Retail Analysis
Understanding customer experience Omnichannel retailing is customer driven. Modern consumers demand convenience at every touchpoint and engagement with the brand of their choice. It is interesting to note that consumers do not want to be involved in the business complexities. Rather, they want the ease of doing everything when they interact with a brand. From a few seconds of delay in the website to unavailability of an item online, consumer experience can get disrupted. To provide the desired experience, retailers need to improve their operational efficiency. With the implementation of an omnichannel strategy, brands can do just that, all whilst reducing operational costs. One of the most important parts of the omnichannel strategy is to select the right omnichannel solution. According to Deloitte, an omnichannel solution directly results in
enhanced efficiency and consequently, lower marketing costs. What’s more, 65% of shoppers believe that a seamless, integrated, personalised connected journey with a brand is more influential than a good marketing campaign. Allowing data to be shared across all channels, means that retailers need to only collect a customer’s information at the initial touchpoint – significantly lowering data collection and processing costs. The key to creating a continuous customer experience is to
maintain consistency. Omnichannel solutions can enable brands to provide seamless user experience at a consistent pace. Having a gap between consistency can allow consumers to go to another channel to shop and therefore, retailers must have advanced solutions in place to maintain consistency across all channels. Moreover, retailers must understand that being present at the
place where the target audience is, plays a crucial role in making the most of the consistency provided. Shoppers prefer the simplification of their logistics as much as possible. Hence, appearing on the channels where consumers expect a brand to be becomes hugely important. The question remains how? How can retailers act according to consumer preferences? Data collection and analysis is the answer. Data about consumer
habits, preferences, shopping behaviour can help retailers to plan their strategies accordingly.
Why omnichannel solutions to simplify data? Retailers can leverage omnichannel solutions to enhance reporting of the data more effectively. Through the help of visual dashboards and connected databases, retailers can now receive crucial insights in real-time - this allows them to make faster decision-making. In addition, brands can set automated reports to keep track of the shopper activities. The collated information provides greater insight into what an individual shopper is looking for and accordingly, allows retailers to tailor messaging and marketing specifically to each individual. Thanks to the omnichannel solutions. On top of that, the real time dashboards allow retailers to stay
updated about key performance indicators (KPIs) and enable them to analyse every metric with complete visibility across different areas of the business. 74% of shoppers would rather engage with website content
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curated specifically to their interests because they want to feel valued. The customer journey needs to be about them and with a personalised experience, retailers need to make their customers feel that they are their number one priority. To fulfil these high expectations, retailers need to adopt next-gen solutions.
Enhancing customer loyalty With 90% of shoppers demanding an omnichannel offering and expecting brands to
know their preferences regardless of the channel they choose, understanding the customer journey and enhancing the all-around shopper experience, accordingly, increases customer loyalty and retention. Convenience and consistency are crucial to customers as 33% of
shoppers ended their relationship with a retailer due to their experience being either not personalised enough or less convenient than other brands. Keeping existing customers is significantly more profitable than acquiring new ones. Loyal customers who feel connected and valued by a brand spend twice as much as those who don’t, according to an AdWeek report.
Driving sales 80% of shoppers browse the Internet for product information and reviews, or to compare products during their decision-making process before finally purchasing an item in a brick-and-mortar store. Shoppers are becoming significantly omnichannel-driven, even if their chosen brands are not. In fact 73% of shoppers use more than one channel and device during a single shopping experience. Retailers need to ensure that they do not lose a sale due to not being available on a platform that their competitor was present on. Being present on more channels allows customers to find brands
whenever they want regardless of time and place. Furthermore, the more channels a customer can find a brand on, the more valuable that customer becomes. A Harvard Business Review study verifies that omnichannel shoppers spend 4% more on every shopping occasion in-store and 10% more online than single-channel shoppers. Online retailers are investing in physical experience stores, while
physical retailers are strengthening their online presence. The future of retail will be increasingly more about creating a seamless and personalised customer experience, consequently being where your customers are. The future of omnichannel retail will look at the customer as the channel and be able to connect and engage with the right customer where it matters to them. For brands to succeed in a competitive ocean of retailers, prioritising omnichannel effectiveness will simply be about enhancing the customer experience and creating convenience and cohesiveness throughout their shopping journey. By catering to their customers’ needs and providing desired
offerings, retailers can enhance the overall customer experience. Ultimate consumer experience in combination with omnichannel presence plays a key role in retaining existing customers as well as attracting new ones. This can only be achieved with an all- encompassing omnichannel solution that keeps a seamless flow of information across all channels.
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