Success of Omni Channel Commerce in 2023: Some Key Facts

In today’s technology-driven and information-rich consumer market, omni-channel commerce has become a prominent force in the Asian market. Shoppers now expect access to both online and offline channels for ordering, payment, collection, and returns. With shifting socio-economic and demographic trends, brands have witnessed significant changes in consumer behaviors and buying patterns. Marketing companies in India and the UAE have also recognized and responded to this shift.

Below, we have compiled statistics that highlight the impact and future of omni-channel commerce in the Asia-Pacific region. These insights will help your organization adapt to changes and meet customer demands.

Convenience Holds More Value Than Price:

“In India, consumers prioritize online shopping primarily due to convenience (65%) rather than price (31%).” – PwC

For modern Indian consumers, price plays a significant role, but convenience offered by retailers is a major reason for their preference for online shopping. Price-conscious customers often use their phones in-store to compare prices online and make decisions accordingly. Omni-channel commerce helps organizations eliminate this discrepancy and provide a consistent experience across channels, including price. By offering service-focused in-store experiences such as self-service checkout, quick access to other store or online stock, and specialized customer events, businesses can enhance the customer experience.

India Presents a Promising Market:

India’s retail market was estimated at $470 billion in 2011 and $675 billion by 2016. It is projected to reach $850 billion by 2020, with an estimated CAGR of 10%.

The e-commerce market in India is growing at the fastest rate in the Asia-Pacific region. India’s rapid growth and development make it an attractive market for global businessmen. However, the market is highly competitive, and visibility is crucial for success. Offering seamless and exceptional shopping experiences through omni-channel commerce has allowed many international brands to outshine their competition by being available to customers on every touchpoint, 24/7, and providing tailored services. While some Indian brands have adopted this approach, there is still a long way to go.

Personalized Offers Drive Engagement:

“34% of Indian consumers appreciate real-time personalized offers designed specifically for them.” – PwC

Personalized offers have a powerful impact on customers, making them feel special and increasing loyalty to the brand. Omni-channel commerce focuses on creating, presenting, and delivering personalized offers based on each customer’s purchase history and patterns. For example, Myntra excels in sending personalized offers and notifications to their customers, including customized coupon codes and relevant recommendations based on shopping patterns and wishlists.

Prioritizing Omni-Channel Commerce is Crucial:

“Omni-channel shoppers have a 30% higher lifetime value compared to those who shop using only one channel.” – Google

Customers worldwide expect access to retailers and brands anytime, anywhere, and through any device. A multi-channel approach is no longer sufficient to meet their comfort and convenience needs. Therefore, organizations must prioritize omni-channel commerce. Considering India’s potential as an exceptional market, brands should embrace omni-channel strategies to increase customer brand loyalty and lifetime value. For instance, Zivame, an Indian lingerie brand, operates flagship fitting lounges where customers receive personalized assistance and can make online purchases on the spot if convinced.

Niche Verticals Hold Great Potential:

“Online apparel, computers, and consumer electronics make up 42% of total retail e-commerce sales, indicating the popularity of niche verticals.” – Assocham India

As e-commerce continues to expand, many entrepreneurs are investing in niche verticals such as clothing, furniture, and food and beverage. These verticals represent the future of e-commerce and omni-channel retailing. As niche verticals gain popularity, larger players are gradually acquiring them. For example, Mahindra Retail acquired BabyOye, and the Godrej Group acquired Ekstop to complement their offline chains, such as Nature’s Basket.

In conclusion, these statistics highlight the evolving shopping trends and the increasing demands of customers. Retailers must prioritize enhancing customer comfort and convenience to remain competitive. Omni-channel retailing is the future of the industry and is here to stay.