Growing The Omnichannel Experience
The importance of including an omnichannel experience in a retailers strategy is very clear, a research study from IDC said that consumers have an overwhelming 30% higher lifetime value than single-channel purchasers. Not all retailers are taking advantage of this opportunity because of challenges such as training, technology integration or access to data but as they do, retailers will reap the benefits in the implementation of an Omnichannel strategy. Retailers who are uniting the brick and mortar and e-commerce together, are creating a seamless and convenient customer journey experience across all channels and devices. To keep their competitive edge, retailers present their own unique advantages from the instant gratification of an in-person purchase to the quick replenishment of stock and the free shipping to their stores if customers purchase below the required minimum.
“The evolution of the brick and mortar store is just beginning,” Michael Brown, a partner in the retail practice of A.T. Kearney, a global strategy, and management consulting firm, told Retail Dive in an email. “And we expect the cycle of change to continue for a number of years as retailers continue to find the balance of physical and digital assets required for Omnichannel success.”
Same-day Delivery Will Be A Game Changer
More than half of online shoppers say that delivery speed is the number one criteria in their purchasing decision, and an overwhelming 64% say that they would pay extra to pay an additional fee for same day delivery. When Amazon began to increase their delivery options, retailers began to meet customer demands for same-day delivery in key markets. Since 2015, Home depot created an online warehouse center in some markets that ensured delivery within 2 days. Sephora offers the option to pay a flat yearly fee of $10 as guarantees same day or next day delivery. While stores like Zara, offer free shipping if the item is delivered in-store creating additional footfall traffic. Since 2015, retailers have revamped their delivery options and while most suggest it can take up to a week for delivery, customers usually get their product within the next 2 business days.
Meeting Customer Needs Across All Channels
Retailers who are winning, are creating an omnichannel experience whereby connecting the shopping experience across all channels. 91% of customers want to pick up where they left off when they switch between online sales and in-store, Sephora is a great example of this experience by combining their online and offline data. A customer can look for items on the Sephora app or website, and as soon as they enter the store they will receive a notification if that product they saved is in stock and what isle and other recommendations. Retailers are building on their capabilities and using it to respond to customer behaviors in real time.