The importance of omnichannel for the retail industry
With Gartner research concluding that 92% of businesses plan to invest in AI-powered tech in 2024, the race is on to not be left behind when it comes to technology adoption.
As a retail business, connecting effectively with your customers is crucial for building loyalty and preventing your customers going elsewhere - perhaps even to a competitor who are leaps and bounds ahead since addressing their technology challenges!
But how can you ensure the way you are interacting with your customers is not just satisfactory, but exceeds expectations and far outperforms experiences with your competitors?
Well, it's less about what you do, and more about how you do it. Most businesses are operating at least across a multichannel environment, but it's those who choose to adopt an omnichannel approach that are really going to stand out from the crowd.
Why? Because instead of having multiple, disconnected channels, your business is able to harness the use of multiple devices and touch points to provide an integrated experience. Simply put, meet your customers where they are and where they want to be.
Before Omnichannel:
Imagine a customer is browsing online, they either have an issue with their recent purchase or may be lacking the relevant information required to complete a desired purchase. They send an email to customer service and do not receive a response so proceed to call customer service . Due to stretched resources and a lack of the right technologies, the customer is left to wait on hold until there is an agent available. When they finally get through, they are then asked to repeat their problem to an agent who doesn't have access to any historical customer data or their recent online activity.
Frustrating right? 62% of customers say they would stop buying from a brand following a bad customer service experience and 89% of customers say they would stop buying from a brand following a bad returns experience. So it's important to get it right first time.
After Implementing Omnichannel:
If your business is equipped with the right tools to deliver streamlined omnichannel experiences, this scenario changes dramatically. The customer can seamlessly switch from browsing online to contacting customer service via live chat, where the agent has access to their historical shopping habits and recent online activity. The issue is resolved swiftly and the customer completes their purchase — preventing negative sentiment and enhancing the overall experience for the customer. Not only that, they're also likely to be a loyal shopper who will recommend your business to their friends.
Benefits for Your Retail Business:
Exceed Customer Expectations: Seamlessly integrated channels provide a smoother shopping experience, reducing frustration and boosting satisfaction.
Improved Operational Efficiency & Productivity: 98% of US consumers say they use multiple devices in a day and expect the same level of service regardless of channel. So armed with a comprehensive understanding of each customer's journey, your team can provide more efficient and personalised assistance, even with the potential to increase revenue through upselling opportunities that are tailored to that customer.
Streamlined Task Management: Manual task allocation becomes a thing of the past with AI-powered automated software solutions, freeing up your team to focus on delivering exceptional service and prioritising higher value queries.
Increased Revenue and Loyalty: UK Online Businesses who embraced omnichannel during 2023 saw a 30% boost in customer retention and a 20% increase in sales.
Investing in AI-powered workflow automation can streamline tasks for your teams, eliminate repetitive tasks and enhance decision making, enabling your business to reach new heights through streamlined, omnichannel experiences.
Lokulus is proud to be at the forefront technological change for the retail industry. With Lokulus' AI-driven workflow automation software, you can provide personalised customer experiences that keep customers coming back year after year. For more information on how Lokulus can help propel your retail business to new heights, click here.
