Omnichannel Retail: Key For Successful Digital Transformation of Your Business
Digital transformation and omnichannel retail have been among the hot topics around the business world for the past couple of years. Despite all those challenges faced by the organization, digital transformation offers numerous benefits including modernizing legacy processes, improving business efficiency, regulating business workflow, improving profits, and so.
This article briefs digital transformation and its benefits along by sharing the details of omnichannel retail and what it offers to a business in an eCommerce platform.
What is Digital Transformation?
Digital transformation is nothing but the integration of digital technology in all aspects of the business; the integration completely changes the business operation. The changes made due to digital transformation will reflect in all business areas, particularly in improving business culture and delivering more value to customers.
What are the Benefits of Digital Transformation?
Apart from being cost-related, digital transformation offers a wide range of benefits to organizations across industries. Here in this section, a few of the vital benefits that an organization can avail through digital transformation are briefed. Take a look.
Increases Data Collection
With digital transformation, everything becomes systematic because that data gathering and incorporating for business intelligence becomes easier.
Better Resource Management
Digital transformation is like altering the functional unit of an organization, it simply encompasses every aspect of a business. Every department of an organization can access and leverage sensitive & enriched business/product data, particularly the sales & marketing department.
Better Understanding of Customer
Consumer data plays a key role in predicting their shopping behavior and their needs. Based on their customer insights data, businesses can provide what customers are looking for. This eventually increases customer experiences.
Business efficiency and productivity increase through digital transformation, owing to that profitability to increase dramatically. According to a study report, more than 80% of organizations transferred to digital experienced a profit increase of around 25%.
Increases Agility in Business Operation
Digital transformation gives more agility to an organization, especially when releasing new products. It speeds up the process of introducing new products to the market.
How to digitally transform your company?
It doesn’t matter whether you own a small or enterprise-level business, digital transformation is imperative in today’s digital era. Many think digital transformation is like moving every business operation to the cloud. But it’s not like that; digital transformation differs from company to company.
As mentioned above, digital transformation is the introduction of digital technology into all departments involved in the business. There are several reasons for a business to undergo digital transformation but the main reason could be the survival issue. The change in consumer habits along with the explosion of new technologies in today’s digital society has enforced businesses to digitize their operation.
For a complete and successful digital transformation, business leaders should give importance to the implementation of effective strategy with the right technology.
When it comes to digital transformation, omnichannel retail strategy becomes essential for organizations or businesses to tackle competitive markets and the needs of modern buyers. The upcoming section will discuss the omnichannel experience in detail.
Omnichannel Retail – What is it?
We all know that omnichannel is a kind of strategy in which business experts use a multi-channel approach to sell their products. Well, here we have mentioned omnichannel retail, so what is it?
Omnichannel is nothing but a kind of network which integrates multiple sales channels to provide a seamless shopping experience to customers. More importantly, Omnichannel retail strategy allows businesses involved in eCommerce activity to impress their consumers through product personalization through analysis of the customer’s previous shopping journey.
For modern-day businesses, omnichannel retailers become inevitable as they offer a seamless customer experience every time a customer shops. The kind of experience a customer gets while shopping in-store becomes an integral part of the omnichannel customer experience. So, it imperatively caters to the needs of the new age online shoppers.
Secrets to Omnichannel Retail Success
Technology has become inevitable for modern-day business. Consumers in this digital era prefer internet-connected devices to shop their products as an omnichannel movement infiltrated every eCommerce business.
Based on the recent survey, businesses utilizing the multi-channel approach receive 14% more shoppers than the businesses using the single-channel approach. The rising demands of modern consumers have enforced retailers into multi-channel shopping. However, to exhibit flawless experience across multi-channels retailers make use of the omnichannel approach.
This section covers all the secrets of omnichannel retail success.
1. Consumers Become First Priority
Unlike others, the omnichannel approach mainly focused on consumers rather than giving importance to media. While using the omnichannel approach, the marketing team should give importance to fixing the best channel for carrying marketing campaigns instead of opting for channels in which consumers get more awareness over the campaign carried through marketers.
However, you need to understand that omnichannel is not just about communicating through multiple channels, it’s about increasing customer experience. With omnichannel experience, business owners can provide personalized, sophisticated, and co-ordinate media for consumers which will yield a more positive experience.
2. Safest Way To Stay Ahead in Competition
Investing in Omnichannel retail business will be more on a customer-centric operation. Relying more on customer-centricity will help businesses to stay ahead in the competition. Boardrooms having CEOs and directors play a key role in making the omnichannel retail strategy a successful one.
This will create more opportunities for business leaders to communicate with more sponsors with an attractive business case that will improve business ROI.
3. Knowing Your Audience
The understanding audience is the key aspect of the omnichannel experience. The omnichannel approach helps business leaders to identify their target audience and to study their approaches like how they interact, what impresses them, what they like to shop, and so on. Based on the collected information, business leaders can offer optimized products and services.
Also, customer information collected through an omnichannel approach allows retailers to identify ineffective channels and to take necessary steps to improve.
