Implement a Successful Omnichannel Strategy

Although many retailers are aware that their marketing strategies require multiple platforms that work together to provide consumers with both online and offline experiences, few have implemented consistent solutions. Despite “omnichannel” being a buzzword for several years, many still don’t understand what omnichannel means for their businesses. To be successful in retail amidst the many changes in the industry, a comprehensive omnichannel strategy is a must.

Many omnichannel strategies are works in progress.

In a recent report surveying hundreds of retailers, 90 percent of them were shown to either have or were preparing to invest in an omnichannel strategy, yet only 8 percent believed they have mastered the concept. Although that statistic may be discouraging, the fact that so many retailers are acknowledging omnichannel as the future of retail is a crucial step. Intentions are good, but not enough resources are being allocated to this essential method of doing business. The technology is there, and retailers simply need to be moving forward with their efforts.

Retailers must upgrade their existing strategies.

The difficulty with an omnichannel strategy is that your target audience expects an immediate response, regardless of the platform used. Consumers should also be able to transition smoothly between mediums, with the ability to browse through social media on a mobile device or tablet, and then purchase via voice commands by taking advantage of AI. It sometimes may seem complicated, but it is certainly not impossible. To enhance engagement, video is proving to be incredibly effective. Visual images are processed faster than text, and they are key to the development of an omnichannel strategy. Video is not limited to marketing either, as this medium is proving beneficial to technical support and customer service departments.

Omnichannel has already proven its worth.

Although many retailers are struggling to grasp a strong omnichannel strategy, there are other retailers that owe their continued success to this method. For example, Home Depot is employing an omnichannel experience to keep their brick-and-mortar stores relevant. Almost half of purchases are picked up in store, which has lead to a self-service option for click-and-collect customers. Home Depot is also expanding its fulfillment centers and establishing stores with no inventory. This offers consumers more delivery and return options, and is allowing Home Depot to stay competitive across multiple channels.

Max is also finding success with their omnichannel strategy. Limited inventory is available in stores, but kiosks allow consumers to browse what is available in store as well as in other stores. Delivery to the customer’s doorstep is free, with no minimum purchase required. This eliminates the issue of non-availability of desired items, and minimal stock on hand allows better turnover of new products in stores.

Omnichannel strategy offers the experience that consumers crave. If retailers want to build loyalty for their brands, then they need to think in terms of personalization. An effective omnichannel strategy is data driven, optimizing costs to determine where to best meet customer demand.

Asset Strategies Group (ASG) understands the complexity of the dynamic between traditional retail and its modern expansion into multiple channels, and we are at the forefront of the effort to build an effective omnichannel model. As leaders in the field, we bring a depth of experience and a long-standing passion for true partnership to the table. We have established a reputation for fairness and equity in the traditional retail world, and have broadened that dedication into the new world of omnichannel retail. ASG understands the retail real estate market (past, present, and future) and are committed to being a leader now and as the retail world continues to change. We are positioned to be an exceptional partner for businesses wanting to thrive, not merely survive. Give us a call. Let's talk.