What is omnichannel retail?
Omnichannel retail strategy has recently become a hot topic in the world of retailing but many brands are still uncertain as to what it really means for them and their company.
What is an omnichannel retail strategy?
The Cambridge dictionary describes omnichannel as “a way of selling products that is the same and equally good for the customer whether they are buying from a computer, a mobile phone app, etc., or in a physical shop.”
Simply put, an omnichannel retail strategy is when marketing, sales, and customer service are all integrated across channels to create a unified customer experience wherever shoppers find your brand.
The truth is that many brands have barely dipped their toe in determining the right omnichannel retail strategy for their business. In fact, many retailers mistake multi-channel as their omnichannel retail strategy which leads to them never truly optimising their sales potential.
What are the key benefits of an omnichannel retail strategy?
- Gain a competitive advantage
Retailers who focus on an omnichannel strategy will create multiple touchpoints with their customers which reduces the chance of losing a sale to a competitor. The best omnichannel strategies use assisted sales technology to make it easier for the customer to convert even after they’ve left the store. Capabilities such as email reminders for complete-at-home purchases remove the opportunity for competitive products to be seen while searching for a specific product that was previously viewed in store.
- Higher customer retention
An omnichannel retail strategy that focuses on personalising the shopping experience and bypasses the limitations of a single channel will encourage shoppers to return to store or buy from the brand online. Omnichannel Point of Sale (PoS) capabilities make checking out a breeze. By creating an experience which is streamlined and simple, the omnichannel PoS system will be something shoppers remember and will encourage them to return when shopping for similar products in the future.
- Increased sales
Retailers who utilise an omnichannel strategy see shoppers spend more, both in-store and online, than retailers who only use single-channel strategies. This is because omnichannel shoppers tend to browse and research products they are interested in online before visiting in store to test and feel them. Omnichannel retailers with the right clienteling technology can further engage customers outside the brick & mortar store by answering any further questions, encourage sale follow-through, and even influence more sales from products customers might be interested in trying.
- Improved operational efficiency & reduced costs
By moving to an omnichannel retail strategy, brands may discover their operational performance increases drastically while their operational costs reduce. An omnichannel platform that unifies several operations will shed light on any systems which have become redundant therefore allowing brands to pinpoint any avoidable drains on the operational budget. Additionally, a connected experience that differentiates a retailer from its competitors for shoppers can be more effective than spending a fortune on an advertising campaign.
- Better data collection
The best omnichannel strategies utilise collected customer data for optimal effect. By accumulating shopping behaviours and preferences, the right omnichannel platform can deliver more in-depth analytics focusing on a holistic view across all touchpoints and operations as well as the opportunity to provide recommendations to customers based on their past purchases.
How can Red Ant’s RetailOS help with building an omnichannel retail strategy?
An omnichannel retail strategy needs an all-in-one retail solution platform that can maximise sales, deliver exceptional customer service, and drive operational performance. RetailOS not only simplifies the sales process but shares your sales and customer data to every part of the business that needs it. This data collection and integration will improve operational and sales performance and encourage both customer and employee retention.
Our team of retail technology experts are always looking to improve the omnichannel retail experience so our tech is always being improved to provide the most innovative solutions in retail. Our omnichannel retail platform brings essential retail apps together with your existing systems, content, and data into a single colleague hub. With everything in one place, RetailOS permits your store associates more time to do what they're best at – delivering brilliant customer service.
Take the first step and contact us for a demo today.