Indian Retailers have begun transforming their customer relationships by offering omnichannel experience – “the new hype in global retail”. The multi-channel approach facilitates customers to make their choice of purchase settings. Offering them a setup with various techniques for shopping in both e-tail and retail methods. New payment methods have just paved way for the consumers. This approach is beneficial for retailers as follows:
1. Enhance customer’s shopping experience
The modern-day shoppers are always glued to the social networking sites or skimming the most recent products from their favorite retail stores. Thus, retailers need to develop and implement strategies that permit shoppers to smoothly switch or move between online & brick and mortar store shopping. They expect integration moreover the blurring of channels isn’t simply a retail marvel. It is progressing into different aspects of shoppers’ lives like entertainment, where two-screen viewing is turning into standard behavior.
2. Better Visibility & Data Collection
Visibility across multi-channels implies more personalized experience. Retailers who are able to track their customer over different channels & comprehend their preferences can serve their consumers better. Thus Omni-channel retailing allows business to additionally gain insights into creating offers that persuade customers to get out from behind their screens & engage themselves in shopping from physical stores, where the likelihood of impulsive buying is more noteworthy.
3. Improved Sales
Omni-channel retailing set up allows shoppers to make a purchase from wherever they please. It gives retailers’ stock visibility and accessibility in the customers’ favored channel. Moreover, it provides convenience to the customers and substantially increases the buying opportunities for various products offered by retailers. Lastly, it provides shoppers with wider selection and numerous ways of accessing and purchasing that selection thereby enhancing sales.
4. Higher margins
An intelligently outlined framework of online sales reduces the incidence of numerous schemes related to discounting. On the other hand in conventional retailing, only those products are sold at heavy discounts which are proving hard to sell through particular stores. However, through omnichannel retailing country based sellers can sell products to anyone across the nation at full price and provides effective and efficient online and offline sales framework.
5. Help build brands
Building the virtual brand from scratch is considered to be tough and difficult for the retailers as compared to building a real brand. Retailers having brick and mortar stores while offering their products online as well find it less demanding to control & regulate pricing power as well as sales volume as physical stores are considered to be the custodians of the brand –enhancing the brand value of the retailers through their highly noticeable presence in various centres of the city –as well as their outlets.
6. Multiple ways to income
Multi-channel retailing has enabled convenience to various stores to develop and generate new revenue streams by providing innovative and easy to implement payment infrastructure to numerous small enterprises involved in business. Small enterprises can save money & time by not creating its own payment systems and utilizing & adopting the multi-channel solution.
7. Enhanced Productivity
An omnichannel strategy allows the store associates to arm themselves with tools that expand their access to information & promotes efficiency. Various tools like tablets help store employees to guide the in-store customers in a better manner and are helping in loyalty-building service so as to improve customer retention and increase productivity.
Thus Omni-channel retailing concept offers a 360-degree view of all the purchases made by the customers in order to serve them better. As hot as this concept is numerous retailers are unable to adopt and implement it fully because of various challenges associated with it. However, we hope to see a blooming future of Indian Retail Industry.
Insights shared by-
Rahuul Jashnani, MD, Jashn