Omnichannel Retail strategy: the next transformation
Transform shopping by offering customers an omnichannel experience
For years, retailers have seen the potential to transform shopping by offering customers an omnichannel experience – presenting a consistent shopping experience across mobile, web, and in-store channels.
Many retailers are making efforts to offer this omni-ability, but customers still experience something closer to multichannel, where the shopping experience is not presented consistently. However, the move to a true omnichannel experience continues today as a slow evolution toward a more visual, functional, and connected approach across all customer touch points with the brand.
Here we explore why and how retailers should be implementing an omnichannel strategy, we’ll introduce the concept, and explore why it’s the customers driving the innovation – in-store and beyond.
Driving the change
Behind this shift in the retail landscape is the customer. More specifically, it’s customers’ changing expectations of their shopping experience. Today, almost half (42%) of European customers would like to have access to mobile payment options in-store1. These consumers make their mobile devices part of their everyday lives – they are constantly connected, always on the move, and looking for ways to use technology in their shopping experiences. Data suggests many have already become savvy multichannel shoppers – but they want more, with 45% of all Europeans considering an integrated omnichannel experience to have a major impact on a retail brand1.
Consumers are using digital technologies not only to buy products, but they are also using technology to locate stores, compare products, and participate in loyalty programs. Another significant use is product research. In particular, consumers tend to research certain product categories online before purchasing in store – half of all European research is undertaken online, but 62% of purchasing still happens in traditional shops1.
Omnichannel in your business
These trends point to the necessity of offering an omnichannel shopping experience simply to remain competitive. Those who fail to evolve risk losing business to competitors who do meet customers’ heightened expectations. Recognising this fact, retailers have begun the transformation from multichannel to omnichannel.
The customer, as the saying goes, is always right. There is no way around a good omnichannel strategy – and next we’ll further explore some of the trends and the benefits, in our pursuit to answer the question: what does it mean for your business?
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1 Epson State of Retailing Study, Pan European Report, 2015