‘Omni channel’ is quickly becoming the phrase everyone is using in the retail sector, but;
- What does it really mean?
- What are the benefits of an omni channel approach?
- How can retailers use omni channel to stay ahead of their competitors?
‘Omni channel’ refers to the range platforms through which a customer accesses, learns about, and purchases products from a retailer.
Using the customers’ Big Data generated by these platforms, retailers can monitor trends, streamline stocking and distribution networks, fine-tune inquiry and complaints processes, and improve customers’ shopping experiences online, on mobile devices, and in store.
The whole point of this approach is to improve customer experiences, enabling them to purchase good quality products quickly and return to purchase again in the future.
There are a number of reasons why ‘omni channel’ has become the industry’s buzz word in recent years. Recent figures from Microsoft state;
- 86% of customers will pay more for a better consumer experience.
- 56% of customers research a brand on Facebook before purchasing.
- 90% of customers regularly research products online before buying them.
- 23% of brick and mortar sales are influenced by their website.
- 75% of customers said product information found on social channels influenced their shopping behaviour and enhanced brand loyalty.
- 74% of customers leave if a website doesn’t load on their smartphone in within FIVE SECONDS.
- 91% of unhappy customers don’t complain and will leave and not return.
- 71% of customers go online first whenever they have a problem with a product even though stores remain the source of more than 85% of retail's aggregate revenue.
What Is The Best Way To Implement An Omni Channel Approach?
As you can see, customers no longer have their desires dictated to them by retailers. Consumers can largely buy what they want, when they want, from anywhere in the world.
To survive and thrive, retailers need to adapt and put the customer at the heart of their thinking.
They can no longer treat different channels as separate businesses with distinct systems that are managed by isolated teams. This can result in lack of visibility across channels and an inability to follow and track customers as they move across different platforms.
A single, integrated CRM software strategy for driving compelling customer experiences while controlling costs is fast becoming the industry standard. Strategic focus is required across the business. Employee productivity and effectiveness should be increased and data utilised to anticipate future trends. Click here to analyse your retail technology strategy.
How Can Retail Technology Provide An Omni Channel Approach?
- Point Of Sale (POS Software) –
- In store systems consolidate customers’ purchase sales history, transaction details, and wish lists.
- This information can be used by sales associates on the shop floor to guide and recommend to their customers.
- E-Commerce –
- An online storefront with search-based technology that is integrated with your company-wide CRM software can ensure accurate, timely, consistent sales performance.
- Contact Centre Optimisation –
- Provide your call handlers with a single-screen omni channel portal that displays all of your customer’s Big Data.
- Marketing & Social Media Monitoring –
- Monitor your customers’ digital engagements with your company to improve the way your company responds to consumer wants and needs. You can see and alter your website pages, review social media trends, optimise your operations for mobile and much more.
- Store Operations –
- Track your company’s inventory in real time, maintain accounts, monitor customer loyalty, maintain staff records, and track work orders, back orders, and sales orders.
- Supply Chain & Logistics Solutions –
- Control your whole business and its products, get a better handle on costs, and streamline product information management using PIM software.
- Sales Force Automation –
- Win faster by making every customer conversation more relevant, valuable, and productive. Sell more with better insight, understanding, and pipeline confidence.
If you would like to discuss your CRM software, or your retail technology strategy call 01675 466 477 or email firstname.lastname@example.org.