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Now is the time for businesses to transition to Omnichannel eCommerce
Posted by iccs on Thursday 10th of November 2022
While most retail chains were struggling to keep afloat during the COVID-19 pandemic, several others were able to sustain their presence and growth. The winners were the businesses with the most advanced digital capabilities. The most successful merchants are now trying to figure out how to combine the advantages of both physical and e-stores.
Rising client expectations are complicating digital selling and putting existing infrastructures to the test. Legacy retail platforms, on the other hand, lack the ability to identify, reach, and communicate with customers across multiple channels. Retailers' ability to provide differentiated consumer experiences or achieve global expansion ambitions is hampered as a result of this. Retailers must be able to contact customers through multiple channels, using process improvement to meet consumer expectations while addressing back-end difficulties. Hence, having an omnichannel presence has emerged to be the dire need of the hour.
Time for an Omnichannel eCommerce
Earlier, shopping used to be done in a linear fashion. The buying process was one-dimensional, whether in a retail store or on a brand's webpage. However, this isn't the case anymore. The preferred shopping strategy is now an omnichannel experience. This trend has increased exponentially in the last year. Customers now value an omnichannel shopping experience because it can give a consistent and unified experience.
However, for a firm, this has become a need for survival. When a consumer made a purchase fifteen years ago, there were only two ways to engage. Nearly half of all consumers now use four or more gadgets.
Benefits of an Omnichannel eCommerce
Most brands today believe that an omnichannel strategy produces the best outcomes. While executing an omnichannel strategy isn't easy, it has a lot of advantages when done correctly. Consumers nowadays are used to being blasted with messages from a variety of companies, and as a response, they are becoming picky about which businesses they wish to connect with. Creating multichannel client engagements can serve as a distinction for your brand, providing the following advantages:
Customer Experience (CX) is improved
Omnichannel mainly focuses on the individual experience across devices and hence the customer experience (CX) is enhanced. Companies can increase sales and retention rates by emphasizing on and prioritizing the consumer rather than the platform.
Cohesive Brand Approach & Identity
Developing a consistent strategy across channels entails a distinct brand identity and voice. This image should be based on the needs and ideals of the target audience. Organizations will have a far more holistic brand strategy that translates to better loyalty.
Higher Revenue Generation
Despite making up a smaller fraction of the customer base, customer retention accounts for 40% of sales. Increased and varied interactions at each phase of the buyer's journey can help boost income. Various reports suggest that customers who interact with various touchpoints are 30% more valued. This focused messaging also fosters loyalty, increasing the likelihood that a customer will return to the brand.
Gain Insights on Omnichannel eCommerce Engagement
Being genuinely omnichannel should include not only the user's experience with your business, but also the data analytics. Brands have a better knowledge of the customer journey, when and where customers like to interact, and which initiatives have generated the most value by tracking interactions across channels. All of this information may be included into the strategy to create better targeted ads and maximize the media budget.
Brands may use omnichannel correlation to link online and offline measures and gain access into both individual-level insights and collective, historic consumer trends, which has a number of advantages.
Integration of BPO and Omnichannel eCommerce
Many sectors, including BPOs, have integrated or are incorporating omnichannel assistance or customer experience. The value proposition of BPO has shifted to match the requirements of the omnichannel customer, which used to be concentrated on labor efficiency and economies of scale.
BPOs use relationship with customers and enterprise resource planning (ERP) to manage a large amount of data on activities, earnings, procedures, and consumers. The capacity to handle various channels as a 'stand-alone' activity by eliminating the old concept of segregated communication and training employees to manage engagements seamlessly will be a crucial success element for BPO providers looking to improve their partners' customer experience. This is made feasible by engaging with a BPO that can provide customers with the real omnichannel experience that they expect.
The bottom line
In 2022, the race for a competitive advantage has already begun. The best digital and physical experiences that shops can provide will rule the future. A modern shopping reality is emerging for consumers: one that is simple, enjoyable, and multichannel.