6 Benefits of Choosing an Omnichannel Strategy
And Gaining An Edge Over Your Competitors
Recently the concept of multichannel and omnichannel sales has been a trending topic on social media. Maybe you’re still confused about the difference between the two, and are wondering why everybody seems to be going crazy over it and whether you should too. And if you’re a small to mid-sized online business, the answer ought to be a resounding “Yes”.
In this post we’ll clear up the definitions of multi and omnichannel marketing and list several benefits that come hand in hand with integrating omnichannel tactics into your business strategy.
1. The Main Difference Is In the Way You Deliver the mMessage
Multichannel strategy is focused on driving sales in each channel separately. The overall brand or campaign message is meant to be spread as fast as possible and thus may not be consistent across all the channels used. Email or social media marketing may communicate a different content in order to meet individual goals and don’t always follow common mission.
Omnichannel is an advanced stage of multichanneling. Thanks in part to a consistent and balanced approach the message is delivered across the inter-linked channels, and the customer is then provided with the same message in the channel they choose. This boosts the feel of familiarity with the brand and starts building a healthy rapport with your customers.
No matter what channel the customer chooses to interact with a brand, the information should be centrally stored and delivered via any other channel.
Customer Case Study Using Via Omnichannel
If an omnichannel strategy is about viewing the shopping from the customer’s point of view, let’s imagine your own purchase behavior when you want a new bike.
Since a bicycle is a long-term consumption product, you naturally want to choose the best possible option in terms of quality. Probably your journey would look like this:
- you spend a few days considering and start with Google searching the type of bike you’re interested in via your own PC. When you find one that meets your criteria, you head to their website to get a closer look at their products.
- you might want to discuss the options with your friend so you head back to the website on your tablet or mobile.
- finally, you want to see the bikes in person, so you use the “Find In Store” feature on the website to locate the one nearest to you. But at the same time you may also search for reviews on social media, to see what other people with similar tastes have purchased. If all your questions and doubts are put to rest, you’ll probably feel confident buying the bike.
- additionally you might find you need some accessories like a light or bike lock, and you end up returning yet again to their online store for another purchase. And it’s highly probable you’ll get a discount via email.
As this illustrates, there are many touchpoints a customer passes these days to complete a purchase.
This is what we call seamless communication and is an example of the kind of good customer experience that an omnichannel strategy ensures.
If you’re still not sure if omnichannel strategy is your way for successful business, let’s take a closer look at some of the benefits.
6 Benefits From Applying Omnichannel Strategy
#1: Instant Revenue Growth
Omnichannel shoppers actually spend 4 % more, on average, during in-store shopping trips and 10 % more online than customers who only used a single channel.
The average omnichannel customer also spent more in the future: 17 percent more, on average, with the retailer over the next six months, and they even purchased 15 % more items, as compared to those who used just one channel. These facts and figures are good reasons to invest into an omnichannel strategy that will pay for itself dozens, if not hundreds, of times over.
#2: High Customer Retention
Winning a consumer’s attention and loyalty in a competitive market full of other merchants is not an easy undertaking. And keeping them is even harder. Omnichannel marketing can help you manage customer relationships across all channels and influence their loyalty to your brand. For customers it’s nice to be distinguished and greeted in each channel they use.
Seamless flow on customers’ journey empowers them to interact with the company in a natural way, and the familiar environment of the brand and ability to respond to a consumer’s demand in desired way increases overall customer satisfaction.
#3: Easily Personalized Offer
Luckily for merchants, consumers are becoming more willing to share personal data if they see a tangible benefit in exchange. They also expect to be able to earn points on their accounts regardless of the channel they use. Hence, this allows you the opportunity to personalize your offers to them. Their shopping experience is rising when they can shop whenever and however they like in the way that reflects their specific needs.
In the sense of rewarding with coupons, there is a growing tendency to accept digital forms of vouchers received via mobile instead of traditional printed forms. That personalization creates loyal customers who spend a lot on the brands they love.
#4: Importance of All Channels
To confirm our case study above, we should mention that 67% of retail customers start shopping on one device and finish on another or complete their purchase in a physical store. Shoppers tend to use around 10 sources of information to make a purchasing decision. This should motivate you to take full advantage of all your channels and look for more if your customers use them.
The ability to use digital technology at home, on the go, or in-store — to research products, compare brands, read reviews, check product availability, and pay for items — enables the seamless experience many shoppers now demand to complete their purchases.
#5: Cross-Channel Insights
Multiple channels of communication create different streams of information and you need to be able to control and understand these metrics. With a good omnichannel analytics tool you can interact with customer data no matter where it is generated from and cross-reference it with other data generated from similar customers across platforms. With this overview you get a better picture about the effects of your business efforts.
#6: Customer Self-Service
According to a survey by Nuance Enterprise customers consider self-service as a very convenient alternative in their shopping habits. New channels create new touchpoints and new opportunities to engage with customers.
Thanks to digital assistants, customers are more ready than they’ve ever been to embrace a self-service which makes them feel more independent; at the same time, it also allows you to keep in touch and receive feedback from them. The catch is that the systems in place usually require an integrated or attractive way to meet the needs of more sophisticated customers.
If customers can get answers to their questions without taking up your time and resources, it increases your efficiency and their satisfaction.
“91% said they would use an online knowledge base (such as FAQ) if it was tailored to their needs.”
As a result, we see omnichannel marketing as an influential and key component in the future of eCommerce. The sooner online businesses adapt to this strategy, their bigger their competitive advantage will be down the road. Conversely, those that fail to upgrade or employ omnichannels as part of their business model may find themselves struggling to keep up.
Some Advice To Keep In Mind…
…when beginning to integrate omnichannels:
TIP #1: Make our customer experience seamless
with consistent branding, design and prices across all your channels. Deliver the same message across all channels.
TIP #2: Make Your Customer Experience Frictionless
and let customers switch between channels without having to start over. Make the customer’s journey even smoother by limiting the amount of clicks it takes to make a purchase — from browsing to buying, always try to simplify!
TIP #3: Use Right Platforms For Easier Integration
— since implementing an omnichannel environment involves a large investment, you need to make sure all the technology you’ve put between your brand and the customer is really delivering the experience you expect. Don’t get discouraged by complexity of the system at first sight. Shopping platforms like Shopify, BigCommerce or Lightspeed strongly support omnichannel policy and help you set everything right.
TIP #4: Know Your Customer Journey Before You Get Started
When designing an omnichannel experience, spend time digging into your data to get insight on how users interact with your digital properties. Consider how your audience currently interacts with your brand or other brands within your industry. Do they take time to read longer blog posts, or do they prefer small hints such as those on Instagram or Snapchat? Work to position your brand as an influencer on channels designed to deliver the types of content in which your audience shows the most interest.
What’s Your Next Step?
If you use multichannel sales now you’re definitely on track. If you want to ensure a successful future and interesting life for your business, think about switching to omnichannels, or adopting it to some element of your online business. In the end, can you really put a price on customer satisfaction and streamlined efficiency?
