Omnichannel in Retail: Unlocking New Opportunities

Modern-day customers are well-informed and do their research before visiting a store. As the evolution of technology has created multiple platforms to buy, retailers should be omnipresent to flourish.

Although the available channels are aplenty, customers think of shopping as one experience. According to research by WorldPay, 80% of in-store customers prefer ‘showrooming,’ wherein they use smartphones to help with their shopping. Based on today’s dynamic, accessible, and continuous shopping journey, Retailers can add value to their customers by integrating retail channels with social media, online, and mobile channels.

Considerations for Omni-Channel Experience

As mentioned earlier, shoppers find products/services through different means, including television ads, websites, word of mouth, and reviews. The last thing a retailer should do is to ignore any available communication channel, only to stay off the radar of the prospect audience. It is the nature of human beings to get influenced by recommendations from trusted sources. Word of mouth can increase conversions by as high as 133%. As shoppers are comparing products and brands in real-time, businesses can provide more relevant information, such as social data, to offer personalization to their customers.

The concept of omnichannel retailing boils down to offering a seamless experience to customers, going together with personalization. The inception of recommendation engines in e-commerce caused conversions to upsurge. Availability of large chunks of data has enabled e-commerce businesses to understand the needs of customers and to implement upselling and cross-selling strategies.

Personalization is spilling over to brick-and-mortar stores, as value-conscious shoppers choose experience over brand affinity. Studies show that 77% of in-store visitors look for personalized experiences, whereas nearly half of the visitors expect the shop keepers to be aware of their online shopping history.

Here’s the catch! To offer personalization, access to deep customer insights — their buying patterns and purchase history, is imperative. The most beautiful thing about technology is: it always holds a solution for the prevailing problems. Access to customer insights was considered impossible for offline retailers. However, emerging technologies like Artificial Intelligence and the Internet of Things make it a reality. The integrated approach of proprietary technologies like Nucleus Vision is an efficient way of harnessing available customer data to cater to the needs of retailers.

Internet is eating the world. With the growing consumption of the internet, retailers often find it difficult to draw a line between buzz words and real tactics. A decade ago, personalization and omnichannel experiences in brick-and-mortar stores were buzz words. With the dawn of practical solutions like Nucleus Vision, in-store customers enjoy an enhanced shopping experience, same as the way it works online.

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