This year, retailers will focus on integrating omnichannel strategies and providing their customers with truly personalized experiences. And shoppers everywhere are rejoicing!
As customers demand a seamless shopping experience more and more, retailers are becoming increasingly aware that an omnichannel approach to both their customers’ experience and internal processes are necessary.
This shift will erase the lines between channels, creating one complete brand experience and giving customers more control over their purchase journey. In the next three years, almost 95% of retailers will have implemented a single unified commerce platform.
In essence, omnichannel retail focuses on providing customers with a fully integrated shopping experience. By merging online and in-person shopping, and every touchpoint in between, retailers are able to provide a united brand experience, allowing them to better connect with and engage customers throughout their entire purchasing journey.
Today, customers shop across multiple channels simultaneously. In fact, according to recent research, over 60% of shoppers use their mobile phones while in store to look up products, compare prices and read product reviews. Unsurprisingly, 56% of shoppers are more likely to purchase from a brand that allows them to have a shared cart across channels. Retailers have taken notice, with 49% prioritizing mobile engagement and mobile experience.
Studies have shown that brands that implement an omnichannel strategy are also better able to retain their customers across channels compared to non-omnichannel businesses, with omnichannel retailers retaining almost 90% and non-omnichannel retailers only retaining around 30%.
Omnichannel customers vs single-channel shoppers
Omnichannel shoppers have proven to be very valuable customers. According to a recent study, they spend an average of 4% more in store and 10% more online compared with single-channel customers. Additionally, omnichannel customers tend to be more loyal than their counterparts. After their initial shopping experience, omnichannel customers had 23% more repeat shopping trips and were more likely to recommend the brand to family and friends.
An increasing number of customers (79%) consider personalized service to be a deciding factor in where they choose to shop—and omnichannel retail is enabling brands to deliver this service easier than ever before.
Omnichannel brands are better able to analyze the customer journey and uncover specific shopping patterns, preferences and behaviors across channels. These insights can then be used to create more extensive customer profiles and to enhance their overall strategy, messaging and offerings.
Currently, customers tend to receive a more personalized experience when they shop online rather than in-store. This differentiation is a direct result of the difficulty sales associates have in identifying customers prior to checkout. To combat this, 77% of retailers plan to utilize mobile apps to help staff identify customers in their stores within the next three years.
While the future of retail is undoubtedly omnichannel, retailers should continue to experiment and explore new channels and ways to enhance the customer experience.