Why is Omnichannel the future of Retail to improve customer experience?
The modern consumer is no longer a single-channel shopper. A recent study of a major U.S. retailer’s customers found that 73 percent followed an omnichannel purchase journey, compared with just 7 percent who were purely digital. What’s more, the fluidity between channels is increasing, which allows retail brands to shape shoppers’ experiences and ultimately build a competitive advantage founded on omnichannel customer intelligence.
The imperative for retail brands, therefore, is to devise an omnichannel strategy that connects with core customers as they move between retail channels and touchpoints. Yet most retailers don’t outperform across audience development, measurement and activation plans, the combination of which is the key to success. It’s not simple to accomplish. Well, one size doesn’t fit all, and that’s a good thing!
We all know that customer experience can be a key differentiation in an overcrowded market, but how customer-centric are organizations really?
How do I make my company smarter in its interaction with its clients?”
Mobile is completely changing behaviors and today’s digital consumer wants the technology, wants the convenience of being able to do everything in each channel without changing their behavior across different client interactions. That’s the customer experience!
Organizations are dedicating more of their operational costs to fighting and managing fraud, adding too much friction to the customer experience. For that end, leverage data is absolutely critical! CFOs and business leaders are expected to assume larger roles in assessing risks and developing measures to prevent security breaches while preserving and protecting revenue streams. So, what’s expected? I would say, the first step is learning to make smarter questions:
“How do I use data to make my clients smarter? How do I use data to make my clients more financially relevant and confident in their decisions?”
The brands need to create data more useful to drive analytics and build a process and a product that uses that data for decision-making in client interactions. Retailers that take these methodical steps to capture, compile, refine, update and analyze data about their customers and prospects are able to micro target crucial shoppers through an omnichannel approach.
Strategically anticipating the wide variety of omnichannel opportunities gives to Retailers greater control over the outcome. And then, is where technology comes in.
They need better technologies to make data more customer-centric. Even if the technology being used in the company is award-winning, it’s not the same experience in a mobile, tablet, app or in-store. The customer is forcing retailers to re-design the user experience constantly and they need to identify which technology to use to bring agility and speed to the use of data as FinTechs and other innovators are using to create valuable assets.
A partnership with FinTechs may help with data analytics to provide a better customer experience.
Customers are evolving, and they are demanding a new user experience, a new way for retailers to communicate with them. With the advances in technology, mainly the use of mobile, customers are requiring smarter services to satisfy their technological needs.
This is where Big Data & Analytics plays a big role. Retailers have access to a large amount of data they can use to better their customer’s experience. However, this data is housed in a lot of different places and they don’t have the technology necessary to analyze it. But FinTechs have the necessary technology to be able to mine all these data and use it for improving the user experience which is what makes them so customer-centric.
We are witnessing a trend in the Retail industry where brands are creating a partnership with these companies in order to become more technically able to meet their customers’ ever-changing and evolving demands. A clear win.