Omnichannel Retail, as the name suggests, requires a retail brand to be omnipresent. Or at least, wherever their target audience or potential customers are.
True Omnichannel retail operations are fully-integrated retail strategies that go beyond the traditional brick-and-mortar physical stores & considers all consumer journeys, traditional & modern/digital, from storefronts to social media platforms. The endgame is to be able to deliver a unified shopping experience to their customers, regardless of which channel or touchpoint their customer is currently active or shopping on.
To put things in perspective, Multichannel Retail operations focus on the brand or product, while the customer takes the back seat as all the relevant channels offer their very own shopping experience, each one different from the next. It intends to make a brand's services or products available to the customer on multiple channels & letting them choose to complete their purchase with any one of them.
But when it comes to Omnichannel Retail operations, the customer, or rather the customer's journey towards a purchase is more important than the brand or product. It is directed more towards converting a customer regardless of where they are shopping. It collects data from a customer's journey from one channel & uses it to draw the customer back through other relevant channels or touchpoints while also keeping the shopping experience consistent, so that the consumer is repeatedly targeted with advertisements & marketing offers & simultaneously making sure not to give off an artificial or overly imposing vibe.
The Omnichannel Trend In India
A recent market survey suggests that there are an estimated 90 million shoppers in India & more than 70% of them admit to being influenced by digital campaigns & strategies before completing a purchase of any kind.
To leverage this shift in consumer trend, one of India’s leading fashion & apparel brand, Max Fashion created their very own online brand identity called Landmark. However, they soon realized that they needed to create a brand new experience for the Indian consumer which is why they launched their online portal way back in 2007 & has experienced tremendous business growth in the following years.Recent market studies have shown that customers are more likely to spend on businesses or brands that offer a simple and unified shopping experience. Projections dictate that Omnichannel Retail customers spend more than 4% on every shopping instance at physical stores & up to 10% more on digital channels.
The same trend is also reflected in the IDC Retail Insights, which shows that retailers who have adopted Omnichannel Retail operations reported a whopping 15%-35% increase in purchase size, along with a 5%-10% increase in consumer loyalty & more than 31% returning customers, across all target channels/touchpoints.
Apart from the real-life benefits of Omnichannel Retail, this trend also showcases the paradigm shift of consumer behaviour, especially young, tech-savvy shoppers, below the age of 40.
How to properly set up an Omnichannel Retail Operations?
Setting up a true Omnichannel Retail Operation requires the right technological tools which can help create a unified shopping experience for the customers & simultaneously also streamlines the entire back-end or supportive retail operations such as inventory management, stock management, etc.
This is where we come in! Our Enterprise Retail Solutions are specifically designed to help retailers achieve an Omnichannel Retail Operations with minimal time & effort & granting them the ability to be present on all relevant channels & touchpoints and also deliver the same shopping experience throughout.
If you wish to learn more about Multichannel & Omnichannel Retail or how we can help your retail business, visit our website infodartglobal.com & schedule a demo with one of retail experts.