How Can Retailers Mitigate the Challenges of Omnichannel?
Martech Outlook | Friday, November 30, 2018
Since several years, omnichannel has been a retail buzzword and has been successfully adopted by many global enterprises. However, despite the concept’s long presence, there are still many misconceptions around it. One of the major driving factor of this chaos resides is one question—although an omnichannel strategy is aimed to help businesses increase revenue and visibility, why do many retailers lose millions of dollars each year due to cross-channel commerce challenges? Recent studies have identified that 45 percent of the suppliers and merchants have lost over a million dollars and many others have lost more than three million.
Experts believe that omnichannel is a complicated, multi-faceted challenge for retailers. Few of the biggest challenges they face revolve around understanding customers and their requirements. Serving customers uniquely by recognizing their unique profile in an omnichannel environment is becoming harder.
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So what can brands do to successfully adopt an omnichannel strategy?
Companies need to enhance brand experience in all touchpoints of customer engagement—social media, email marketing, in-store, and other communication platforms. It is vital to recognize that online engagement supports in-store experiences, as in many cases online channels are the starting points for in-store visits.
As there are many technologies available today such as predictive data analytics, AI, and machine learning, companies can adopt them to better understand their customers. Brands can leverage insights on shopping pattern and customer behavior to target the right audience and achieve their goals.
By connecting with customers at such a scale, brands can successfully bridge online and offline shopping journeys—inevitably increasing revenue.
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