How important is omnichannel customer engagement strategy?
Omnichannel shopping experience is the latest buzzword in retail, and rightly so because it streamlines both online and in-store customer experience. Basically, omni-channel is simply a multi-channel sales approach that provides the customers with a unified shopping experience. For instance, a company can put strategies in place to achieve a convergent sales and customer experience via its social media, email marketing, mobile marketing and well-designed website, among other channels.
Retailers who have omnichannel customer engagement strategies in place enjoy an impressive 89% customer retention rate compared to only 33% for companies with weak Omnichannel strategies. Many retailers who haven’t implemented omnichannel strategies yet are looking to implement one.
Despitethe fact that only 45% of retailers see omni-channel as their top priority, many retailers feel that they are lagging behind this important retail customer engagement strategy. In a recent study by SPS Commerce over 37% feel like they haven’t nailed their long-term omnichannel strategy yet. So if you haven’t implemented omnichannel, you are not alone.
According to Hubspot, shoppers who shop both online and in-store have a 30% higher lifetime value than those who use only one channel. 71% of US shoppers say they have bought an item online and picked it from the brick-and-mortar store.
How Smartphones influenceomni-channel experience
According to Mintel, 53% of shoppers say convenience is the number one factor they consider before making a purchase. For that reason, smartphones are becoming big influencers of omniachannel shopping experience. Nearly 71% of shoppers cite their smartphone as their most important tool when it comes to doing research about a product or a retailer. Moreover, 28% of US retail sales are influenced by smartphones.
What happens when you are not omnichannel?
Did you know that the opportunity cost of not being omnichanel is a 10% dip in revenue? Apart from lost revenue, your customer experience could also suffer if you have weak omnichannel. 89% of customers hate it when they have to repeat their issues to multiple customer representatives.
Moreover, 64% of customers expect to receive seamless customer service regardless of which channel they are using.
And considering the fact that 98% of customers switch between devices on the same day, it pays for companies to have extremely strong omnichannel customer engagement.
Top omnichannel retail capabilities
According to digital shoppers, a strong omnichannel:
- Offers the customers the ability to check availability of products prior to making visiting a store.
- Offers the customers the ability to make product reservation online and pick it later from the store.
- Enables companies to store customer information across various channels.
- Enables companies to offer consistent personalized customers services across multiple channels.
- Makes it possible for companies to use social media to serve customers.
The threat of national brands overtaking small business is simply an exaggeration. With today’s capabilities in marketing and the affordability of digital solutions such as e-commerce site operations, small businesses can thrive regardless of national brand efforts.