Over the years, we have seen the evolution of the retail industry – from brick and mortar to the emergence of e-commerce and most recently, the shift to omnichannel retailing. Omnichannel is a multichannel approach to marketing, selling and serving customers in a way that creates an integrated and cohesive customer experience no matter how or where a customer reaches out. This requires a coherent and absolute inventory integration. China has been successful in adopting omnichannel due to its rapid adoption of mobile, leading to increased consumer demands of retailers. Shopping in China is highly social and happens predominantly in Social Media. For example, WeChat conversations often include direct links to products and online stores, and customers can pay through the app as well.
Another city-state that benefits from its government support in Omnichannel retail is Singapore. Singapore is leading the pack in becoming the world’s best in two categories – Beauty & Personal Care and Grocery. Across different categories, Omnichannel retail is no longer a future aspiration but a baseline requirement. Tech-savvy customers demand it, and companies can either meet this expectation or watch those customers depart for more digitally-savvy competitors.
Your company can also join the ranks of these digitally-competent companies through adroit use of technology such as Mobile Optimization. This is a strategy to optimize a website specifically for mobile devices. According to Statista, the number of smartphone users is forecasted to reach 41.54 million by 2019. Gen Z are the future of the market and they are very mobile. The youngest generation of shoppers could be converting twice as often on mobile devices. Having said that, a study showed that 90% of the consumers are flitting back and forth between many devices – from desktops to mobiles and vice versa. Alienating multi-device shoppers could cost you an entire segment of the market too.
A quick way to figure out high volume channels for your business is by using Google Analytics, specifically the Acquisition reports, to see which platforms are driving people to your site. By analysing conversion paths, you can identify Marketing Attribution. This allows you to identify trends in the way people research and buy your products, help you to make more informed decisions about your marketing strategy that deserve more attention and what parts of your sales cycle need more refining. A successful omnichannel retail strategy doesn’t focus on a specific end destination – customers should be able to convert on any channels.
Is this the solution that your company is looking for? Contact Us to schedule a non-obligatory consultation.