The global market for Retail Omni-Channel Commerce Platforms is estimated to reach a revised size of US$27.7 Billion by 2030, growing at a CAGR of 16.6%. Over the last few years, omnichannel retail strategies have helped businesses integrate multiple shopping channels that provide seamless consumer experiences. The systems can synchronize with online and in-store inventories over different locations offer in-store pickup options for online purchases, and use mobile applications for providing personalized in-store experiences to customers. Pepperfry is a standard example of a company that has executed omnichannel integration to grow in the retail segment. The immersive nature of the Pepperfry studio lets people go through varied collections, and once shortlisted, users can visit the retail store to make the final purchase.

“The retail industry is under significant pressure with rising costs and rapidly changing consumer behaviors, technology, and competition.  According to Forrester, 60% of all sales are digitally influenced, up from 49% pre-pandemic. New customer stories and case studies were added to the book to provide additional context about omnichannel customer experiences. These include Asda, Woolworths Australia, Pret a Manger, Target, and many more”, mentioned Tim Mason, CEO, Eagle Eye.

The omnichannel approach has worked wonders for the retail industry and we can witness the emergence of new ways in which businesses are able to streamline operations with technology innovations. There are a few key metrics that need to be understood in order to implement a perfect omnichannel marketing strategy.

Creating Customer Portfolio

Understanding a customer becomes the first priority for a retailer during implementation of marketing strategies. It needs to learn about the requirements and problems of the customers and collect actionable intelligence. This process eliminates the confusion of any guesswork by providing accurate and valid data points regarding consumer behaviour. Creation of a virtual portfolio of customers help businesses in understanding purchase patterns and offer a personalized list of products to each one of them.

To give an example, Starbucks has created a smart application through which customers are able to order drinks to be picked from the drive-through in person. This is particularly helpful for customers who enter the shop daily to buy a cup of coffee. The click-and-collect option helps in saving them time as they do have to stand in the queue and wait for the order.

Online and Offline Integration

Integration of online and offline channels play a crucial role in omnichannel marketing strategies for retail businesses. It helps create an effective strategy for customer engagement based on data collected across various touch points. Through this process, a data lake is created for the business through the unification of customer data for the organization to create personalized marketing strategies and understand customer behavior in a better way. Integration of both channels also streamlines processes for businesses while launching ad campaigns that can be channelized through all of their online and offline platforms.

In this regard, NikePlus is an exclusive membership program created by Nike that seamlessly integrates all of its online and offline channels. Through this exercise, customers can avail easy access to exclusive product range, customize and make purchases online. There are added benefits to this membership that include in-store experiences for customers with access to member-only events and early product launches. 

Improved Customer Segmentation and Experience

Audience segmentation and providing personalized customer experiences have become crucial for the businesses in the retail sector. The segmentation is done primarily based on customer preferences which is taken ahead to create personalized experienced for each segment. This process impacts hugely on the marketing strategies and helps in improvement of marketing efforts. Automated systems are put in place in this regard for monitoring the consumption tendencies of customers and create segments according to consumption patterns.

Popular fashion retailer, Zara analyzes consumer data in order to optimize its inventory and provide personalized shopping recommendations. The company’s usage of consumer insights helps the audience more in giving prompt response to new fashion trends and preferences, and availing a tailored shopping experience.

Driving Consumer Experience through Analytics

Analysis of customer data uncovers several truths for retail businesses. Apart from clear understanding about consumer tendency and behavior, they can also locate dormant users and plan targeted marketing efforts to get them on board again. In a dynamically changing industry where consumer preferences are a subject of constant change, brands in the retail segment have data analytics extremely helpful in keeping customers engage and gain loyalty.

To give an example, Walmart performs analytics on various grounds that include inventory management, demand forecasting, and personalized marketing. It makes use of data analytics to understand consumer preferences and optimize in-store inventory and online shopping experiences.

If retail businesses keep monitoring these aspects on a regular basis, it helps them create a set environment to execute omnichannel marketing strategies and gain actionable consumer insights. Many emerging technology companies are constantly performing R&D in order to create better systems for better integration of omnichannel marketing in the retail sector.