Home>Business Glossary >What is Omnichannel? Definition, Benefits, Examples & Latest Trends

What is Omnichannel? Definition, Benefits, Examples & Latest Trends

Today, more and more brands are shifting to online business and exploring the benefits of omnichannel retailing. Learn about omnichannel retailing and avail the opportunity to become an ever-present brand in your customer's lives.
HomeredyFynd
AR: The Winning Strategy For Beauty Industry

In today's digital era, where consumers wish to possess the ability to shop whenever they want, from wherever they want, and however they want, single-channel retailers have failed to cater to these consumer needs. This led to the emergence of Omnichannel commerce that provides customers with a seamless shopping experience irrespective of whether it's on an online marketplace, an online store, a brick and mortar store, or social media channels. In Omnichannel commerce, each sales channel is supported independently by different divisions of the brand. This kind of comprehensive integration has helped brands stand out in the world of constant competition, resulting in increased sales and an uninterrupted shopping experience for customers.

<first>What is Omnichannel Commerce?<first>Omnichannel commerce is a multichannel approach to sales that provides customers with a unified and seamless shopping experience, whether they're shopping from an online store or marketplace or in a brick-and-mortar store. There is integration between distribution, promotion, and communication channels on the back end. It improves customer support services by providing seamless, high-quality shopping experiences between multiple channels of contact. An omnichannel approach to retailing drives better relationships across all channels and points of sale or interaction.

<first>Benefits of Omnichannel Commerce<first>With the revolutionary development in technology and the internet over the last two decades, there has been a massive change in customer buying behavior. Businesses are now expected to offer products and services via multiple retail channels, including online stores, mobile apps, brick and mortar stores, etc.

<head-two>1) Omnipresence:<head-two> Gone are the days of the single-channel retail business. In today's era, if a brand wants to cater to all the needs of their customers, they need to be available to them at all times and places, providing a consistent shopping experience irrespective of the time and place of their interaction.
<head-two>2) Integrated Data Collection and Analytics:<head-two> Omnichannel strategy enables a company to monitor and collect its customers' data across all the channels. This data helps the company to understand its customers better and to learn their needs and preferences, such as the products they have looked at, the products they have left in the cart, the deals they got attracted to, etc.
This facilitates enhanced customization of communications and promotions made to each customer, thereby personalizing their purchase journey making them feel unique and important for the brand.
<head-two>3) Customer Loyalty:<head-two> The omnichannel approach focuses on the individual purchase experience across various channels and devices, enhancing customer loyalty. By emphasizing the customer instead of the platform from which they interact, companies tend to drive more sales and better retention rates. The targeted messaging builds loyalty and creates brand retention making it more likely to purchase from the same brand again.
<head-two>4) Enhanced Brand Image:<head-two> Through an omnichannel approach, businesses can provide their customers with a consistent experience across all platforms and channels and offer a personalized experience for each of them. This improves the overall customer experience and builds a positive image for the brand.
<head-two>5) Increase in Revenue:<head-two> An omnichannel approach towards e-commerce invites customers to engage with a brand across multiple touchpoints and channels. This increase in various engagements and enhanced customer experience at each stage of the consumer's purchase journey can help increase revenue.

<first>How does Omnichannel Retail work?<first>Omnichannel retail allows customers to interact with a brand on different channels and place their orders. It enables a customer to check whether an item is available in-store and book it online to pick it up from the nearest store location. This consistent availability of information helps the brand deliver a better retail journey to customers, engaging them personally through a variety of purchasing channels providing an enhanced customer experience. This, in turn, helps the brands to build a solid and long-term relationship with their consumer base.

<first>Latest Trends in Omnichannel Commerce<first>In today's dynamic business environment, it's more important than ever to stay updated on the latest trends influencing omnichannel commerce. Let's take a look at the key developments and modern trends in the industry.
According to a report by Nielsen, omnichannel shopping increased by 50% in 2020.
Customers who shop "heavily or exclusively" online increased up to 133% from September 2019 to September 2020. A report by Adweek says that "62% of the Gen X population and 44% of Baby Boomers are doing more online shopping now than they were before the pandemic".
According to a report by CustomerThink, retailers who adopt a robust omnichannel strategy are likely to experience a 9.5% increase in annual revenue as compared to 3.4% for retailers who still prefer to operate with a multichannel or weak omnichannel strategy.
The pandemic has not only changed customers buying behavior but has also restricted companies from using traditional marketing approaches, making it necessary for them to embrace the omnichannel retail strategy to provide unified shopping experiences across all channels.
Are You Omnichannel-Ready? Today, more and more brands are shifting to online business and exploring the benefits of omnichannel retailing. Every day is a new opportunity to do more and become an ever-present brand in your customer's lives. Is your business ready to jump into the fascinating world of omnichannel commerce? Among the various rising Omnichannel retail solutions, Fynd Platform has emerged as one of the best omnichannel platforms. Fynd Platform being the ultimate solution for omnichannel retail business, provides a new way of retailing and offers inventory syncing from offline to online stores across channels, website development. Apart from this, you can also integrate delivery partners who will help deliver goods to your customers.

Subscribe

Subscribe to our monthly newsletter for important updates and inspirations from Fynd Platform
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Related Articles

Share this Article