If you’re a meticulous digital marketer or a learner, then the term Omnichannel might be familiar. However, the meaning behind Omnichannel is quite different from what most people might think.
In a consumer journey, they go through six essential touchpoints. These are determinants and points where a consumer is eventually or immediately turned into a customer. Touchpoints exist in both online and offline marketing. Now, Omnichannel is essentially a combination of different means of interaction available to potential buyers.
However, when it comes to marketing, the definition is not that’s all there is to it. There’s a whole lot more to Omnichannel retail. In addition, there are numerous advantages to it that you cannot get from multichannel retail or through a single approach.
Omnichannel Retailing: What it Means & Consists of
At its core, omnichannel retailing can be explained as a marketing approach that is specifically consumer-focused. It enables and requires marketing through every medium or channel that connects your business to the consumer.
In a way, it is a more evolved form of multichannel retail that comes with its strategies and tools.
In Omnichannel retail, you can expect to have a wide array of engagement tools alongside a smooth approach that optimizes consumer experience through all channels and mediums you’re using.
For instance, smartphones, computers, stores, television, email, radios, and every piece of tech available for communication. Utilizing all these together and offering the same quality experience is called Omnichannel retailing.
How Does Omnichannel Retail Work?
It is easy to need clarification on the functionality of omnichannel retail. At a glimpse, it may appear to be simple digital marketing. However, omnichannel marketing has several moving parts but operates as a well-coordinated, single unit.
The six touchpoints in the customer journey must all be unique but have a link to the other checkpoints. That is to say, all must be interconnected and not a straight line, but rather complex loops. Therefore, whichever touchpoint the customer goes through first will provide an optimized experience.
The ultimate goal and functionality of omnichannel is to ensure that all touchpoints lead to the desired result.
Difference Between Multichannel and Omnichannel
It is normal for you to ponder upon the difference between multichannel and Omnichannel as both seem quite alike. However, multichannel experience enables customers to only choose between a selected few marketing channels that do not align with one another.
The company is solely responsible for whatever the customer may experience. Yes, that means it is not a consumer-centered method.
Whereas, omnichannel takes it up a notch and enables consumers to conveniently utilize numerous channels or mediums that are strategically coordinated to offer the best possible experience.
It’s clear that this approach revolves around the customer and allows them to be marketed based on their preferences and not what the business wants.
Simply put, unlike multichannel, omnichannel retailing makes the customer the center, and they get to decide whatever channel they would be comfortable using.
Known Advantages of Omnichannel
Understanding the difference between multichannel and omnichannel retail sheds enough light on the possible benefits. However, there are additional benefits to using omnichannel retail, and they are as follows:
1. Higher Customer Satisfaction Rate
Omnichannel marketing enables your business to use the appropriate channels for the targeted segments. This delivers a sense of personalization for the consumers. As a result, they feel they are cared for and you are considerate of their convenience.
Moreover, your company develops a face that the consumer slowly begins to recognize and offer loyalty to. As you take a firm stance on your identity, this instills confidence in your customers and results in higher customer satisfaction and retention.
2. Save More Time with Omnichannel Retail
Consider a scenario where you ordered something online but it didn’t meet your expectations or had a defect. Now, you have to go through a lengthy process and wait for some time before you get an exchange or refund.
Your chances of buying from that place again are quite low at this point. On the other hand, omnichannel retail allows your customers to easily visit a physical store and exchange/refund a product. This builds confidence and helps you avoid product returns.
Simply put, your customers now have access to immediate refunds and/or exchanges based on their urgencies.
3. Boost Conversions and Decrease Bounce Rate
Build trust first. As omnichannel marketing will deliver the same message across all the platforms, your consumers will notice this and slowly develop a feeling of trust towards your brand.
They will know that, regardless of the channel they use, their product will meet their expectations. To clarify, the more you take a stand on your identity, the more likely the consumers will convert to customers.
There’s enough statistical data to prove that omnichannel personalization did indeed result in greater conversions.
4. Price As You Please
A great customer journey experience always beats pricing when it comes to selling. If you use the correct strategy, the customers are highly likely to be willing to pay more for your products.
In other words, you can offer your target consumer base good-quality products and excellent service without stressing over the cost of business. You have better odds of greater ROI with omnichannel retail.
Final Thoughts
Omnichannel trumps multichannel and single-channel retail and that’s a fact proven through countless studies. Even the basic digital marketing guides and courses strongly emphasize omnichannel marketing as compared to others.
In a way, omnichannel is not an option to use but rather an evolution in digital marketing that must be adapted for better results. It can enable your business to instill loyalty and trust in your customer base and sell your products at a cost that does not negatively impact your business.
