The relevance of going omnichannel is no longer a secret sauce. What has become more important is to keep omnichannel strategies and operations sharp and updated. The idea of providing a ‘seamless’ experience to customers cutting across channels is always evolving. Today, customers expect flexibility and convenience that resonate with their style of shopping. Many experts also concede that retailers who offer better omnichannel features and capabilities are more likely to gain stronger customer loyalty and engagement. This blog highlights how retail brands and businesses can improve their omnichannel strategies in today’s retail landscape.
Improve understanding of customers
Improving the understanding of customers is essential to improve their journey and experience.
Touching the realms of advanced analytics is becoming increasingly essential for an improved understanding of customers. The use of AI-powered analytics can help reveal deeper patterns in consumer behaviour. To make things easier, omnichannel consultants of YRC strongly recommend storage of business data in digital and structured forms.
Inputs from social hearing and listening can also provide insightful information on customer perception of brands, products, service quality, expectations, grievances, and scope of improvement.
Studying and analysing shopping journeys can help shed light on problematic areas. Addressing these issues is critical to optimise the shopping journey and improve customer experience.
Use better technologies for the integration of channels
Technology is what makes omnichannel possible. If omnichannel has to be improved, technology must be looked upon.
An important technology every retailer working on digital transformation or improving omnichannel systems should know is API or Application Programming Interface. Think of APIs as digital messengers or connectors that help software applications communicate with each other. API-driven integration is highly recommended by experts for the automation of seamless exchange of data between software applications. It also makes information-sharing real-time. Today, APIs are also more compatible with cloud-based solutions.
Retailers should stress the use of AI-powered algorithms for personalisation. AI can process massive data sets cutting across channels and come up with more reliable solutions for personalisation. This is followed by the necessity to keep content on websites/apps relevant to customers in a more personalised way.
User experience is something that should not be ignored. From a back-end technological perspective, it is important to keep websites/apps and their content optimised for all kinds of devices and operating systems, especially smartphones.
Improve CX Strategy
With a long stint in omnichannel CX consulting, YRC maintains that poor planning and inconsistent implementation of CX strategies often prove to be barriers to providing a better omnichannel experience to customers. To make omnichannel work, retailers must focus on improving their CX strategies. For improving customer experience, it is important to identify the sources from which experience is felt by customers. This takes us to the customer shopping journey and all the touchpoints where customers come into contact with a brand or business. Here are some of the areas where there is always room for improvement in the quality of customer experience:
- Higher accuracy and detailing in demand forecasting (analyse data across channels)
- Timely replenishment of inventory
- Keeping information on the brand’s website and app updated
- Promptly addressing technical glitches
- Active, alert and agile on the front of digital marketing
- Proactive and responsive customer support across online and offline channels
- Maintaining consistency in all respects (relevant to customers and their shopping experience) across channels
Measure Performance
Retailers should know whether their efforts into omnichannel are bearing the desired results. Measuring efforts and results is important because it sheds light on what is working and what is not. Two important statistical approaches available in this regard are KPIs and A/B testing. Some of these solutions are discussed ahead.
To measure customer experience, CSAT or Customer Satisfaction Score can be a powerful tool. It measures how content customers are in their interactions across online and offline channels. Monitoring CSAT helps identify the bumps in an omnichannel shopping journey.
Another common tool which we often get to see at the time of exiting websites or apps of brands and businesses is the front-end version of NPS or Net Promoter Score. An NPS interface typically asks questions like ‘how likely we are going to recommend a product/service to a friend or family’ or ‘what you did not like’. The response format could be numeric or subjective or a combination of both but it is better to keep it simple for customers.
Cross-Channel Conversion Rate measures what percentage of audience/customers moved across channels before completing their purchase journey. A high rate indicates better integration of channels. It tells that despite traversing through online and offline channels, customers were able to complete their purchases.
Channel Attribution is another useful tool that measures the effectiveness of each channel in terms of positive actions or responses from customers. This helps retailers know which channels work better for what purposes. It also shows which channels are not working well. Retailers can significantly improve their ROI on marketing investments from this KPI.
A/b testing is a form of experimenting with two or more versions of one thing to see which one fares how. It can be as simple as asking two or more of your friends to help you choose, say, a pair of shoes you are thinking of buying. A/b testing is interesting as its applications can be extensive. Objectivity is crucial to make it work.
To speak to a professional omnichannel business consultant, feel free to drop us a message and we will shortly reach out to you.
About Your Retail Coach
YRC is a retail and eCommerce consulting brand with a growing international presence. With more than ten years of experience, YRC has worked with over 500 clients in more than 25 verticals with a triumph ratio of 95%.
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