Omni Channel Retailing Benefits Everyone. Here’s Why.

“Omnichannel will define retail in 2021.”

That’s according to Carlos Cordon, Professor of Strategy and Supply Chain Management at IMD Business School.

COVID-19 has changed the technological landscape, sending a pre-existing trend towards omnichannel into overdrive. Retailers equipped to provide consumers with the greatest channel flexibility during the pandemic have come out on top. Those unprepared are now scrambling to bolster their omnichannel capabilities to survive in the “next normal.”

Today’s customer expects a consistent experience and frictionless path to purchase wherever they decide to begin or end their customer journey. Omni channel retailing gives sellers the tools they need to exceed these expectations.

In this guide, we define omni channel retailing and marketing. We take a look at some of the key omni channel trends on the horizon and explain how B2Bs can use omni channel retailing to increase sales by 10%-15% right off the bat.

So What Exactly is Omni Channel Retailing?

Companies used to focus their energy and investment on a single channel. But
digitization has changed everything.

Global high-speed internet access through handheld devices has triggered an explosion in sales channels: mobile, social, eCommerce, brick and mortar, voice, and more. No matter where your customer is, you should be there too, poised to provide maximum value.

Omni channel retailing means providing a unified customer experience across every sales channel, putting the customer at the center of everything. How? Through the unification of data. Through data collection and connection, each channel becomes part of an integrated “whole.”
 
What is Omnichannel Marketing?

Omnichannel marketing takes a similar approach to omni channel retailing. Just as sales channels provide synergy in an omnichannel configuration, so too can marketing channels. Buyers accessing your brand across multiple touchpoints receive a unified brand presence and a helping hand through the funnel, from discovery to decision.

Amazon is the ultimate case study for omnichannel excellence:

What began as an online-only book shop quickly turned into the world’s biggest eCommerce store with revenue of $280.5 billion. Note the company’s mission: to be the “Earth’s most customer-centric company.” Many would argue they’re already there.

Today, Amazon reaches its customers through apps, IoT devices, Alexa (voice), and physical stores, providing a highly personalized experience across them all. Their secret weapon, at least on the B2C side–Amazon Prime!

Prime membership unifies all of your customer data. It gives Amazon the information they need to master your psychology and provide powerful recommendations. It’s a seamless experience, and shipping is free! We can’t resist trading our hard-earned cash for little brown packages.

Omnichannel vs. Multichannel Retailing

The terms omnichannel and multichannel retailing are used interchangeably. But while you can’t have omnichannel without multichannel, they’re not the same.

Multichannel means giving customers a choice of where to buy and interact with your brand. But the channels act independently. So the experience is fragmented. When a customer jumps from one channel to another, they have to start all over again. It’s confusing, time-consuming, and frustrating.

Omnichannel is multichannel refined. Every channel is united by data and forms part of an interconnected brand experience.
 
Omni Channel Retailing Benefits

Benefit #1: A Superb Customer Experience

Consumers expect consistency. They want to start and finish their customer journey wherever is most convenient. This could mean clicking a Facebook link that drives them to a physical store, continuing their research on their phone that evening, and ordering with a single voice command over dinner. Omni channel retailing makes this possible.
 
Benefit #2: Growth in Sales and Profitability

Omni channel customers spend 10% more online. That’s according to a study by Harvard Business Review. Global payments firm, Ayden, carried out similar research and came up with 15%. The exact figure isn’t important–it’s a significant amount and growing. Retailers can no longer afford to ignore omni channel retailing.

Benefit #3: Cross-channel Synergy

Buyers can engage with sellers through any touchpoint without losing their basket, restarting support conversations, or completing purchases in multiple sessions. Each channel supports the next, improving efficiency across the board.
 
Even More Benefits:

• Customer satisfaction and retention

• Increased conversion rate

• Greater automation and efficiency

• Less pressure on sales and support teams

• 360 data collection and analysis

• Enhanced customer segmentation

• Personalized marketing opportunities

• Access to new revenue streams
  

3 Key Omnichannel Retail Trends

2020 was defined by COVID-19, which triggered a leap forward in digital adoption. The pandemic has shaped omnichannel retail trends for 2021. Here’s what to look out for:
 
Trend #1: Shoppable Video

Forrester analyst, Sucharita Kodali, says: “Shoppable video is the omnichannel trend to watch in 2021.” It’s hardly surprising. The lack of human interaction we’ve all experienced in 2020 has forced brands and consumers to explore the next best thing.

We’ve had shoppable content for some time. Shoppable images on Instagram and Pinterest are standard. But shoppable video is an underutilized resource. Customers open a video, get all the product information they need and are whisked away to make a one-click purchase.
 
Trend #2: More Chatbots

50% of businesses are investing in chatbots as digital demand skyrockets and stores remain closed. Chatbots are increasing customer engagement and reducing pressure on human agents.

Personalized responses and AI have replaced incessant pinging and hopeless answers. With companies like Drift revitalizing the space, there’s no doubt chatbots are here to stay.

Trend #3: Mobile First (m-commerce)

By the end of 2021, mobile will make up 73% of eCommerce sales globally. We’ve all seen the mobile trend grow. But COVID has put it into overdrive. Now is the time to put mobile and messaging apps at the heart of your omnichannel retail strategy.
 
B2B Omni Channel Retailing

B2B companies are lagging behind their B2C counterparts when it comes to omnichannel. But this is changing. The rise of remote working and the decline of business travel have made face-to-face interactions a rarity. B2Bs need to respond by meeting buyers where they are–online!

Today’s B2B buyer is more likely to be a digital-savvy Millennial than any other generation. They expect a slick, B2C-like buying experience when they buy for work. But too many B2Bs fail to meet this high bar.

Chinese B2B marketplace, VIP.com, is one example of a B2B doing omnichannel the right way. The company connects its sellers with prospects out in the real world. When a seller posts new inventory to the site, VIP.com sends out a push notification to prospects.

But here’s the trick:

VIP.com uses geolocation technology–only prospects situated nearby a sellers’ retail premises are alerted. Potential buyers can visit the seller’s physical premises to collect. Or VIP.com can deliver. It’s a real value add for buyers. They get timely, highly personalized notifications that make purchasing more painless than ever.