Revealed: The 3 Secrets to Developing an Effective Omnichannel Retail Strategy

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Revealed: The 3 Secrets To Developing an Effective Omnichannel Retail Strategy

As a retail business that intends to truly flourish and sustain in the long run, you need to embrace all the channels of selling and invest in them strategically. Which is why you must seriously consider opting for an omnichannel retail strategy.

Omnichannel retail strategy

The world of retail was taken by surprise when online marketplace websites such as Amazon and Alibaba became giant companies.

Now though, you have almost every retail brand, selling via dedicated smartphone apps or via social media channels or through web stores or through marketplaces.

And this trend is here to stay.

Selling across various channels is a smart approach to doing business as it focusses on offering a cohesive and seamless shopping experience to customers across all possible touchpoints.

Having an effective omnichannel retail strategy in place is the modern way to do business as it caters to all demographics of your target audience.

 

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What is an Omnichannel Retail Strategy?

Hubspot defines it as: “the ability to deliver a seamless and consistent experience across channels while factoring in the different devices that consumers are using to interact with your business.”

Whereas Google defines it as: “ensuring [retailer] marketing strategies are geared toward enabling customers to convert on any channel.”

Simply put, an omnichannel retail strategy includes selling offline (at a physical storefront) and online (having a digital presence – website, app, and marketplace seller).

This approach to doing commerce breaks the stereotypical way of doing things where you only optimized only for one sales channel.

With an omnichannel retail strategy, you can win over your existing customers and build a larger client base.

Why You Should Opt for an Omnichannel Retail Strategy?

Today, shoppers search the web to find the best prices and to check reviews for the product they intend to purchase.

From social media pages to YouTube Videos to marketplace websites, shoppers search for the best deals and customer reviews across various channels.

Not being on any of the new age channels could spell disaster for your business as you will undermine your own existence in the eyes of your customers.

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How to develop an Omnichannel Retail Strategy?

1. Observe Where Your Customers Shop

The logical first step towards creating an effective omnichannel retail strategy is to study and research about where your customers already shop.

Study which platforms, mediums, channels, and devices your customers shop from.

This study will give you an indication of how comfortable they already are whilst shopping; so, you won’t need to invest on the awareness front.

This research will also give you an understanding of where to invest your efforts and finances for best results.

For instance, if you know that none of your customers are shopping on eBay, there’s no point selling there.

You can also use Google Analytics to study where your customers are bouncing off or where the instances of shopping cart abandonment are highest or which campaigns are working, and which aren’t.

This study will help you strategize better.

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2. Every Touchpoint Should Be Shoppable

An important element of any omnichannel retail strategy is to make all your touchpoints shoppable.

This means connecting your website, mobile app, social media page, etc. seamlessly to offer a smooth and continuous shopping experience across channels.

For instance, if someone adds a product to their cart from your website, it needs to be in the cart of their mobile app too (and vice versa).

If they land on Facebook, they should get suggested products based on their previous product viewing.

Such a profound and synergetic connection between all your sales channels means you can offer a smooth and seamless brand experience to your customers.

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3. Bring Online and Offline Closer

Simply being present across online and offline channels isn’t enough.

You need to connect the two for your customers to have a seamless shopping experience.

Today, consumers wish to connect with your brand both on and offline.

Giving them an indication online of what’s in stock before they visit the physical store is a great way to indulge them in the buying process.

This way, they can add the particular item to their cart whilst on the way to the store and then pick it up once they reach.

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Office Depot is a great example of a big retailer moving towards the omnichannel approach.

In fact, they’ve witnessed a significantly higher ROI by offering an effortless omnichannel experience.

In today’s world of shopping, a shopper can go from searching for something online to locate the product and to buy it, all in a matter of minutes.

Bridging the online-offline gap will enable your retail business to connect with its customers along the way.

Final Thoughts

As a retail business looking to forge your way through the competition and make it big, opting for an omnichannel retail strategy can be a game changer for you.

Your retail business will surely find immeasurable success in creating a shopping experience across platforms and channels.

So, keep these tips in mind and craft a super-efficient omnichannel retail strategy.

 

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