HOW RETAILERS ARE USING OMNICHANNEL THINKING TO IMPROVE CUSTOMER EXPERIENCES.
Omnichannel is a becoming a real retail obsession. It’s on the mouths of managers, the headlines of industry media and being demanded by customers (even if they don’t realise it’s omnichannel they are demanding). Don’t be fooled into thinking this buzzword is just hype though. Omnichannel is a fundamental thinking approach that’s defining how to connect the brand and the buyer, the .com, the physical store and your contact centre, and of course the buyers and the bottom line. Here we breakdown each and talk you through the benefits of true omnichannel retail.
The Happy Shopper…
Delivering exceptional customer service is not a new retail mantra but it’s something that is greater impacted by omnichannel thinking and service offerings. Omnichannel customer service makes querying/complaining a much more convenient task for shoppers. No longer restricted to telephone or email only, they reach out on multiple channels at their own convenience. Respecting this behavioral change and shifting your services accordingly is rapidly becoming the new retail 101 and it’s going to have a real impact on your customer relationships and experiences. Most notably, the experience between online and in-store…
The Endless Aisle…
Omnichannel fulfilment capabilities are rapidly becoming the norm for leading retailers with ‘buy online, pickup in-store’ leading the way. The benefit of the ‘endless aisle’ to the customer is clear. In terms of monetary value, requesting in-store pickup eliminates shipping costs. A real bugbear for many shoppers. In-store collection also acts as a cure for many other retail pain points. The ability to have purchases in-hand quicker, avoid delivery problems and flexible returning options are all removed. The removal of these pain points obviously improves the customer experience, which in turn fosters loyalty. Loyalty that can be transferred into returning business and profit…
The Booming Bottom Line…
According to LCP Consulting’s ‘The Omnichannel Journey’ report, retail businesses with omnichannel capabilities and strategies are twice as likely to report double-digit growth. That’s a seriously serious statistic that shows omnichannel thinking is more than just a retail buzzword. It is really capable of delivering where it matters; your bottom-line. It’s a sentiment echoed by Wal-Mart CEO Doug McMillon who, as part of third quarter fiscal year earning call in 2015, said: “customers who start using online grocery [with in-store pickup] spend nearly 50% more than similar customers who shop only in stores”.
Despite the buzz, omnichannel thinking is still not widely adopted. In fact, as part of a recent Retail Business Technology Expo, a panel likened the current adoption of omnichannel thinking as its “dial-up” phase, likening the movement to when dial-up Internet was the norm before broadband Internet revolutionised the service.
Wherever we are in the evolution of omnichannel (some industries are storming ahead whilst others are noticeably lagging), there is no denying that tools and services already exist to help retailers fulfill their seamless customer experience. Our platform was designed specifically to enrich the relevance and value of customer engagements whether that’s online, in-store or via your contact centre. To find out more about how we’re helping retailers embrace and put into practice their omnichannel strategies, check out our platform and don’t forget to keep coming back for the latest news and views on omnichannel via the blog.
Don’t forget that we’ve recently launched our Conversity ROI calculator, helping provide a business case for guided selling technology. Want to run see how much IGS could return for your business? Get in touch.
Dave.