The next normal: Retail’s omnichannel future is here

The rules of retail have been rewritten

In 2021, 90% of APAC consumers expect retailers to sell their products online.1

Size no longer matters. E-commerce has leveled the playing field for businesses, big and small.

As we look towards recovery, one thing’s for sure — we won’t be returning to the way things were.

Agility is a retailer’s new superpower

Are you able to offer a consistent and seamless experience to shoppers across every channel they meet you at?

To make sure people are choosing your brand at checkout, it comes down to the strength and agility of your omnichannel strategy.

Retail’s next normal is omnichannel

To get started, here are 3 ways you can build an ecosystem that maximizes engagement with your most valuable shoppers.

Define business goals, not channel goals

3 in 4 marketing leaders feel that they do not have visibility into competing priorities or resource bandwidth within their business.2

Define business goals, not channel goals

Each team will always have its own unique value.

But be wary of pursuing single-minded goals at the expense of overall business objectives.

Break down silos to keep everyone’s focus on the full customer experience.

Don’t overlook channel blind spots

Today’s interconnected world means every channel is your storefront.

But it also means that ignoring one channel could cause you to lose potential customers.

Don’t overlook channel blind spots

For example, every second of delay in mobile page lead time causes a 20% drop in conversions.3

Don’t turn your shoppers away at the door.

Making them wait for a page to load is like forcing them to line up outside your store, without knowing if it’s worth the wait.

Plan for long-term value

—Leonie Brown, Experience Management
Scientist, Qualtrics (Forbes)

A robust retail strategy accounts for the 20% of your current customers that are likely to drive 80% of your future revenue.4

By embracing the idea of customer lifetime value, you can sow the seeds of long-lasting relationships.

“Customer lifetime value helps decision-makers see their customers through the prism of a long-term relationship, rather than a single transaction.”

Plan for long-term value

While data can unlock new opportunities, privacy pays off in the long run.

Brands that use first-party data responsibly to personalize experiences while protecting privacy can boost revenue by up to 2.9X.5

Balance your business objectives with customer-friendly policies.

Get started on building for an omnichannel world

Rethinking your retail strategy can seem daunting if you think of it as a major, linear overhaul.

But transformation doesn’t have to disrupt business-as-usual.

Approach your omnichannel strategy as a virtuous cycle

Read more

Explore our step-by-step guide:

An omnichannel ecosystem is a value-generating cycle:

It unlocks quick wins in the short term, and builds towards sustained growth in the long term.

Marketing Lead, Retail

Story: Jess Duarte & Yiwen Ng
Design & Animation: PHQ (Agency)

CREDITS

BY DORIS CLAESEN

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