strategy are that it provides a clear and consistent vision of the brand, and it gives customers the information and interaction they want and how they want it, which increases customer acquisition and retention, and ultimately leads to an increase in sales.
The Google report, Omnichannel shoppers: An emerging retail reality, concluded: “Omnichannel shopping presents a dramatic shift in how we think about retail, but it’s a change that comes with huge opportunity. Start your journey by understanding the specific traits of these shoppers. Get to know who they are and what propels them to shop online and in-store by using the tools that will help you measure online and offline purchases effectively across channels. Most important, give your customers what they’re craving: instant, relevant information no matter where they are or what device they’re using. Ultimately, though, it’s your team structure, incentives, and measurement that together support the common goal of attracting more loyal, valuable omnichannel shoppers. By focusing on their wants and needs, you’ll create a seamless shopping experience that’s more likely to drive sales across your organization.”
IDC predicts that half of all retailers have already adopted an omnichannel strategy, resulting in up to a 30% increase in profitability, due to higher revenue, and reduced costs of ownership, inventory, operations and promotions.
The Magento platform is geared to facilitating omnichannel strategy. With Magento Commerce and Magento Order management, you can:
– link in-store and online giving customers the option to buy online and pickup in-store, or to check inventory levels before leaving their homes
– centralise your global inventory and product sourcing, increasing efficiency, reducing costs and providing the best possible shopping experience
– grow your business through flexible order fulfilment, with stores, suppliers and partners effectively becoming mini distribution centres
Get in touch with our team and we can talk to you about this or any other other eCommerce questions you may have.