Businesses got to adopt omnichannel retail strategies to link with customers, drive sales, increase traffic, and survive the digital age.
Omnichannel retail
The retail industry is consistently changing. Retailers are finding out that the industry has become pretty competitive, because of demanding customers, changing shopping behavior, and technological disruptions. Retailers that are unable to adapt and revert to the challenges now find it difficult to survive within the industry.
Those who are ready to thrive are in the industry are strategically responding and adapting to the new digital age by creating a far better retail experience for their customer base, using omnichannel retail strategies, and building modern retail supply chains. Omnichannel retail allows retailers to realize more availability, drive traffic and sales, and integrate digital touchpoints.
An omnichannel retail strategy provides more channels for customer purchase whether it's on mobile, web, or in stores, and improves the customer experience. The supply of multiple purchasing channels results in a rise in traffic and overall sales. Omnichannel customers spend around 15 to 30% more than single and multi-channel customers. By using multiple channels, omnichannel retail not only drives traffic to stores but also increases revenue from online retail.
A study conducted by Harvard found that omnichannel customers are more likely to interact with a retailer’s channels, and their digital touchpoints which include downloading coupons, using mobile applications, and other future digital touchpoints.
To boom the retail industry, omnichannel retail strategies must be built by retailers to look beyond having an outlet or online presence. Instead, they ought to provide an integrated and seamless shopping experience for their customer base by maintaining a robust physical store presence and leveraging multiple online channels, devices, and leveraging the newest digital touchpoints.
Overall, the retail industry is a space where there's high competition that's persistently changing. The competition in this industry is stronger than ever, the digital forces are changing how consumers shop, and their purchasing habits are also more restrained. Players in the retail industry must find innovative ways to reply to digital forces, consumer behavioral patterns, and other challenges; and, as demonstrated, omnichannel retail is one effective solution.
How to Achieve Omnichannel Retailing
To become a successful omnichannel retailer is tough. It needs retailers to create multiple touchpoints, integrates their online store with their physical one, standardizes their customer experience, and make a far better retail experience for every customer–all in one place.
This is challenging to try, especially in this digital age where all this information lies in data silos. For instance, a retailer may have an on-premise legacy system that must be integrated into a mobile application, a social media platform management system, a CRM system, and so on. And as a result, retailers are forced to mix various systems, applications, and processes. And as new processes emerge, the integration becomes more daunting.
This challenge might result in a service-oriented architecture approach(SOA) approach. SOA lacks future-proof capabilities, which makes it a successful omnichannel strategy.
That's why we recommend an API-led connectivity approach, which takes the principles of SOA, and makes them more attainable with modern API.
Through API-led connectivity, retailers can systemize their digital retail experience and link their online and physical presence through plug-and-play functionality by connecting various systems and applications including mobile applications, websites, and ERPs.
Our customers noticed that their revenue-growth potential is restricted by the number of brick and mortar stores they need, to that, they decided to enter into various partnerships with other retailers.
Explore more stories on the advantages of using API-led connectivity to develop omnichannel retail strategies. You'll also check a few tailored integration systems that we offer for retailers and commodity companies.
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