Omni-channel retailing is currently a significant trend in the retail industry as customers increasingly seek a seamless online and in-store experience. To adapt to changing consumer buying habits, marketers must embrace omni-channel strategies. Instead of focusing solely on website, application, or device-based experiences, it is time to consider providing customers with an omni-channel experience.
According to Hubspot, customers who shop both online and in-store have a 30% higher lifetime value than those who use only one channel. Enhancing the customer experience through omni-channel strategies can lead to significant benefits.
An excellent example of omni-channel experience is Starbucks, which offers a reward app to its users. Customers receive a free reward card that can be used at any store. Unlike traditional loyalty cards, consumers can access and upload their Starbucks loyalty card across multiple channels—apps, websites, and in-store. All customer data, points, offers, and updates are available in real-time across all channels. Users can even reload their cards while waiting in line and have the information updated instantly. This prompt and seamless service contributes to customer satisfaction.
According to PwC reports, by 2020, the demand for an omni-channel customer experience will be driven by the need for nearly flawless execution. Omni-channel strategy is essential for effectively reaching customers and providing them with a unified shopping experience. Today, customers expect the same level of satisfaction whether they purchase a product online or in-store. There should be no distinction between channels when it comes to serving customers. The experience should be unified to foster customer loyalty. This disparity can be addressed through omni-channel platforms and marketing strategies.
Industry reports indicate that physical store visits have decreased by 60%, but customers end up spending 20% more compared to online purchases. It works both ways: customers may use an app to explore inventory, shortlist items, and then visit the local store to evaluate and make a purchase. Alternatively, they may visit a physical store and then search for the same items online to find better deals, color options, or discounts before making a purchase. This trend has been prevalent in 2017.
According to Forrester, 56% of consumers have used their mobile devices to research products at home, 38% have checked inventory availability while on their way to a store, and 34% have researched products while inside a store. These statistics highlight the importance of embracing omni-channel strategies to cater to customer preferences and behaviors.
While smaller brands have some ground to cover in terms of omni-channel user experiences, it is becoming a standard practice that companies of all sizes will adopt to meet evolving customer demands and changing lifecycle patterns. With the help of technology and innovation, it is possible to understand the customer journey and engage with them anytime, anywhere, and across all channels.
According to the Aberdeen Group, companies with strong omnichannel customer engagement retain an average of 89% of their customers, compared to 33% for companies with weak omnichannel customer engagement. These statistics demonstrate the significant benefits and return on investment that can be achieved by implementing an omni-channel strategy.
Considering the success and advantages of omni-channel strategies seen across various brands, it is important for your business to provide an omni-channel experience to your customers.