Why Omnichannel Marketing is the future of Retail?

The rush towards moving to digital is at all time high now. The Covid-19 pandemic have forced both people and businesses to change they way they were operating. With the lockdowns imposed, people were forced to buy products online and hence being online has become a crucial way for businesses to sell their products.

However, with the lockdowns getting eased, people are coming out in large numbers and happily shopping. This showed that being online isn’t the only way to sell products.

A lot of business owners already understood that being active in one channel won’t help their business gain customers and profit and they have to tap their customers wherever they are. That’s where Omnichannel marketing comes in.

There is a big difference between Omnichannel marketing and making your business available Omnichannel.

What does “Omnichannel” mean?

As we are all aware, the surge of online shopping is higher than ever, 40% of orders for brick and mortar shops (a physical shop) have been taken online

But, the rest of the 60% of orders got to be sold through the physical store,right? which means that people still like to go shopping.

This demands a brand’s presence in both physical and digital mediums for the customers to purchase and this state of being there for customers to purchase in more than one channel is Omnichannel.

What is Omnichannel Marketing?

Omnichannel Marketing is the coordination of various marketing channels functioning in an integrated manner presenting your brand to all of your customers (online and offline).

In Omnichannel Marketing, people who have interacted with your brand through any channel will be taken into consideration for marketing with the right message in accordance to their position in your marketing funnel.

What makes it even more interesting is, we can communicate to the right people in the right channel with the right context based on their need at that moment instead of just vaguely flashing them when we offer.

This creates a hyper-personalized marketing experience for your customers and makes their marketing journey seamless, and efficient.

Why is Omnichannel Marketing the future?

As people tend to move forward with technology in their daily tasks, they happen to be everywhere and as a business owner, your business too should be, for increasing the possibility of attracting more customers.

Acquire customers in every possible way

Being available where your customers are, would make it easy for them to reach out to your brand. Also being there wherever your customers go, will have a positive impact of your brand in their mind.

Talk your customers’ language

Communicate with your customer in the right channels, and make them clearly understand your brand and the services you’re offering in a way in which they’d love to know.

Retain up to 100% of your customers

One of the major features that makes omnichannel marketing stand out is customer retention. You can even reach out to your passive customers and convert them into your one of the active ones.

82% of companies agree that customer retention is cheaper than gaining a new customer base, and they are not lying. If we carefully calculate the money a business owner spends to acquire a single customer, it will clearly explain the same.So, there’s no reason to say “No” to omnichannel marketing except if you can’t afford to accommodate the inflow of customers.

5 reasons why you should be available Online

Many retailers have started to think that “Should I make my business available Online?”. I’m saying that’s wrong, not completely but the timeline.

Because, the question must be “Am I doing good with my Online presence?”. The Ecommerce got heat recently and and here’s why.

1. The Urge made by the “New Normal”

The time changed the prediction before the pandemic which previously said, it would require at least 3 years for developing countries to rely on Ecommerce by most of the Business Owners.

But now, the pandemic has changed the situation drastically where it collapsed the World Economy and brought the concept of “new normal” which includes the reliance of Ecommerce in major industries like Retail, Textile, Restaurants and so on in the minds of Business owners across world.

2. The trend that can’t go wrong

From the first Ecommerce – Boston Computer Exchange in 1982 till now, the percentage of Ecommerce is mostly getting higher every year as the average growth rate of ecommerce register only over the years 2016 – 2019 is 12.4%.

Despite the interference of the pandemic, the Ecommerce trend was growing steadily as the ecommerce sales almost touched 3.5 trillion dollars in 2019.

With this pandemic situation going on out there, we can expect more in trillions by the end of 2020. Also don’t forget that Jeff Bezos – The richest man in the world with net worth of $205 billion who is also the founder amazon ecommerce. So, Think Quicker! Act Quicker!

3. You can do Sales without a Sales person

Having an Ecommerce, incredibly reduces the cost you would be spending on setting up your physical stores.

The one major thing is you don’t have to invest on a store place that have to be located in the hotspot of a city to establish your physical store as the only thing you have to worry about in this area is your customers’ online experience.

Here, the customers are not visiting your physical store. Instead, they’re visiting your Ecommerce website or application.

You might have come across a cloud kitchen – the concept supported by Food ordering and delivery platforms like Uber Eats, Swiggy and Zomato. Such kitchens doesn’t require waiters.

Think of how much money you can save in your business like a textile shop that doesn’t require sales persons.

Here, the sales will be taken care of by your marketing team which could possibly cost lesser comparatively. Well, that sounds a lot of money being saved.

4. Do Marketing at your own budget

When I say publicity, it directly means marketing. If you think marketing doesn’t necessarily to be done, think of Coca-cola and ask yourself what would’ve happened if coke doesn’t market its product at that level.

You probably wouldn’t even know the existence of such company. Right?

Coca-cola is spending an average of about $4 billion each year on advertising only between 2015 and 2020 and they didn’t even calculate the Return on Investment which a company must do to keep in track of their marketing expense.

But, Digital Marketing doesn’t require such big pile of money as there are companies out there who could do marketing effectively at your expected price. You only have the right eye to search for such companies.

5. Give your customers every opportunity to choose you

The concept of omnification is the advanced level of Ecommerce which combines both Ecommerce (Online Presence) and Physical Stores (Offline/Physical store presence).

Being available across channels to improve customer experience, is named as Omnichannel Retailing a.k.a Omnification.

It is like your customers can place an order online and their order will be ready to be picked by your customer itself – that resolved the long queue for billing problem.

This is one way and there could be many if you could think of omnifying your customers’ shopping experience.

Companies that has omnichannel customer approach gets hold on an average of 89% of their customers.

Few things to be aware of

Not to threaten. But, a business loses about 25% of its online visitors only because its website takes more than 4 seconds to load and there are many factors that results in customers losing interest in a website.

The fact that big businesses take over small businesses have gone extinct .The new fact is fast businesses take over slow businesses.

Now, the urge for faster decision making is higher like never before. So, you now know what you need now to stay in the business trend. Act Responsibly!