We came to understand how important it is for businesses to have a solid omnichannel commerce strategy to meet consumer expectations.
What is omnichannel retail?
Omnichannel retail encompasses the concept of delivering products or services through multiple channels, i.e. retail websites and mobile apps, physical retail locations, chatbots, social media posts, etc. To fully understand what omnichannel retail is all about, we first need to understand the current retail situation in India and globally. According to a survey conducted by Accenture, “More than three in four consumers are now comfortable buying products online and having them delivered to their homes. Half of the global population will conduct some kind of transaction online by 2020, up from only one-third today.
The importance of omnichannel commerce for your business
Why should you think about bringing your products to an omnichannel platform? There are a few reasons: Omnichannel gives you a way to continue to drive sales while limiting fraud by automating certain steps. Customers love the convenience of shopping online or through mobile apps and you can further reduce the risk of their credit card or bank accounts being hacked. Omnichannel allows you to make it easy for customers to convert. Today, a good amount of customers first discover your products through Amazon.com or other online vendors. When they’ve left the site, they often return to your site in the hopes of buying your product. By having your product available online or through mobile apps, you can keep them engaged and convert them into customers.
Why omnichannel e-commerce is the future of retail
Customers are demanding immediate service from businesses in both physical and online stores. There are countless reasons why e-commerce is the future of retail.
1. E-commerce allows for instant gratification for buyers. In comparison to going to a store or browsing online for hours, it offers customers instant satisfaction.
2. Convenience is a major reason why consumers opt to shop online. With convenient one-stop shopping, customers can get their entire shopping needs in one location.
3. E-commerce has an advantage in reaching demographics that cannot be readily accessed in physical retail stores. Companies can reach those who are not in a position to visit a physical store due to financial constraints.
4. E-commerce does not have the hassle of packing and shipping.
How to make a successful omnichannel commerce experience
To make an effective omnichannel strategy, companies should implement a digital backbone. They should focus on customer experience and should seamlessly integrate all sales channels to sell their products online. This way they will be able to reach out to potential buyers wherever they are and keep them engaged. Amazon, which provides a perfect example of a strong omni channel ecommerce platform, is the biggest online retailer in the world. The e-commerce giant was able to grow beyond expectations because they implemented an omnichannel e-commerce strategy that allows customers to buy items from different vendors with a click of a button.
The world is no longer seeing a distinction between online and offline shopping. Retailers across the globe are witnessing a paradigm shift from selling through catalogues and offline, to selling through physical locations and online as well. To continue their business operations, retailers must have a digital marketing strategy in place that ensures the growth of business. Omnichannel ecommerce will take all of these challenges head on.