Will Omni-channel Retail Help CIOs Offer Smooth Purchase Journey?
retailciooutlook

Will Omni-channel Retail Help CIOs Offer Smooth Purchase Journey?

By Retail CIO Outlook | Tuesday, October 29, 2019

Omni-channel offers a smooth purchase journey to the shoppers. It helps the retailers to offer services like the most exceptional customer experience, operational excellence to serve their clients in a better way to facilitate growth.

FREMONT, CA: The retail industry desire to give their customers the experience of effortless shopping. Today, customers are not only searching for the products that they need but also the way through which they can shop conveniently.

This is where omni-channel retail comes into the picture. Omni-channel retail is a multi-channel technique that aims at offering its clients an ultimate shopping experience, whether the client is shopping online or from a retail store. Unlike multi-channel, omni-channel retail offers its customers an integrated shopping experience.

Brands that have harnessed omnichannel retailing are already seeing improvement in their customers’ overall buying experience. Besides, it is also enabling retailers to build more channels to increase sales throughput. Following is the rundown of some of the benefits of omnichannel retail and its effect on business.

1. High client retention

In today’s competitive world, it is very challenging to establish and maintain good customer relationships. Brands are constantly researching and digging out innovative ways to enhance their customer engagement. One of the ways is creating a personalized experience. Consistently tracking customers’ behavior through social media channels is another approach to achieve deeper insight. Customers like to be distinguished individually and attended personally.

2. Increase in margins and sales

Omnichannel empowers the customers to purchase from wherever they want. It provides retailers’ stock visibility and availability to the customers in their desired channel. Additionally, it offers comfort to the shoppers and substantially increases the purchasing opportunities for multiple products offered by the retailers. Most essentially, it offers clients with a huge array of selection and uncountable ways of accessing and buying that selection, thus improving sales.

3. Decreased shipping cost/labor cost

In the long term, it would be possible for the retails to optimize inventory and minimize the amount of time taken, which will have a significant impact on savings. Likewise, retailers will be able to do optimization at the closest omnichannel fulfillment center, items included in an order or the accessible inventory, and retailers can minimize shipping costs.

4. Sustainable revenue growth

According to the research of IDC, customers who purchase from stores and e-commerce websites have 30% greater customer lifetime value in contrast to a customer who buys only from one channel. Through offering customers the option to shop in person, retailers can capitalize on this promising value and can enjoy constant growth in their revenue.

5. Easy returns

Ease of returns enhances the customers’ overall experience of brands. This gives omnichannel an opportunity to make returns via multi-channels, which will further help in building customer loyalty. What requires to be adapted is pricing management and technology stock management since every channel might have different pricing to offer.

Omnichannel offers a 360-degree view of the purchases made by shoppers. Doubtlessly, adopting an omnichannel strategy promises retailers a bright future ahead.

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