4. Feasible Roadmap To Success
Having an effective omnichannel retail strategy that enhances the customer shopping experience is like having a good investment portfolio. Modern shoppers opt for online stores for shopping for their products instead of shopping at traditional stores. With the growing demands and heavy competition online, store owners & business leaders should take necessary measures and innovative plans to overcome the barriers.
A feasible roadmap offered by omnichannel retail will offer the convenience of in-store to the customers along with low time spent on a store. This can be achieved by allowing customers to find their products quickly. The roadmap of omnichannel retailers triggers agile deployments and delivers incremental value to the business growth.
5. Creates More Channels For Shopping
Creating desired awareness about the online presence of your business would be the first step towards your business success and growth. A true and effective omnichannel retail strategy should make all the customer touchpoints suitable for shopping.
This makes consumers easily spot your online store or business website and can perform seamless shopping.
6. Seamless Interactions between Channels
It is important to have seamless interaction between channels is the most important and final step when it comes to the omnichannel retail approach. This will create more opportunities for business leaders to understand the needs and preferences of their potential buyers.
Seamless interactions between channels will allow businesses to design their business operation effectively to meet the expectation of modern consumers.
Omnichannel Retail: Challenges
Omnichannel retail comes with a well-integrated approach to delivering an excellent customer experience to online shoppers. It helps eCommerce businesses to deliver a seamless customer experience to all customers from anywhere in the world.
This section elaborates on the challenges faced by the eCommerce business in Omnichannel retail strategy
One of the biggest challenges of marketers is crafting the personalized purchase journey of the buyers. Modern buyers love to have a choice and they s56xearch, interact in the various online platforms to find brands offering a variety of choices.
Implementing a product information management platform with omnichannel helps marketers need to collect all those data from multiple channels and deliver personalized products to promote customer satisfaction. Also, it enables marketers to send notification emails to customers regarding the sales of personalized products/services.
Once the marketing team successfully manages to approach consumers with a personalized message, they need to interact with the sales team to extend the personalized offers to promote the customer experience.
Omnichannel offers seamless interaction between channels by using which marketing team can interact with the sales team and share the customer behavior based on previous purchase history, based on which sales team can mimic the personalization level according to the customers need.
To deliver seamless customer service, businesses need to get rid of silos data and offer a unified data management system with accessing rights to the sales & marketing team. This can be achieved with omnichannel retail, it allows the sales & marketing team to access enriched product information stored in a centralized storage location and deliver accurate product details to consumers.
How To Build An Omnichannel Retail Strategy?
To build an effective omnichannel retail strategy, businesses need to follow these upcoming 5 simple steps
Step1: The first and foremost step would be identifying the target customers based on various factors like demographic, behavior, gender, budget, and interest. Upon those factors, you need to determine the channels to create interaction with the target audience.
Step 2: Well, determining the channels would be the next step. This is where retails play a key role, they need to understand the customer behavior and pick the right sales channels to promote sales among the target groups.
Step 3: The next step is to find the customer’s shopping journey. No matter in what way consumers reach your eCommerce store, once you manage to provide exactly what they are looking for, you can create enough space for them to make repeat purchases after a while.
Step 4: By automating the process through AI-enabled bots can prevent customers to repeat their queries again and again to the customer support agents. Bots with AI features will create a seamless structured flow of conversation between the brands and customers.
Step 5: Final step would be to test, analyze, observe and rework. This enables businesses to test their product with real customers and study their behavior. Upon the results, they need to make necessary changes to promote customer experience and product sales.
Examples of Omnichannel Retail Companies
As of today’s count, you can find a huge number of companies and enterprises that have undergone a digital transformation and ready implemented omnichannel strategy. Here are the top companies experiencing benefits like brand consistency, offering consumers multiple options, customer-centric approach, and so, through omnichannel strategy.
Let’s take a look at how these leading retailers manage to succeed through omnichannel.
With the help of Omnichannel retail, tech giant Apple made an impactful change in customer service. Unlike the traditional model, the new program of customer service enables customers to talk directly to the Apple store employee and express their issues based on the issue priority. Employees will assign wait times and fix appointments with their retail stores.
The French-based multinational retail giant Carrefour has introduced a smart tool ‘connected kitchen’ which scans all your kitchen supplies and orders them automatically without the help of a smartphone. In addition, it also comes with voice-enabled features allowing customers to refill their groceries and other kitchen supplies without spending time on their smartphones.
New York’s popular luxury fashion retailers Rebecca Minkoff has transformed her retail showroom into an interactive store where customers can easily interact with the giant mirror and browse all those latest fashion accessories. The mirror allows users to order drinks and download the mobile app to their smartphone directly.
Hope you are now aware of how omnichannel smoothes the business operation and eases the online shopping process. Digital transformation along with omnichannel retail creates more relationships with the customers. Omnichannel delivers seamless interaction with the consumers by enabling business leaders to understand the needs and their preferences through advanced technology.