What is an Omnichannel Strategy and How Can It Benefit Your Retail Brand?
It has been established that Omni channel advertising has its fair share of perks for the average advertiser in the digital domain. The capabilities of this advertising technique empower its users to a great extent. In fact, the difference is quite vivid and discrete as a 90% customer retention rate has been experienced over Omni channel advertising techniques when compared to a single channel strategy.
Having a retail business requires establishing your brand presence in the digital domain. While your brick-and-mortar store might be doing well in the neighborhood, expanding the horizons in this digital age can create opportunities for better Traffic and Sales. Having a robust Omni channel strategy can not only help you establish your brand’s presence in the market but it can also help you reach with the right message to the right audience.
The post-pandemic world has witnessed perhaps one of the most aggressive e-commerce growth activities of all time. With a whopping 208% growth in the number of online orders picked up from brick-and-mortar stores there’s no denying that e-commerce is perhaps in its golden age.
Understanding Omnichannel Strategy
Simply put, an Omnichannel strategy is a sales and marketing strategy that offers customers a completely integrated shopping experience. Users’ experiences are unified by omnichannel strategies across various touchpoints such as physical stores, the website, mobile applications, etc.
Omnichannel retail strategy enhances the shopping experience of customers and offers additional channels for online or in-store purchase. Multiple channels for purchasing products and services increase traffic and sales. Actually, omnichannel customers spend between 15% to 30% more than single or multi-channel customers.
According to a study conducted in conjunction by Ipsos MediaCT, Google, and Sterling Brands, 75% of customers are more inclined to visit a store if they find local retail information online. Omni channel advertising helps boost traffic for online retail and physical stores to increase ROI.
Benefits of Omnichannel Strategy for Retail Brands
Omni channel advertising is now more crucial than ever as it takes into account dynamic consumer behavior. Increased sales and revenue can be generated by implementing an omnichannel strategy. According to an eMarketer report, improved digital experiences, curbside pickup, and touchless checkout increased shopping frequency and generated additional sales.
Here are some benefits that an omnichannel strategy can offer to the retail brands:
It reaches the customers on various platforms
Customer journeys are no longer nearly as linear as they once were. New products and brands are being discovered by consumers in a variety of innovative ways, including Google Shopping, Social Media ads, Online Marketplaces, in-store discovery, product reviews, word-of-mouth, and more. Your brand might be displayed to them on a desktop computer, a television, or a mobile device.
Making yourself available at the platforms that your customers use, simplifies their shopping experience. An NRF survey found that 83% of consumers said that they now place a higher value on convenience than they did five years ago.
It enhances your brand’s appeal in the market
With more retailers competing for online customers’ attention, standing out is essential to succeed overall. It calls for a more memorable brand, an improved shopping experience, and top-notch customer service. Businesses that can make the switch to an omnichannel approach will stand out from rivals right away, especially those brands that are hesitant to give up the traditional physical store experience.
It utilizes data and analytics to improve your business
You can better understand your marketing initiatives across various platforms, including your website, retail stores, social media streams and even customer engagement, by managing the data stream for your brand. Understanding the factors that influence customer choice is essential to business success.
A comprehensive and integrated omnichannel strategy enables you to centralize data from all of your sources and channels. That, in turn, helps to identify the most effective ways to manage you inventory, reach to your customers, and deliver the best service, regardless of where they shop.
And it enables you to give a personalized experience to your customers
The ability of businesses to gather data from various user touchpoints, from a brick-and-mortar store to an online store, is one of the hallmarks of an omnichannel approach. You can improve your understanding of what specific customers want by utilizing the data gathered and adjusting your messaging as well as marketing strategy accordingly.
With the appropriate system in place, you can even create a customized shopping experience for each customer. This is especially important given that 74% of users prefer websites that are carefully curated for their interests. Customers desire to feel appreciated, just like anything else. A personalized experience communicates to them that they are your top priority.
Conclusion
Having an Omni channel strategy for your retail business can do wonders for you. Not only will it help you drive the necessary traffic that your business needs but it’ll also help you establish your brand’s presence in an already competitive market. With cloud advertising reaching a new mark every year, your business can benefit a lot from a stable and well thought out strategy.
When it comes to advertising strategies, Cubera offers one of the most potent state-of-the-art solutions that suit your advertising needs. With one of the richest zero-party data at your disposal, coupled with a sophisticated audience manager, your marketing and advertising prowess can now be given the edge it needs.
