Omnichannel customers have a 30% higher lifetime value than those who shop in only one channel. This is just one of the many reasons not to miss the train and improve the omni-experience for your customers. Read below why retailers often have omnichannel efforts as a top priority for their business.
It’s more important than ever before to build a strategy for your omnichannel shopping experience. Our data from the Voyado Index, a report based on more than 250 major retail brands, shows that omnichannel customers are 83% more profitable than single-channel customers.
We also see that companies with a strong omnichannel approach retain 89% of their customers compared to 33% for companies with a weaker omni-experience. So if you have the possibility to offer multiple touch points for your customers, you are already one step ahead but there is a lot more to it!
Due to better delivery options and generous payment methods, people who used to prefer going into physical stores might now order several items just to try them on at home. The line between physical stores and e-commerce is beginning to blur. Customers expect a seamless, personalized shopping experience and they won’t stay loyal if they don’t receive it.
For years rumors have been saying that brick-and-mortar stores are dying and e-commerce is growing. But in reality, retail fails when online and offline retail doesn’t work together. A brick-and-mortar store gives a sense of credibility to the brand, where customers can touch and try the items before purchasing. E-commerce is the tool needed to grab customers who could live far away or who might prefer shopping in the middle of the night. It’s about being available to your customers, wherever and whenever they want you. Often omnichannel retailers might generate the majority of their revenue online but leverage a select number of brick-and-mortar stores for their products to be viewed and tested – often aligned with the branding and marketing strategy.
An example of a successful omnichannel experience would be if a customer orders an item online and has the option to collect in a store near them, and doesn’t pay for shipping. Once in-store, the staff recommends products to go with it which leads to an additional sale in-store. Not only is this good sales practice but it’s also good for the environment to stifle returns. Furthermore, the store staff could easily create a personal connection with the customer and promote the benefits of a loyalty program on the spot. Win-win-win.
Read more: 6 ways to reduce returns
For retailers, it’s important to find out everything you possibly can about the customers. Have they spent more in-store or online? Which stores do they prefer? Did they leave something in their abandoned cart? Segment your audiences down and communicate with them directly by adding opening times of their favorite stores or send them a voucher to be used in-store with the delivery of an item they purchased online. Use all the data you have and connect it to the POS in order to create a better omni-experience for your customers and be able to analyze your success by bridging the gap between online and offline!
We love all things customer and product data, and would love to chat about your brand’s individual challenges, and how our solutions can help.
