How brands can stay on top of their omnichannel strategy game
April 20, 2021 9:49 AM
Adopting an omnichannel strategy and engaging with customers across various channels will not only increase brand visibility but also improve customer retention and loyalty
While omnichannel strategies undoubtedly pay off in the long run, it is important to devise one that suits your business model the best
By Amit Monga
Today, e-commerce is no longer limited to shopping from a single medium. With cut-throat competition in a highly lucrative market, players simply cannot limit themselves to a single channel if they wish to gain an edge over their competitors and stay ahead in the game. With the surge in demand for e-commerce along with businesses adopting tech-driven approaches, omnichannel has become the buzzword in recent years.
In a nutshell, an omnichannel strategy is an approach that offers customers a fully integrated experience by uniting user experiences across multiple channels. Adopting an omnichannel strategy and engaging with customers across various channels will not only increase brand visibility but also improve customer retention and loyalty. Omnichannel strategies, however, must be methodically designed to ensure they are comprehensive and allow you to enhance customer experience with simplified shopping and timely support. On that note, here are five key tips to up your omnichannel strategy game.
Integrate your channels
Integration of the sales channel along with your inventory management is important. This kind of integration will enable an interwoven, simplified experience. When adopting an omnichannel strategy, the concept of Buy Online Pick up in Store (BOPIS), also known as Click and Collect, where a customer places the order online but collects the item from the physical store, can be useful in providing improved shopping experiences for customers. Integration of sales and inventory management combined with implementing the BOPIS concept can reduce friction, making it one of the biggest value-adds in the customer experience journey.
Deliver consistent experiences
Improving customer experience and satisfaction must be a top priority for businesses. One of the most efficient and effective ways to ensure this is to be consistent with the messaging and content strategy that reaches customers. Besides this, it’s also vital to improve Customer Lifetime Value. This will automatically boost customer retention and satisfaction.
Leverage data and insights
In today’s world, data is everywhere, and it is one of the most valuable assets for businesses to possess especially e-commerce businesses. Consumers create valuable data when they make purchases online and offer businesses opportunities to glean insights from this to devise personalised marketing strategies and improve customer experiences. Leveraging data to fuel marketing campaigns across channels and creating a solid product roadmap will go a long way in bolstering the omnichannel strategy.
Customer journey mapping
Mapping customers’ shopping journey helps brands understand customer behavior and preferences better. Once again, data is one of the key pillars for this. In the current tech-driven world, businesses, having realised the power and utility value of data, are increasingly becoming data-centric. For brands engaging in e-commerce, channeling data to map customers’ journeys will prove beneficial in the long run. Consistent mapping of the customers’ journey will eliminate any inaccuracies and help brands provide customised and orchestrated shopping experiences.
Utilise social commerce
Social commerce has become a vital wing of e-commerce and one of the most lucrative options for brands to explore. While it is yet to mature fully, social commerce has gained immense traction in recent years with the pandemic further fueling its adoption. Social commerce as a trend is likely to remain and grow further with brands and social media platforms working together to facilitate smooth social commerce. Being a growth driver, brands leveraging social commerce are likely to witness increased reach to their target market, acquire and retain more customers, and thrive in the industry.
While omnichannel strategies undoubtedly pay off in the long run, it is important to devise one that suits your business model the best. Embracing and implementing omnichannel strategies effectively will bridge the gap between online and offline channels. The aforementioned tips are aimed at helping businesses build a robust omnichannel strategy by developing strong customer relationships, leveraging technology, and being consistent in providing best-in-class experiences to customers. After all, an all-encompassing strategy is crucial in addressing rising competition in the market.