3 Elements of a Successful Omnichannel Strategy
In the course of just one year, the relationship between customers and the brands they love has been altered in profound ways. As customers faced changes to how they shop brought on by pandemic-induced regulations, the ability to get the items they want became more complex than a quick trip to the store. As an overwhelming number of consumers, including many first-timers, turned to online shopping, omnichannel customer-centricity became an imperative for retailers. According to Martin Newman, expert on retail and the consumer experience, the omnichannel trend will only accelerate in 2021.
Offering a uniform, efficient, and pleasing experience across all channels is no longer a luxury that only big box retailers can provide to their customers — it has become a must for all. Thankfully, with today’s technology and some creative thinking, the implementation of omnichannel strategies is becoming easier for merchants of all sizes.
To provide a seamless customer experience, increased consumer retention and satisfaction in 2021, consider the following elements of successful omnichannel approaches:
Successful omnichannel approaches
Expand your marketing approach with social commerce
According to Newman, the idea of an omnichannel shopping experience is becoming less of a buzzword and more of a standard for retailers and brands of all sizes to uphold. A strong indicator of this is the growth of social commerce, or shopping directly via social media channels like Instagram and TikTok. In November 2020, the beginning of the first ever pandemic holiday shopping season, social commerce was an $89.4 billion market, and is expected to grow to $604.5 billion over the next seven years.
The ability to display products directly on popular social media apps that shoppers, especially Gen Z, spend a significant portion of their days on provides not only a convenient, but highly native experience. Social commerce also provides the ability to demonstrate products in action during a time when customers may still be unable to touch and try them in-store. Afterpay retailer Bandier has mastered social commerce with its Instagram Live workout classes, which puts its products to the test.
Invest in your website and app presence
Shopping apps, which are purpose-built mobile apps offered by a specific brand, are on the rise. On Black Friday of 2020 alone, shopping app downloads reached a single-day record of 2.8 million downloads. Don’t have the resources or the budget to build a standalone shopping app? Get back to basics. According to Newman, even smaller merchants with a more basic eCommerce strategy should pause and evaluate their customers’ online shopping journey, beginning with their websites. A recent study found that only 15% of online shoppers were happy with their online shopping experience – citing annoyances ranging from pop-ups and ads (49%), site crashes (48%), discount code fails (45%), and inability to find the items they wanted (42%). Investing in the user experience can prevent these disturbances, increase customer satisfaction and reduce the pandemic-shopping phenomenon of abandoned online shopping carts.
Don’t leave payments out of the equation
When planning for your omnichannel strategy in 2021, don’t forget about the final portion of the sales cycle: check-out. As payments continue to go through a digital revolution, gone are the days where paying the full amount of the transaction via cash or card was the only option. The year 2020 proved that consumers, now more than ever, are looking for flexible ways to pay for their favorite products. One of the easiest ways to fulfill this need is by offering “Buy Now Pay Later” options like Afterpay. According to Lightspeed, BNPL “has financially assisted many households and filled a need in the household for flexible transactions.” Newman says this will accelerate in 2021 – to the point where “Buy Now Pay Later” becomes a part of shoppers’ everyday vocabularies.
As we leave behind a trying and difficult year, yet one that brought many opportunities to the retail world, omnichannel is certainly a trend we can get behind!
To learn more about how Afterpay fits into an effective omnichannel strategy, reach out to our team by clicking here.
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