In the early 2000s, consumers typically used two touch-points when buying an item, and only 7% regularly used more than four. Today, however, consumers are using an average of almost six touch-points, with nearly 50% regularly using more than four.
Omnichannel strategies are becoming increasingly crucial for businesses as they look to reach customers through multiple channels. Customers are more likely to interact with a company through various platforms, such as online, in-store, and mobile. Consequently, businesses must consider how best to reach their target audience using these multiple channels.
In fact, according to Aberdeen Group, companies with strong omnichannel customer engagement retain 89% of their customers. While those with weak omnichannel customer engagement only keep 33% of their customers.
Furthermore, Omnisend states that Omnichannel campaigns involving SMS messaging were 47.7% more likely to result in a conversion than those that did not.
Customers expect a hybrid experience that is personalized to their preferences and behaviour. They expect the same level of service no matter where or how they interact with the brand — on a website, social media, email, or physical location.
A company can build a hybrid experience by integrating data across all channels. Hybrid refers to the way digital technologies are combined with physical experiences. By bringing together customers' in-person and online experiences (with different touch points like call centres, websites, mobile apps, etc.), brands can create a better customer experience for those interacting with their company.
What is an omnichannel strategy?
Let's take a step back and look and what is an Omnichannel strategy.
An omnichannel strategy is a business plan involving multiple channels to reach customers, such as online, mobile, and traditional storefronts. This allows businesses to better serve their customers by staying connected and engaged with their products or services.
Omnichannel strategies can also help businesses reduce customer acquisition costs (CAC) and increase customer loyalty and satisfaction.
In other words, an omnichannel strategy is a comprehensive plan that allows companies to do business with customers through various channels, including online, mobile, and in-store.
Some of the benefits of an omnichannel strategy include increased customer loyalty and sales. Additionally, an omnichannel strategy allows companies to reduce their product costs and increase production.
The difference between omnichannel and multichannel
In a multichannel environment, customers can connect with your brand in various ways, but those channels are not always integrated and cohesive.
With an omnichannel approach, the customer or user can move between different channels - such as mobile app, desktop website, in-store, and on the phone - and have a seamless and cohesive experience.
The different channels that make up an omnichannel strategy
By using an omnichannel strategy, businesses can reach consumers wherever they are - whether on their desktop computer, tablet device, or smartphone.
This allows businesses to keep customers engaged and loyal by providing them with a variety of options for how to interact with the company.
The different channels that make up an omnichannel strategy include:
Online: businesses use websites and web applications to offer their products and services online.
Mobile: businesses use mobile applications and websites to provide products and services on smartphones and other mobile devices.
Social Media: businesses use social media platforms such as Facebook, Twitter, LinkedIn, and Whatsapp to interact with customers.
Physical: there is no denying the fact that physical stores are still a significant part of the retail industry. Despite the growth of eCommerce, brick-and-mortar stores continue to thrive because they offer customers a more personal shopping experience.
How can connected IoT products support your omnichannel strategy?
When businesses consider the omnichannel strategy, they face a dilemma: how to reach consumers across all channels, including digital, physical, and social media? Companies can achieve greater market reach and increased profitability by using connected devices to support an omnichannel strategy.
Connected IoT products can help support an omnichannel strategy by automating processes and providing insights that can be used to improve customer relationships.
For example, connected devices can track customer behaviour and activity across different channels, helping identify opportunities for cross-selling or upselling.
In addition, connected devices can provide real-time updates about product inventory levels or shipping delays, which can help prioritize customer orders.
Businesses can create a complete customer experience by integrating digital and physical products. Doing so will help companies reach their target market more effectively and generate profits.
What are some examples of connected products?
Connected products can include digital products, service offerings, and physical products.
Digital products: A connected product can be a digital product, such as an app, website, or e-commerce store. Digital products can support an omnichannel strategy because they can be sold through multiple channels, including online, retail stores, and mobile apps.
Service offerings: A connected service is a service that is delivered over the internet or a network. Customers can access connected services using different devices and platforms. Services that support an omnichannel strategy offer customers the ability to use the service from any location and device.
Physical products: A connected physical product is a physical product that has been designed to interact with digital products and services. For example, a wearable device is connected to the internet and can provide health data and the wearer's location.
Conclusion
Companies are creating a more integrated customer experience using connected products and omnichannel.
Using connected products and omnichannel has become increasingly important for companies. By connecting customers with their products and services across multiple channels, companies can provide a more holistic and complete experience. This allows customers to save time and money by accessing information and services from the one place they choose. It strengthens loyalty and enables companies to reach new customers through channels they might not have considered otherwise.
Nassia Skoulikariti
Founder/CEO Apiro Data Ltd
Get in touch and let’s build something great together!
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