The consumer of today is truly omnichannel driven. With multiple devices at an arm’s reach, they’re interacting with brands and continuously navigating through different platforms parallelly. As consumer behavior evolves by the day, brands and marketers need to quickly adapt to cater to their needs and pursue one holistic omnichannel approach, so that when the customer shops online from a desktop, a mobile device, by telephone or in a brick and mortar store, the experience would be seamless.
The idea is that in omnichannel, every customer interaction changes their overall experience of your product and brand.
A recent study by Harvard Business Review surveying over 40,000 shoppers found that
- 7% shopped online exclusively
- 20% were store-only shoppers
- 73% used multiple channels
BRANDS EMBRACING THE OMNICHANNEL APPROACH
Lenskart is an excellent example of an omnichannel brand. Known for providing an excellent buying experience. The brand uses a cohesive strategy to create a fully integrated experience for the user. If you like to compare different looks before you buy your frame, their 3D try on lets you try from 1000+ frames & styles before you buy.
If you’re a bit apprehensive to buy frames online, no problem. Their eyewear specialist will visit your home for a free trial.
Pepperfry, an eCommerce shopping website that initially started selling furniture online realized that the category does not naturally lend itself to online buying. And the start-up decided to take the omnichannel route to boost sales. This Mumbai based company has launched its studios in Tier 1& Tier 2 cities. The company has targeted a GMV of 1 Billion by 2021.
Companies with omnichannel retail strategies retain an average of 89% of their customers from channel to channel as opposed to the 33% retained by brands with a weak omnichannel strategy
Omnichannel retail is pitched as the future of eCommerce. Just like other brands, Titan has recently adopted the hybrid approach. The main aim is to work with online platforms like Facebook, Amazon as well as their own website and drive sales through an omnichannel model.
FRAMEWORK TO STRATEGIZE FOR YOUR OMNICHANNEL RETAIL BRAND:
- Identify your customer and their needs
- Find the right tool and methods that will help you connect with your customers
- Segment your audience
- Create unique personas
- Personalize the customer experience
- Communicate the same personalization across channels
- Get an expert to roadmap your omnichannel strategy
In times like these, one of the major challenges faced by brands today is making that shift from single to channel to omnichannel. The goal is to create an experience that isn’t limited to a single platform but one that can be completed and repeated on each.