In the year 2020, the retail sector has witnessed the rise of many industry trends and concepts. From digital evolution to new and improved marketing channels, retailers now have access to a myriad of successful strategies to promote organizational growth and development. However, the ever-growing presence of competition has urged companies to invest in concepts that strengthen their presence both in the online and offline marketplace. One such successful concept is Omnichannel retailing.
According to a recent market study, over 60 percent of the customers prefer brands that offer products on multiple channels. They believe that it generates convenience in conducting purchase decisions and is also a time-saving and cost-efficient method. As a result, businesses are able to attract and retain a larger audience and grow their overall market share.
Impact of AI-Based Solutions
Industry experts believe that Artificial Intelligence will play a significant role in enhancing organizational capabilities. Artificial Intelligence assists firms in generating, collecting and processing large amounts of customer data. Therefore, firms gain a better understanding of customer demands and monitor industry trends in real-time to gain a competitive edge.
Statistically, more than 55 percent of shoppers prefer brands that offer personalized products and services. Through Ai-based solutions, retailers gain valuable insights from customer search and purchase history, buying behaviour and their journey in-store. This enables businesses to customize their product offerings to fulfill orders and promote repeat purchases. Moreover, it also plays a crucial role in fostering high conversion and engagement rates in-store.
Benefits of Omnichannel Retail
According to industry experts, retailers that incorporate Omnichannel strategies will witness a growth in customer retention by over 70 percent. Furthermore, access to large amounts of accurate data ensures that retailers are up to date with market trends and are prepared for upcoming opportunities. However, the safety and security of this information is a growing concern. Many firms rely on cloud computing to store and access corporate data. Due to the presence of online risks, retailers must invest in cybersecurity solutions to analyze network traffic and detect these threats to protect the data.
The rise in concepts such as mobile commerce and social media commerce urges retailers to launch strategies to provide a more seamless and consistent shopping experience. Omnichannel retail practices allow firms to maintain a robust brand image across various channels and promote brand loyalty and advocacy. As a result, by the year 2023, the Omnichannel industry is expected to reach $11.1 billion.
In the digital era, customers are highly knowledgeable; they prefer researching for products across multiple corporate channels before conducting purchase decisions. Therefore, retailers must provide an interactive and immersive shopping experience across the platforms to ensure customer satisfaction and retention. In addition, access to various devices such as Smartphone’s and laptops have made it difficult for businesses to provide a seamless experience. However, through Data Analytics and the Internet of Things, store owners can transfer data with ease and stay at the forefront of industry trends.
Written By: Rajiv Prasad