Omnichannel Market Research
Omnichannel describes an Ecommerce and Retail value chain that integrates the different methods of shopping available to consumers (e.g., online, in-store, or phone).
Eighty percent of transactions for Omni-channel sellers occur in the offline world. Omni-channel selling is an integrated approach to commerce. It leaves shoppers with a unified experience across offline and online channels.
The term “Omni-channel marketing” suggests a momentous change. Companies now need to deliver a uniform experience, irrespective of channel or device. Omnichannel strategy best practices encourage business managers to walk in their customers’ shoes. They must test and optimize the experience by interacting via all available channels. They should understand what it’s like to place orders, ease of use, website usability, customer service effectiveness, and more.
People are using several devices for one transaction. For example, a buyer may place a pair of shoes in a store’s shopping cart from a mobile device on the way home from work. The customer may choose to complete the transaction from a laptop at home. Omnichannel strategies open up new opportunities so that those shoes will be in the shopping cart when the buyer logs in from their computer.
Omnichannel vs. multichannel: what’s the difference?
Companies using the multichannel strategy try to maximize the performance of each channel. They structure their organization into “swim lanes” focused on each channel. The channels each have their structure and revenue goals. The Omni-channel approach is the opposite. It puts the customer, not the corporate structure, at the center of its strategy. It acknowledges that customers sometimes use channels simultaneously. For example, a customer might check reviews on a mobile device while in-store. This action helps them decide whether to buy a product.
Rise of Digital
Companies in all industries are examining how they can adjust to the digital world. They want to produce more digital offerings. They want to build more digital capabilities. They want to become “digital first” organizations. Executives must keep in mind that the other channels are still relevant.
The number of consumers using digital-only has doubled since 2012. Today, that figure stands at close to half of all consumers. The Omni-channel experience has been gaining prominence with the rise of digital engagement. The banking sector has felt it: there is a new normal in financial interactions. The use of physical branches, while still necessary, is shrinking.
Companies are now seeing the benefits of new technologies. These technologies include 3D printing, virtual reality, and the Internet of Things. These new technologies support Omni-channel strategies. They are valuable as businesses study how to access and develop the consumer data they have. Companies are using more practical applications of virtual reality in B2B e-commerce. These applications offer an effective way to streamline and boost engagement on their products. They also help self-service strategies and decrease the cost of sale.
Big Data allows companies to prioritize what customers see based on the information collected to optimize revenue and Customer Satisfaction. Big Data allows companies to make the selling process more efficient and streamlined.
Retailers can improve sales using the new technologies that support the Omni-Channel. These technologies will help them develop more targeted, efficient, and measurable solutions. Digitally enabled consumers usually access several channels. They go online or in-store, with a computer, smartphone, or in person. They choose to view all a store’s channels as a single shopping experience from a single brand.
Why Should Companies Optimize using Omni-Channel Market Research?
Technology has disrupted the retail industry. Consumers are no longer loyal to a single type of shopping or a brand. They sometimes browse a marketplace before heading to a category-specific site. Alternatively, they buy on a mobile device while in a brick-and-mortar store. Aligning messaging and experience can strengthen customer satisfaction and branding advantages. By using Big Data and optimizing the Customer Experience, Omnichannel strategies can boost loyalty, satisfaction, and revenue.
Companies should be researching Omni-channel because studies because many consumers have expectations that their experience will be consistent across channels. Customers expect to be able to shop in-person, online, and on mobile with clear messaging. They also use product reviews before visiting a store, and they may even consult video reviews on YouTube. Optimizing the Omnichannel experience can bring benefits of Customer Loyalty, Engagement, boosts in market share, Share of Wallet, increased Word of Mouth (WOM) marketing advantages, and increased profitability.
SIS International Research is a leader in Omnichannel Market Research. We provide Customer Research and Strategy Research solutions to provide our clients with a Competitive advantage in fast-changing industries. Our key methods include Online Communities, Online Video Interviews, Focus Groups, Surveys, Customer Interviews, and Competitive Analysis.