Low online sales are a huge challenge for retailers, particularly in today's digital age. Although many retailers do have an online presence, they often fail to leverage the power of an Omnichannel strategy to increase sales. In this blog post, we'll explore how an Omnichannel strategy can help retailers boost their online sales.
The Problem of Low Online Sales
As the retail industry continues to evolve, low online sales can be a significant challenge for retailers. With the rise of e-commerce, retailers must have a comprehensive Omnichannel strategy to remain competitive and reach new customers. Online sales are becoming increasingly important, and retailers that do not have a robust online presence risk losing sales and falling behind their competitors. In today's fast-paced retail industry, low online sales can be detrimental to a retailer's success.
According to a report by Digital Commerce 360, online sales in the US grew by 44% in 2020, with many consumers turning to e-commerce due to the COVID-19 pandemic . This trend is expected to continue, with experts predicting that online sales will continue to grow in the coming years . Retailers that do not have a strong online presence risk losing sales to their competitors who have invested in e-commerce platforms and digital marketing strategies.
Furthermore, low online sales can also be a sign of a larger issue with a retailer's Omnichannel strategy. In today's retail landscape, customers expect a seamless shopping experience across all channels, including online, in-store, and mobile. Retailers that do not have a comprehensive Omnichannel strategy risk losing customers who prefer to shop across multiple channels.
Omnichannel Retail as a Solution
Omnichannel retail is a strategy that can help retailers take advantage of new opportunities and reach new customers. This approach involves integrating online and offline channels to provide a seamless shopping experience for customers. Customers now demand an omnichannel experience, seamlessly blending online shopping convenience with the in-store experience and exceptional service. By offering a consistent experience across all channels, retailers can improve customer satisfaction and increase sales. Omnichannel retail allows retailers to provide customers with the flexibility to shop where and how they want, while also creating a consistent brand experience across all channels.
According to a study by Harvard Business Review, retailers that implement an Omnichannel strategy see a 10% increase in customer loyalty and a 5% increase in sales . The report also shows that 73% of customers use multiple channels when shopping, highlighting the importance of Omnichannel strategies to provide a comprehensive and coherent customer experience.
Additionally, a report by Deloitte found that Omnichannel customers have a 30% higher lifetime value than customers who only shop through a single channel . These findings demonstrate the significant impact that Omnichannel retail can have on a retailer's bottom line.
Furthermore, Omnichannel retail can also help retailers reach new customers and expand their customer base. By offering a seamless shopping experience across all channels, retailers can attract customers who prefer to shop online or in-store. Retailers can also use data from their Omnichannel strategy to better understand their customers and tailor their marketing efforts to specific customer segments.
How to Implement an Omnichannel Retail Strategy
Here are some tips to help retailers adopt an Omnichannel retail strategy effectively:
Define your goals: Retailers need to define what they want to achieve through their Omnichannel strategy, whether it be increasing online sales, in-store visits, or boosting customer loyalty.
Get your inventory right: Retailers must optimize their inventory management system and ensure all channels have access to live data that is up to date and in real-time. This action will ensure inventory accuracy availability regardless of channel.
Invest in technology: Although technology investment can feel intimidating, retailers should have a robust omnichannel platform to facilitate the omnichannel strategy end-to-end, from the customer journey to the transaction.
Train staff: Employees need to be adequately trained in the new protocols of Omnichannel that would ensure a seamless customer journey.
Measure your results: Retailers need to measure the success of their Omnichannel strategy continually. One way to achieve this is to use key performance indicators (KPIs) such as customer satisfaction ratings, online sales, in-store visits, and sales generated.
To implement an effective Omnichannel strategy, retailers must have a robust technology infrastructure and invest in their e-commerce platforms and digital marketing strategies. This includes optimizing their websites for mobile devices, improving the user experience, and investing in digital marketing channels such as social media and email marketing. Retailers must also have a comprehensive inventory management system that allows them to track inventory across all channels and offer flexible fulfilment options such as Click & Collect.
How Seeplus by Inovretail can help
Seeplus by Inovretail offers a click-and-collect platform that can help retailers implement an effective omnichannel retail strategy. With Seeplus, retailers can improve the customer experience, increase profits, and reduce cart abandonment rates. Here are some ways that Seeplus can benefit retailers:
Seamless Click-and-Collect: Seeplus provides retailers with a seamless click-and-collect platform, enabling customers to collect their orders from physical stores or other locations designated by the retailer. This solution reduces queues, empowers staff, and enhances the customer interaction.
Pick-up and return Anywhere: Seeplus enables retailers to offer click-and-collect from any location, unlocking new cross-selling opportunities, and exponential profit growth. Retailers can offer order collection and returns from their physical stores, partner locations, or in some cities, collection from autonomous lockers in public spaces.
Improved Customer Experience: By enabling customers to collect their orders from a convenient location of choice, Seeplus improves the customer experience. This solution also provides a cost-effective way for retailers to offer customers the convenience of omnichannel retail services.
Customization: Seeplus offers customizable features to suit retailers' needs. The platform can be adapted to integrate with existing systems, facilitating a seamless customer journey across all channels.
Overall, Seeplus by Inovretail can help retailers implement an effective omnichannel strategy by providing a seamless click-and-collect platform, enabling retailers to offer click-and-collect from any location, increasing profit, and improving the customer experience.
Omnichannel retail is an effective strategy for boosting online sales. With a comprehensive Omnichannel strategy, retailers can deliver a consistent experience to customers across various channels and garner increased customer loyalty, customer lifetime value, and revenue. Implementing this strategy can be challenging for retailers. However, retailers who take the time to implement Omnichannel retail effectively will reap the rewards.
To learn more about how Seeplus can help your retail business, implement an Omnichannel strategy, contact us today!