Modern-age consumers have diverse shopping preferences today. With purchases being just a few clicks away, India is projected to become the​​ world’s second-largest online shopper base by 2030. However, a large number of retailers continue to make more than half of their sales offline. Hence, retailers cater to these buying patterns by merging the traditional online-offline bifurcation into what analysts call a ‘phygital world.’

This new era of phygital retail will be dominated by physical and digital ways to engage with consumers. A single retail channel strategy for sales, interaction or marketing will not suffice. So, how can retailers keep up with these changes? Omnichannel strategy is emerging as a robust solution to bring together a multichannel approach for retailers.

What is an omnichannel retail strategy?

An omnichannel retail strategy is a comprehensive approach that seamlessly integrates various sales channels, both online and offline, to provide customers with a unified and cohesive shopping experience.

It involves leveraging multiple touchpoints such as brick-and-mortar stores, e-commerce websites, mobile apps, social media platforms, and even telephone sales to engage customers at every stage of their purchasing journey.

Why are retailers turning to the omnichannel sales strategy?

An omnichannel strategy aims to create consistency across all channels, allowing customers to browse, purchase, and interact with the brand effortlessly while enabling retailers to gather valuable data and insights to enhance customer satisfaction and drive sales.

Here’s how an omnichannel retail strategy boosts growth:

• Enhanced customer satisfaction and loyalty: Seamlessly integrating multiple channels enhances customer convenience and encourages repeat purchases, fostering more customer loyalty and positive referrals.


• Data-driven insights and personalization:Comprehensive data analytics offer insights into customer behaviour, enabling personalized marketing efforts. This inevitably results in increased conversion rates and revenue.


• Inventory management and fulfilment optimization: Real-time inventory visibility across channels minimizes stockouts, prevents overstocking, and streamlines order fulfilment, ensuring timely product availability and reducing lost sales.

Implementing an omnichannel strategy for your retail business

There is a boom in retail as the Indian phygital market is projected to become a $1 trillion opportunity. Omnichannel shopping is expected to take center stage in this growth, with a projection to be valued at $55 billion by 2027. For a segment bustling with mammoth growth, this is the time when retailers need to adopt or relook their omnichannel retail strategies. Here’s how to implement it:

1. Gain a holistic view of your sales channels: Identify all available channels, including brick-and-mortar stores, e-commerce platforms, social media, email campaigns, telephone sales, and mobile apps.


2. Understand customer perspectives: Consider the purpose of each channel and the needs of different customer segments. Tailor your strategy to meet diverse customer preferences.


3. Determine audience engagement points: Identify where your audience spends time online and on which devices they shop. Concentrate marketing efforts accordingly to engage with customers on their terms.


4. Enable shoppable touchpoints: Integrate social platforms with shopping functionalities to facilitate impulse purchases and reach new audiences.


5. Ensure consistency across channels: Maintain uniform branding, messaging, and online and offline customer service experiences. Utilize trends like in-store mobile connectivity, digital signages, etc., to blend digital and physical interactions.


6. Prioritize data analytics: Collect and analyze customer data to gain insights into user behavior, preferences, and campaign efficacy. Invest in data science tools to transform data into actionable insights.



Take it up a notch with JioBusiness

 

Once the groundwork for implementing an omnichannel strategy is done, it is vital to put together the necessary resources. On the top of this list are quality digital solutions at the right price.

IoT and connectivity solutions by JioBusiness are simplifying retail omnichannel in the following ways:

• IoT solutions -Jio is one of the few digital partners in India offering IoT solutions over an exclusive core infrastructure dedicated to IoT. This means all the solutions run efficiently without interruptions from a publicly used network. Jiobusiness’s IoT solutions for an omnichannel strategy encompass all-round solutions ensuring:


1. Operational efficiency: Vehicle tracking for timely restocking, energy saving for cost optimization, etc.
2. In-store security: 24/7 CCTV surveillance, shop shutters and door alarms, etc.
3. Customer satisfaction: Proximity marketing, digital signages etc.


• Connectivity solutions - Connectivity is the basic need for any retail store to work across multiple channels for its omnichannel retail strategy. With JioBusiness’s diverse connectivity solutions, enterprises get various solutions that enhance their brand and store-level networks.

For example, dedicated Internet leased lines (ILL) and Multi-Protocol Label Switching (MPLS) ensure dedicated connection and cross-branch connectivity, respectively. At an in-store level, JioFiber connections and Mobile VPN come in handy to ensure secure digital experiences for consumers.

Additionally, many customers today need fast internet access to make online payments or VoIP calls. Hence, Jio’s high-speed broadband is crucial for a good customer experience. For growing retailers, Jio also offers the latest wireless technology. JioAirFiber is a wireless connectivity solution that can enable SOHO retailers with India’s latest wireless high-speed connectivity and home entertainment.

Today, customers need a seamless shopping experience across various channels. Retailers who want to boost their growth are adopting new technologies to ensure this seamless customer experience. While they put their best efforts into understanding their customers’ needs, a digital partner like JioBusiness takes care of easy digitalization for retailers.

Contact us to learn more about adopting an omnichannel experience today.