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From brick-and-mortar to e-commerce environments, the world of retail is a dynamic sector driven by technological innovations. While physical stores remain strong, online purchases continue to grow, with experts predicting that by 2026, 24 percent of worldwide purchases will be made online, up from the estimated 20.8 percent in 2023.
Will this finally spell the doom of brick-and-mortar stores? If more than 80 percent of retailers are to be believed, the answer is a clear no. In fact, immersive in-store shopping experiences are becoming more popular and may become the future of physical retail. This is when customers are provided with a multi-sensory experience that creates an intuitive and emotional value. Instead of closing up physical stores, retailers are integrating different retail channels to create an omnichannel shopping experience for their customers.
Not to be confused with a multi-channel strategy, an omnichannel retail strategy centers on the customer. The goal is to provide them with a fully integrated shopping experience where pain and friction points are eliminated, leaving a smooth retail process. In other words, this strategy aims to break down the barriers between different sales and communication channels, creating a unified and consistent brand experience. For instance, customers may browse the e-commerce website of a brand and add an item to their cart, but then they might choose to go to the retailer’s nearest physical branch to finalize the purchase. In another example, a customer might use a laptop computer to browse and add products to their cart. When they open the retailer’s app on their phone, the cart will still have the items they added, which the customer can then either delete or check out using their mobile device while they’re on the go.
The omnichannel approach is not exclusively for retail giants with bigger budgets. In the Philippines, small- to medium-sized enterprises or SMEs and startups can use the same strategy to boost their revenue and expand their market. In this guide, we’ll take you through the essential steps to unlock the potential of an omnichannel retail strategy.
1. Set Clear Business Objectives
Before diving headfirst into the world of omnichannel retail, it’s crucial to define your business objectives. What do you want to achieve with this strategy? Are you aiming for revenue growth, improved customer retention, market expansion, or all of the above? Clear objectives will serve as your roadmap. They can guide every decision and action you take along the way.
2. Know Your Customer
One of the pillars of a successful omnichannel strategy is a deep understanding of your customer base. Conduct thorough customer research to uncover valuable insights into demographics and preferences. Moreover, through your company’s data, you can examine their buying behaviors.
The knowledge you gain will shape your omnichannel approach. It will ensure that you’ll be able to provide what your customers want, where and when they want it.
3. Invest in Technology
Technology is the backbone of an effective omnichannel strategy. Invest in the right tools and solutions to facilitate seamless integration across your various channels. Key investments can include robust e-commerce platforms, reliable payment solutions, and efficient inventory management systems.
For a smooth checkout process on your e-commerce website, in particular, you have to choose a reliable payment gateway provider. If you’re running an SME or startup in the Philippines, the fintech or financial technology company you should be looking into for payment innovations is Maya Business.
Maya Business is the developer of Maya Checkout, a secure and easy-to-install payment gateway Philippines’ businesses trust. With Maya Checkout, online customers can choose to pay in a variety of ways—credit or debit cards, QR codes, and digital wallets. This won’t just streamline your operations but also enhance the customer experience.
4. Choose Your Channels
When it comes to omnichannel, it’s not about being everywhere but being where it matters most for your target audience. Consider your customer demographics and preferences when selecting the channels to focus on. This could include physical stores, an e-commerce website, a mobile app, and various social media platforms. Each channel should align with your audience’s preferences and behaviors.
5. Ensure Consistency in Branding
Consistency is key to building trust with your customers. Every element of your branding, including messaging and pricing, should remain consistent across all channels. This creates a unified brand identity and reinforces the image you want to portray. Whether a customer interacts with your business in-store or online, they should experience the same level of quality and professionalism.
6. Streamline Inventory Management
Efficient inventory management is essential to preventing stockouts and overstocking. Implement systems that provide real-time visibility into stock levels across all locations, whether physical stores or warehouses. To illustrate, when a customer buys an item, it should be reflected on the database across the board. This ensures that your products are available when and where your customers want them. Ultimately, this leads to higher customer satisfaction and increased sales.
7. Measure Success with KPIs
Success in your omnichannel journey should be measurable. For this reason, you should define key performance indicators (KPIs) that align with your business objectives. These might include metrics like sales growth and customer satisfaction scores. Regularly track and analyze these KPIs to gain insights into your strategy’s performance and make data-driven improvements.
Adopting an omnichannel retail strategy may be a scheme employed by large retail businesses, but it doesn’t mean that SMEs and startups can’t benefit from it. Through proper planning and implementation, the omnichannel retail strategy can transform your business— allowing you to boost revenues and reach new markets. Embrace the power of omnichannel retail today, and watch your business grow and succeed in the digital age.
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