"47% of shoppers who engage with brands on 10 more channels will make purchases at least once a week, compared to 21% who just engage on up to four channels."
This doesn't mean brands can simply create an online presence and expect shoppers to flock to them. Customers also expect brands to deliver a personalized and seamless online and offline experience to earn their loyalty and purchase.
And if brands don't meet their needs and deliver a bad experience, they take to social media or online sites to share their experience. For instance, if a store has oversold a few products because of an inventory management problem, disgruntled customers will post negative reviews online.
These negative reviews bring down a brand's reputation and sales as 94% of consumers admitted negative brand reviews had convinced them against purchasing from a brand.
Consumers also expect to find information about brands and products in a few clicks, and the harder it's for them to find information, the faster they'll take their business elsewhere.
So, it's important to update information across all online marketplaces and social media channels.
To keep up with increasing consumer demands of personalization and deliver shopping experiences that match their expectations, brands must collect data from different channels.
That's why creating an omnichannel experience has become a must-have for eCommerce brands and e-tailers. Here are a few benefits of creating an omnichannel experience:
1. Increased Sales And Customer Loyalty
A Harvard Business study showed that customers visited retail stores 23% more frequently once they'd logged an omnichannel shopping experience for 6 months. They also spent 9% more in stores than those who used only one channel.
Let's say a store has 10 customers whose average cart value is $100, and they shop from them at least once a month. So, the store makes $1000 a month and $6000 in six months without an omnichannel experience.
With an omnichannel experience, the store's customers would make 1.23 trips a month, and their profits would increase to $109 as they'd spend 9% more. So, the store makes $1340.7 (34.7% total increase in profits) a month and $8044 in 6 months compared to the $6000 they made earlier.
2. Improve Customer Experience
Here's an example that explains how an omnichannel experience will help improve the consumer experience.
A shopper comes across a jacket they like through an advertisement on social media. They immediately reach out to the store via a chat link in the ad and order after a few queries.
When the order arrives, they share the picture of their new jacket online along with a brand mention. So, the customer has successfully completed a purchase and shared positive brand reviews.
Now, let's compare this with a multichannel experience in which a brand is present on multiple channels, with channels disconnected from each other.
So, if the same consumer looked at an ad for a jacket, they wouldn't be able to contact the store and place an order because the live chat and ads would be separate. And in this case, the store would lose a sale as the customer had a bad experience and couldn't find the jacket they were looking for.
3. Improved Data Collection
It's not possible to learn much about consumers' preferences when they shop at a physical store. But with an omnichannel presence, stores can collect important customer insights from different channels and piece them together to form a cohesive customer journey.
Plus, omnichannel data is more effective than conducting online surveys, as store owners can get individual and personalized data to tailor more relevant content for their audience.
In other words, collecting data from a consumer who landed on a website, interacted with the online store on social media, saw the ads, and made a purchase is better than anonymous surveys, as it's more personal and accurate.
Key Benefits Of Using Octopus Bridge To Create An Omnichannel Experience
Octopus Bridge is a cloud-based middleware that allows store owners to create an omnichannel experience by syncing data across in-store POS and online marketplaces.
It also downloads web orders automatically, manages inventory seamlessly and simplifies product management.
Here’s how it contributes to creating an omnichannel experience for e-tailers and online store owners:
● Syncs inventories and data across POS and online marketplaces, maintaining consistent information across platforms and eliminating manual data entry.
● Allows store owners to create a great online shopping experience by reducing "out of orders."
● Collects important data like sales, payments, backorders, shipping, etc., to serve customers better.
About Octopus Bridge, Inc:
We provide a cloud-based platform that enables retailers to sell online and synchronize online sales, shoppers and inventory with in-store point-of-sale (POS).
We’re the leading providers of Integration-as-a-Service and have served clients in 20+ countries. Our mission is to make integrated eCommerce accessible to every retailer by offering affordable eCommerce technology for owners of brick-and-mortar stores.
Catch us at America’s biggest Retail event, NRF 2022, from 16th - 18th January. It’s a three-day conference and expo where you can network with 30,000 retailers, vendors, and industry experts.