February 1, 2018
Advantages Brought about by Omni Channel Retailing
We’re all aware of the problems that existed prior to the introduction of Omni channel retailing. It is something that most businesses have to deal with on a regular basis (at least the ones who haven’t adopted Omni channel strategies anyway). But the truth of the matter is, with the rapid shift towards Omni channel retailing, it has changed the entire landscape for retail, even with local businesses. So let’s discuss what significant changes were enacted with this medium of retail.
Changes brought about by Omni channel retail
Omni channel retail focuses primarily on consolidating the brick & mortar and the online experience in one platform. It the convenience and ease of online shopping, merged with the versatility of the offline stores. Omni retailing is heavily dependent on IT and it is projected that by the year 2020 there will a massive growth in IT budgets for Omni-Channel marketing platforms. And not just that, Omni Channel Retailing is set to bring about a huge reform in the way customers and businesses interact with each other. It is estimated that 90% of all sales are still done via Brick and Mortar mediums and so with the introduction of Omni channels, it is deemed to grow even more So what significant changes does it introduce in the mainstream? Let’s discuss it with the eye of both the customer and retailer.
Changes for Customer
- More information: The customer has access to a huge database of information about the products just like they would in an online store. This inspires the customer to buy with more confidence.
- Product Enquiry: Since the customer can check for product availability beforehand, it becomes easier for them to book products in advance if they have lower stocks. Also they can compare products before they actually buy it, so it saves time.
- Time Saving: In an Omni Channel retail system, products are catalogued beforehand; hence, it becomes easier for them to find it, if they are shopping in the traditional fashion.
- Convenience: Because in an Omni Channel system, you can shop both offline and online, it becomes easier for the customer to shop according to their time schedule.
Changes for the Business:
- Confidence Inspiring: Because businesses can build offline retail stores for their products, it inspires more confidence for the customer to stick to that brand. It also means that the business is doing well in the eyes of the customer and that they won’t be going anywhere soon.
- Targeted marketing: With the help of Omni Channel distribution and marketing, businesses can gather more information on the customer and their shopping habits, leading them to display more relevant or targeted ads at the customer.
- Tracking Trends: Since the business has more data now, they can keep track of product selling trends and effectively improve their existing inventory for higher profits.
- Better customer support: Again, the data gathered from various channels can be converted into knowledge for the ground staff and they can be more efficient.
- Converting Traffic: The personalised ads means that there is higher chance for the business to turn online traffic into foot traffic and use cross sell and up sell opportunities, all under one platform.
Certainly, Omni channel distribution is the way forward for any business. The prospect of having more customers shop at their convenience is always a boon and it effectively increases the total business profits and keeps it relevant.