{"id":582,"date":"2022-01-31T20:29:00","date_gmt":"2023-09-04T20:29:46","guid":{"rendered":"https:\/\/www.salesforce.com\/?p=582"},"modified":"2023-11-03T11:29:24","modified_gmt":"2023-11-03T11:29:24","slug":"omnichannel-strategy-benefits","status":"publish","type":"post","link":"https:\/\/www.salesforce.com\/eu\/blog\/omnichannel-strategy-benefits\/","title":{"rendered":"How an Omnichannel Strategy Benefits Businesses and Customers"},"content":{"rendered":"\n

Omnichannel strategy is changing, as it\u2019s no longer just a blueprint for big businesses and billion-euro brands to follow. Instead, customers around the world are saying that they expect an \u201cAmazon-like\u201d experience when shopping \u2014 even from smaller companies. It\u2019s not enough for businesses to create a website and offer standard customer service; today\u2019s businesses have to be exceptional just to remain competitive.<\/p>\n\n\n\n

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Omnichannel in Europe: Lessons from Leading Retailers <\/span> <\/h2>\n\t\t\t\t\t\t\t

Discover the trends, challenges, and opportunities presented in the retail market and prepare your business for future success.<\/p>\n\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t

\n\t\t\t\t\tDownload Now<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\t
\n\t\t\t\"Omnichannel\t\t<\/div>\n\t<\/div>\n\n\t\n\t<\/div>\n\n\n\n

Modern customers expect a seamless omnichannel journey<\/a>, 24\/7 customer service, and personalised communication. Companies that fail to deliver on these expectations will get left behind. For the customer, another company is always just a click away. <\/p>\n\n\n\n

It\u2019s clear that an omnichannel strategy benefits both businesses and customers, but how can companies get started on their digital journey? How can they create an omnichannel strategy that acts as a differentiator in an era of stiff competition?<\/p>\n\n\n\n

What is an omnichannel strategy?<\/b><\/h2>\n\n\n\n

An omnichannel strategy focuses on connecting all of a company\u2019s touchpoints, such as brick-and-mortar shops, social, website, email, and mobile. This enables customers to move seamlessly between these channels without encountering any dead ends. <\/p>\n\n\n\n

This holistic strategy is different from a multi-channel strategy, where the various touchpoints operate in silos. In short, an omnichannel strategy breaks down boundaries to put the customer at the heart of the journey. <\/p>\n\n\n\n

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How does the store fit into an omnichannel strategy?<\/b><\/h2>\n\n\n\n

E-commerce may be growing, but retail still plays an important role in consumers\u2019 lives. A large percentage<\/a> of consumers still prefer physical stores to shopping online, even if the role of the store is evolving. Both retailers and customers are starting to realise the potential of the store as a showroom and a provider of curated experiences. <\/p>\n\n\n\n

More and more shops are introducing in-store events to connect with their community \u2014 think classes, contests and lessons, meet-ups with brand advocates and influencers, and product demonstrations. They\u2019re also using their floor space as a brand showcase, as it provides a tactile, sensory shopping experience that the digital realm just can\u2019t match. So brick-and-mortar shops still have their place \u2014they just need to be seamlessly connected with a business\u2019s other channels.<\/p>\n\n\n\n

Ideally, an omnichannel strategy benefits businesses by uniting their physical and online channels and reinforcing their strengths, making them stronger than they would be on their own. <\/p>\n\n\n\n

How an omnichannel strategy benefits businesses<\/b><\/h2>\n\n\n\n

An omnichannel strategy is quickly becoming standard in the modern climate. According to a Coresight report<\/a>, 74% of retailers have either started on their omnichannel strategy or have already implemented it. Businesses that haven\u2019t yet started thinking about an omnichannel strategy are driving in the slow lane. <\/p>\n\n\n\n

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As revealed in the 2019 Salesforce report, the State of the Connected Customer, 67% of customers use multiple channels to complete a single transaction<\/b>. This means that businesses that aren\u2019t offering multichannel engagement are providing a substandard experience for these customers. For many consumers, an omnichannel strategy isn\u2019t even negotiable, as 40% of customers say that they won\u2019t do business with companies if they can\u2019t use their preferred channels<\/b>.<\/p>\n\n\n\n

However, the Coresight report<\/a> also shows that only 34% of companies have reached the \u2018execution\u2019 or \u2018realisation\u2019 stage of omnichannel maturity, so those organisations have a monopoly on these customer-centric experiences. This number needs to rise, and quickly, for the sake of both businesses and their customers.<\/p>\n\n\n\n

The Coresight report also reveals some of the reasons why businesses adopt an omnichannel strategy and some of the omnichannel strategy benefits that they\u2019re seeing.<\/p>\n\n\n\n

Five reasons why businesses are adopting an omnichannel strategy<\/b><\/h2>\n\n\n\n

Improve customer lifetime value<\/b><\/h3>\n\n\n\n

An omnichannel experience puts the customer first, and it\u2019s no wonder that customers want to stay with businesses that put them in the driver\u2019s seat. It\u2019s also not surprising that retail leaders see long-term goals as being critically important. The Coresight report shows that 53% of leading European retailers state that improving lifetime customer value is a reason for implementing an omnichannel strategy, while only 34% of other retailers feel the same. <\/p>\n\n\n\n

Reach new customer segments<\/b><\/h3>\n\n\n\n

An omnichannel strategy benefits businesses by enabling them to reach new customer segments. This benefit is nearly equally important to both leading retailers and \u2018others\u2019 (48% vs. 45%), but both numbers should be higher, as reaching new customers is a key to growth. <\/p>\n\n\n\n

