Has your business been uninteresting lately?
It is possible that your business becomes less attractive to customers. To bring the glory back to how it used to be, you can consider using a major solution.
Omnichannel for retail businesses is starting to become a trend everywhere. And a lot of research proves its positive impact.
Until now, there has been no business breakthrough with the potential for major transformation since the emergence of cash registers and price tags. Omnichannel is one of the breakthroughs that pioneers business solutions.
An omnichannel strategy combines multiple channels that businesses can use to engage consumers and connect with them more efficiently. For example, in addition to owning a physical store, businesses can use social media, online inventory systems, or e-commerce options on their websites to enhance their business and consumer experience.
Research by Deloitte shows that omnichannel customers spent 208 percent more to buy gifts than customers who shop in stores. It would certainly be fair to attribute this increased spending to a greater source of information and reviews about online shopping, all of which help increase consumer confidence in the products they consider buying.
Therefore, omnichannel is an important aspect of the retail world and other industries. Keep scrolling to check out the 6 signs that your business needs omnichannel and how omnichannel can help.
The most basic indication that your business needs an omnichannel is the inventory system. If your company maintains two separate and sometimes duplicate product inventories, one for direct store distribution and the other for e-commerce orders.
Holding multiple inventories can result in stockouts, delays, and increased costs due to the required transfer between two inventories, in addition to increasing overall inventory investment. If your unsold items become stranded in one channel while they may have been sold in another, this technique can usually increase price markdowns/price waivers.
Furthermore, if you move merchandise from one DC to another, you will incur additional handling and shipping costs, as well as an increased risk of product damage.
As the distinction between online and offline purchases becomes unclear, having different prices for the same item offered online and in stores will only add to the confusion.
For example, if you are holding a discount in e-commerce for product A, while the prices in the direct store remain normal.
Having a bad experience with a store that has a lot of pricing issues can lead to lost sales and dissatisfied consumers.
Payment flexibility and the ability to pay across channels are critical to omnichannel transparency and success. Retailers will provide a more unified customer experience if they provide multiple payment methods and maintain consistency for online and in-store payment methods.
If there is no flexible and consistent payment method, whether in-store or e-commerce, consumers will be confused and frustrated. That's why this is a sign your business is starting to need an omnichannel solution.
Another warning sign of omnichannel need is when you're not selling the same products online as in-store. It's annoying, especially in the fashion and retail industries when someone looks at an outfit online and then goes to the store to try it on only to find out that the item isn't available.
To avoid a wasted and troublesome customer journey, it is very important to ensure that the consumer no longer has the wrong assumption that the product he sees in e-commerce is available in the store.
Other than double or separate inventory, you need to consider one more thing regarding this inventory. Which is.. store inventory or on-site inventory.
This includes available stock in your physical store. Pay attention to the amount of stock in the store, the storage space for the stock, the cost required to put the product there, the placement of the product in the storage space, and how to get it out.
You also need to pay attention to proper knowledge of the stock you have, are you using a placement system or is it all done manually? How much theft, damage, or obsolescence is caused by various hoarding tactics in stores? How much does more inventory cost in your store in terms of employees, space, and inventory investment?
Everything about this store inventory has to do with how much you need omnichannel. If the answers to the questions and things to watch out for above are worrying, then there's even more reason to use omnichannel.
Can you explain why your business is this big if someone asks? Have you ever wondered if it is possible to reduce your store footprint and still drive higher “sales per square meter” numbers for your business? An omnichannel strategy allows you to reduce your store size and inventory investment, while still increasing your internal rate of return on invested capital. So, if your store size seems overwhelming or difficult to manage, it's time to reassess your needs.
If you see some of these 6 signs in the quick overview of your business, it might be time to get a team together to deploy an omnichannel solution.
All aspects and signs here vary from company to company, situation to situation, and there are exceptions in each case. Store location, product value, and shipping frequency/cost of transportation can all play a role in making the right decision for your business.
The key to the success of this process is, firstly, implementing a complete omnichannel logistics network strategy to help you measure, optimize and refine your strategy before it is implemented.
To make it easier, let's take a look at how omnichannel can help your business below.
So, what happens after you check for important signs that your business needs omnichannel? Check again what omnichannel can do for your business. Here are ways how omnichannel can help your business.
Omnichannel that integrates various communication channels into one dashboard can improve agent performance and maintain communication consistency. No more miscommunication due to poor communication management. With OneTak by TapTalk.io for example, the All-in-one inbox system will ensure all messages received across multiple channels are integrated in one dashboard.
Promotional materials can also be provided more easily through messenger applications such as WhatsApp with the Broadcast Message feature. No more sending messages manually, now you can send messages to multiple customers in less than 5 minutes.
Due to consistent and smooth communication, shipment management will be simpler and come from 1 channel. Especially if your omnichannel is supported by an AI (artificial intelligence) chatbot that can group chats and forward chats for the division in question.
Have you ever felt that a verified business would have more credibility? Just like an account with a blue tick on Instagram, a verified business on a communication channel will certainly be more trusted. With OneTalk, getting the green badge on WhatsApp is even easier. The result? Your business becomes more credible and trusted by consumers.
Omnichannel can reduce repetition by using chatbot FAQs. Not only answering questions that are often asked by customers, but this chatbot can also direct customers to the relevant division if the FAQ still doesn't answer their needs.
Reduce repetition and ineffective customer journeys with the Assign Topic Chatbot. Using a chatbot, customers will be directly directed to the division concerned so that problem solving becomes faster and more efficient.
After seeing all 6 signs that your business needs omnichannel, have you decided whether omnichannel is the right solution for your business?
Of course, you have to adjust your business and the benefits of omnichannel before making a decision. And for that, OneTalk is here to convince you. From customer journey solutions to customer service, OneTalk can help you in many aspects.
Contact our agents to find out more about how OneTalk is a multi-industry solution.
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