What is an Omnichannel Retail Strategy and What are Its Benefits?

What is an Omnichannel Retail Strategy and What are Its Benefits?

 

Have you ever heard about omnichannel retail strategy? You probably have experienced omnichannel shopping without you realizing it. The point of the omnichannel retail strategy is to make the shopping experience seamless yet satisfying. 

Omnichannel retail strategy is a method of making the shopping experience seamless across all platforms. This strategy connects all sales channels such as an online store, offline store, social media, google search, phone orders, and many more. Omnichannel retail strategy means integrating distribution, communication, and promotion to create a convenient shopping experience for customers. 

To put it simply, an omnichannel retail strategy means meeting the customers in whatever platform they are and giving them the same satisfying experience across all platforms. For example, a customer can see a product online advertisement and then lookup for more information on the retailer’s website. The customer can communicate with the customer service and check up on the product demo and whether it is still in stock before going to the physical store. After that, the customer can go to the physical store and check out the product from the application. 

 

Multichannel vs Omnichannel retail strategy

 

Omnichannel and multichannel are often used interchangeably. However, the two have different meanings. Multichannel is about maximizing the number of channels to promote and purchase a product. On the other hand, omnichannel is about maximizing the user experience by building stronger relationships with existing and potential buyers. Omnichannel is part of a multichannel strategy, but rather than just diversifying the channel and improving information, omnichannel creates customized promotions for each customer. 

 

Omnichannel Retail Platforms in Indonesia

 

There are a lot of omnichannel retail platforms in Indonesia. Some of the examples are Jubelio, Ngorder, and Forstock. These platforms work with retail companies to manage their online operations, marketing, and distribution. Omnichannel platforms generally provide integrated marketplace services for e-commerce starting from orders, inventory, shipping management, and CRM (promotions). If you have a retail startup, consider using external omnichannel service providers to help you improve you scale of your startup.

 

Benefits of Omnichannel Retail Strategy

 

1. Improve customer satisfaction

A global survey by Google shows that 74% of in-store customers who conduct a search before going to the store searched about which store is closest to them, the in-stock, wait times, and contact information of the store. This shows that customers are actively looking for the most convenient option and need that information before making a purchase. Omnichannel improves customer satisfaction by providing an integrated ecosystem (online and offline), personalized support, and quick and transparent information for customers. 

2. Increase sales

According to the research by Harvard Business Review, customers from omnichannel spend 10% more online than customers from single-channel. The omnichannel strategy allows customers to find out clear information and purchase a product from various platforms. Since the customers have a wide variety of channels to purchase the product and have clear information about the product in a single touch, they are more likely to purchase the product. 

3. Integrated data

Another benefit of the omnichannel retail strategy is integrated data across platforms. The omnichannel retail strategy will consider all past and current customer interactions on all platforms such as social media activities, website cookies, purchase records, and many more. Because of this, you can understand your customers better and make your next marketing strategy more personalized to each customer. 

 

Need Support in Building a Startup?

 

Gear up will help you navigate the never-ending challenges of building a startup. Gear Up is a startup brainstorming partner in Indonesia that provides one-on-one and catered support for the chosen startups. Gear Up can help you find the correct business model, gain funding for your startup from venture capital, and scale up your startup. Join Gear Up to begin your startup journey.

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