Omnichannel Retail Boosts Sales
Though eCommerce is growing faster than any other retail sector according to business.com, the opportunity for brick and mortar retailers isn’t extinct, just shifted. It’s simply a different value proposition in the eyes of the consumer and retailers.
A recent study by the Harvard Business Review found that out of 46,000 shoppers, 73% use multiple channels to make a purchase. Only 7% shopped exclusively online, while 20% shopped exclusively in-store. This data helps showcase the increasing need for retail merchants to begin utilizing omnichannel to enhance the customer experience and boost sales growth.
What is Omnichannel Retail?
According to shopify.com, omnichannel retail — or, omnichannel (meaning, all channels) — is a fully-integrated approach to commerce that provides shoppers a unified experience across online and offline channels.
True omnichannel shopping extends from brick-and-mortar locations to mobile-browsing, eCommerce marketplaces, onsite storefronts, social media, retargeting, and everything in between.
The study also found that customers that shopped both online and in-store spent an average of 4% more in-store and 10% more online, compared to shoppers that only used one channel to purchase. For omnichannel customers, the ability to explore a company’s products online prior to visiting the store ultimately leads to increased spend, no matter where they end up making their purchase.
Merchants using multiple sales and marketing tactics provide a seamless and convenient experience for their customers. This omnichannel method boosts engagement with customers which can translate to more sales.
How Do Merchants Incorporate Omnichannel Retail?
- Add a “Buy Now” Option to Your Website – This is a simple way for a merchant to allow customers the convenience of buying from any location, at any time. By incorporating this feature, merchants can add to their revenue stream after in-store hours.
- Build an eCommerce Platform – While “Buy Now” buttons on your website are an easy option to complement your physical store offerings, businesses that have multiple or complicated product sets would benefit from a robust shopping platform.
Implementing either of these strategies can seem daunting, but they shouldn’t be. Work with your web development team or merchant processor to create an online shopping experience for your customers that can add to your bottom line.
Grow Your Business Through Omnichannel Retail Today.
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