Increase operational efficiency<\/b><\/h3>\n\n\n\n

Some omnichannel strategy benefits that businesses might see include increased operational efficiency and reduced costs. With an omnichannel strategy, businesses only need to collect a customer\u2019s data once, rather than at every touchpoint. Creating a holistic overview also means that companies don\u2019t need to worry about creating and implementing strategies for every channel. <\/p>\n\n\n\n

Increase sales<\/b><\/h3>\n\n\n\n

Increased sales are a great benefit for retailers who need a revenue boost. A Harvard Business Review study<\/a> showed that omnichannel customers spend 10% more online than single-channel consumers. This is one area, though, that leading retailers (42%) aren\u2019t as focussed on as \u2018others\u2019 (57%). It\u2019s clear that leading retailers are prioritising long-term growth, and are viewing omnichannel strategy benefits as being strategic and structural. <\/p>\n\n\n\n

Improve inventory turnover<\/b><\/h3>\n\n\n\n

The days of retailers losing business due to items being out of stock may be ending. An omnichannel strategy benefits businesses by providing them with a better overview of their inventory, and the ability to fulfil orders from anywhere. An omnichannel strategy makes it easier for businesses to optimise stock levels and develop smarter replenishment practices.<\/p>\n\n\n\n

How to build a successful omnichannel strategy<\/b><\/h2>\n\n\n\n

Many omnichannel strategy benefits are practical, such as better inventory management and improved operational efficiency. But it\u2019s also important to remember that an omnichannel strategy offers businesses the chance to get creative with their branding and marketing. They\u2019re creating a big umbrella of unified channels, after all, so a company\u2019s unique voice should be highlighted wherever possible.<\/p>\n\n\n\n

Here are some tips for creating a successful omnichannel strategy.<\/p>\n\n\n\n

Ten tips for creating an omnichannel strategy<\/b><\/h2>\n\n\n\n

1. Focus on increasing personalised services<\/b><\/h3>\n\n\n\n

Personal communication is paramount in the current climate, and customers expect businesses to understand their needs and priorities. Any good omnichannel strategy should start with personalising the customer experience by leveraging data through CRM systems and in-store technology. <\/p>\n\n\n\n

2. Focus on creating memorable in-store experiences<\/b><\/h3>\n\n\n\n

Stores are already being reimagined, and this trend is expected to accelerate even more. The future of stores lays in offering in-person experiences that engage customers and build the brand. Think about your company\u2019s voice, and what kind of experiences might reinforce that voice in meaningful, creative ways. <\/p>\n\n\n\n

3. Incorporate interactive technology<\/b><\/h3>\n\n\n\n

According to the Coresight report, business leaders expect interactive technologies to improve the in-store experience by boosting engagement and providing shoppers with actionable information. Some 22% of respondents said that using AI, AR and VR is the most important way to connect with shoppers. <\/p>\n\n\n\n

4. Concentrate on training\/reskilling staff<\/b><\/h3>\n\n\n\n

As the future of shops changes, so do the skills required. Consider training and reskilling in-store staff so that they can better complement your new omnichannel journey. For instance, when lockdown measures hit, some companies turned their staff into personal concierges or stylists. Agility is key in the new climate. <\/p>\n\n\n\n

5. Invest in consumer insights<\/b><\/h3>\n\n\n\n

Utilise actionable information to fine-tune your omnichannel experience. Data is king in the new landscape, and it\u2019s the fuel that drives the personalisation required to create a successful omnichannel strategy. Make sure that you have the right tools to come up with a data-driven strategy. <\/p>\n\n\n\n

6. Digitise the store<\/b><\/h3>\n\n\n\n

Salesforce Commerce Cloud<\/a> enables businesses to provide the personalised digital shopping experience that today\u2019s consumers expect. The Endless Aisle<\/a> feature even lets companies give in-store shoppers access to online-only products and provides real-time access to inventory. <\/p>\n\n\n\n

7. Map the entire customer journey<\/b><\/h3>\n\n\n\n

Make sure there are no dead ends \u2013 only green lights. When creating an omnichannel strategy, make sure to put yourself in the customer\u2019s shoes as they navigate the different touchpoints. Is every channel optimised to put the customer at the heart of the experience? <\/p>\n\n\n\n

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8. Turbo-charge your social media presence<\/b><\/h3>\n\n\n\n

Companies need to meet their customers in the places where they spend the most time, so don\u2019t neglect social media channels. Social Studio<\/a> allows businesses to gather market intelligence and better engage on social media platforms. <\/p>\n\n\n\n

9. Use AI and chatbots to provide better customer service<\/b><\/h3>\n\n\n\n

Customers expect 24\/7 service and easily accessible solutions to their problems, so consider using AI<\/a> and chatbots to handle routine issues promptly. <\/p>\n\n\n\n

10. Collect and analyse data to find brand advocates<\/b><\/h3>\n\n\n\n

One of the biggest omnichannel strategy benefits is the wealth of data it puts at a business\u2019s fingertips. Don\u2019t let this data go to waste: use it to find and nurture brand advocates. <\/p>\n\n\n\n

What\u2019s the future of omnichannel?<\/b><\/h2>\n\n\n\n

Many retailers have stressed the importance of an omnichannel strategy, but putting it into practice has been a different story. Leading companies have a different perspective though, and many have already invested in omnichannel capabilities to put the customer at the heart of their business.<\/p>\n\n\n\n

Leaders are mostly driven by long-term goals such as:<\/p>\n\n\n\n