Omnichannel isn't just a retail game anymore. Now, organizations of all kinds – and especially brand manufacturers – are realizing that omnichannel represents a sweeping change that must be made to ensure success.
In fact, as more manufacturers adopt omnichannel strategies, they realize that the benefits of this approach only increase with time:
- Companies supporting omnichannel experience over 90 percent greater year-over-year customer retention rates.
- Shoppers loyal to omnichannel businesses offer a 30 percent higher lifetime value than customers only connecting with the company via a single channel.
- Organizations with high omnichannel customer engagement experience more than 9 percent year-over-year increases in annual revenue.
With advantages like higher revenues and better customer interactions, brand manufacturers are more often seeking out omnichannel capabilities. When kicking off this approach, there are a few important best practices to take note of:
Metrics tracking: Have the right tools in place
"Companies supporting omnichannel experience over 90% greater customer retention rates."
First and foremost, manufacturers must understand that omnichannel isn't just a strategy based on a new company mission statement. It relies upon a range of internal resources, including knowledgeable staff members, metrics tracking and other software that helps tie channels together and create a unified experience for customers.
Metrics are a critical piece of the puzzle here. These can include data about customer interactions with the brand, past purchases and other historical details that render a full picture of the omnichannel experience the organization is able to provide.
In this way, a solution that helps trace these key metrics and offer up important insights is imperative for manufacturers seeking to establish or improve their omnichannel strategy. A service like Channel Reports can make all the difference, helping brand manufacturers more easily track crucial product metrics across every channel, including details related to price monitoring, competitors and seller ratings.
Start small and grow incrementally
With so much technology at our fingertips today, chances are good that many manufacturers are operating on multiple channels without even realizing it. Take, for example, an organization's warehouse and its website. These are two elements that almost every company already has in place that can form a beneficial foundation for an omnichannel strategy.
Omnichannel, like any new corporate approach, is most successful when it begins with baby steps and moves gradually from there. Better establishing omnichannel across existing channels is a good place to start. It's important to ensure that customers receive an enjoyable experience whether they're connecting with the business online or in-person, and that the company is able to gather, link and share data across these channels.
From here, manufacturers can begin growing their reach.
"[A]n easy way to upgrade your business's omnichannel situation is to expand your sales channels," Vend contributor Nikki Michaels wrote. "If you already have an ecommerce outlet going, look to some of the up-and-coming sales mediums to round out your omnichannel strategy. Make sure your web store is optimized for mobile (nothing irritates a customer faster than not being able to shop easily on his or her phone), and do some research into selling on social."
Make sure each channel is established and well-supported before moving on to another avenue. This will help spur success while ensuring that the organization doesn't expand beyond its available resources.
Kicking off an omnichannel strategy requires the right tools and well-paced expansion efforts. However, the payoffs to this type of approach are nearly endless. To find out more, contact the experts at PriceSpider today.