In multichannel retailing, a company may use a customer experience strategy for achieving not only the ROI but also business success as a whole. Omnichannel retailing is a broader discipline that is centered around customer satisfaction and ensuring that customers can easily navigate between different touchpoints to make a single purchase.
Marketing leaders must take a holistic approach when understanding omnichannel retail trends for their organizations. They can establish and develop an omnichannel strategy to measure the effectiveness of their online retail experience over time.
Stats Of Omnichannel Retail Industry
Companies with strong omnichannel retailing retain over 89% of their customers than the companies with a weak omnichannel strategy. Similarly, with a strong omnichannel customer engagement companies will see a 9.5% rise in annual revenue, compared to 3.4% for companies with weak omnichannel strategies.
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The complexity and diversity of omnichannel retailing into 2020 is great. Retail companies should consider an omnichannel approach to solidify their place in the future retail marketplace. Keeping abreast of the latest omnichannel retail trends that are set to shape the industry in 2020 is of utmost importance. Here are key omnichannel retail trends to expect in 2020.
Omnichannel Retail Trends 2020
Semi-Automated Devices in Retail
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A great omnichannel experience means the way in which consumers become more accustomed to a brand across channels through product recommendations. With the use of AI-enabled automated and semi-automated solutions, particularly for retail businesses, the benefits of increased efficiency and cost-saving can be ensured at the same time.
This is the primary reason for the growth of omnichannel retailing that ensures the use of online shopping platforms for purchasing goods using mobiles and tablets. Empowered by semi-automated solutions, consumers are increasingly having the opportunity to know how they can engage with brands.
The trend of semi-automated Omni-device retailing allows users to swiftly switch between devices and to continue with their previous shopping experience. This is essentially important in the future since people get distracted easily and start looking out for new platforms for shopping. Also when users need to start over again and again, they tend to lose interest. This is the new omnichannel retail trend that ensures a positive customer experience.
Social Shopping in Retail
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In the year 2020 for eCommerce companies, social platforms such as Instagram, Facebook, and Pinterest have a pioneer place in the world of social shopping. Customers are now focused on making online purchases based on the virtual presentation of products that they come across on social media platforms. The trend is very popular in omnichannel retailing as this will give the retailers the opportunity to use these social platforms for their online store to advertise their products.
In an age where consumers search for immediate purchasing, the job of a retailer is not just to improve with the sale. But, they have to improve their return policies for purposes like a product exchange, etc. In doing so, consumers look for the most convenient ways for returning a product or package. This is the new omnichannel retail trend to follow in 2020 where retailers have to ensure quick and cost-effective methods to ensure convenient returns and purchase options. By investing efforts and money into social media apps, retailers can expect to see an uplift in their sales figures through social shopping.
Rise of Digital Innovation in Retail
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The omnichannel retail offers the consumers a personalized and interactive experience for shopping across channels. Leveraging technologies such as Artificial Intelligence, Augmented Reality/Virtual Reality, and IoT in mobile devices allows engaging with consumers across channels will be key for 2020 omnichannel retail trends. All these technologies are being used to help brands interact with the customer within the physical environment.
Such additions in the omnichannel e-commerce offer the customers personalized information regarding the customers’ needs and preferences. And, also allow the businesses to add and develop the best technology solutions for adding new features to their platforms. Such additions would work as to why customers searched your platform in the first place.
Digital innovation is the new omnichannel retail trend to follow in 2020 that would allow businesses to create new digital solutions for what the customers expect. This will also allow customers to purchase products through online platforms in the easiest and most convenient manner. The top retail giant believes that this shift in omnichannel retailing will make online shopping both innovative, simpler, and quicker than ever and this will continue to grow throughout the next couple of years.
The Wrap Up
A sensible approach to the omnichannel retail strategy is what’s needed for sustained customer experience and improved ROI. Companies that view customer experience as an important factor of corporate strategy appear to have applied it for drawing strong value from omnichannel retailing efforts.
Setting up an omnichannel solution may appear to be a complicated process, with so many factors to consider. However, a retail company of any size can implement an omnichannel retail strategy with ease. To find out how you can implement an omnichannel strategy with your eCommerce setup, read about the latest omnichannel retail trends, or take help from our experts who have experience in implementing the Omnichannel strategy.
To learn more about omnichannel strategies for successful customer acquisition, contact us today: Syncrasy Tech – PIM solution provider.