Does your company use strategies such as allowing customers to buy a product online and pickup in your physical stores? This is one of many ways to utilize omnichannel capabilities to reduce costs while improving your service. In his recent article, George Ward discusses that while omnichannel fulfillment strategies have many benefits, they can also be challenging to deliver. The article offers eight insights to help build your omnichannel customer experience strategies.
1) Omnichannel Customer Experience is Getting Increasingly Popular
In the last couple of years, nearly half of the people in the United States made a purchase using omnichannel methods. What does this tell us? Customers are always looking for a good mix of convenience and quality, and when a new opportunity presents itself, they’ll be quick to give it a chance. With the growing number of people preferring to buy online, it’s important to start developing omnichannel strategies now and gain a competitive advantage.
2) Omnichannel Customer Experience Increases Revenue
If you offer customers the ability to buy an item online and pick it up in your brick-and-mortar store, they’ll be more likely to buy additional items. Ward says that nearly 70% of shoppers last year bought more items during their visits to pick up already purchased products. Think of it as a similar approach to stores putting items on end caps by the registers, which gives more opportunities to sell more items. The more a customer spends time with your store (online or in person), the more likely you see an increase in your revenue.
3) Omnichannel Customer Experience Reduces Costs
With less shipping and packaging required, costs will go down for both your company and your customers. It may not seem like much at first, but over time your shipping and packaging costs can build up to some substantial loss. Omnichannel features, like buying online and picking up in the store, help you and your customers save money, which is a win-win overall.
4) Omnichannel Customer Experience Improves Inventory Management
With a strong online presence, you can essentially open up your entire inventory to your customers. Not every company chooses to, but you can easily offer your entire inventory online to your customers, including items that used to exclusively be offered in the physical stores. Ward says that offering formerly in-store only items online can create billions in additional potential revenue.
5) Your Customers Love to Shop Across Channels
Nearly one third of people in the United States prefer buying an item online and picking it up in the store to the traditional route of buying online and shipping it to their home. The convenience and affordability are appealing to many people, so your company’s customer experience will benefit greatly from adapting omnichannel fulfillment services.
6) Omnichannel Abandonment Rates Need to be Managed
While omnichannel services offer many benefits, there are negatives as well. One of the negatives is that abandonment rates could be increased due to life events like illness and emergencies or because the customer simply changes their minds. Don’t ignore abandonment rates, always be on the lookout for what’s driving this problem and figure out what you can do to fix the issue.
7) Creating Effective Omnichannel Customer Experience can be Costly
Omnichannel services can reduce your costs in the long run, but the initial setup can be expensive. This setup includes updating your inventory database and other tasks. This initial cost can be expensive (even in the millions depending on the company), but ultimately can still pay off big.
8) Omnichannel Customer Experience Requires the Right People in the Right Place
As with any customer experience program, you need to make sure you have the right people in the right positions on your staff. Your team ultimately makes the pieces move properly and serves as the face of your company to your customers, so they are one of the most important components of a successful customer experience strategy.
This blog post was based on an article from CustomerThink. To read the original article, please click the link below:
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