Connected Retail #1 – Transform Store Shoppers into App Customers with Connected Experiences
By Ankita Kaushik, Content Marketer at MoEngage
NOTE: This is a three-part series article that covers the importance of connected retail, how some top brands are utilizing it, and how the pandemic is transforming it.
Consumer buying trends across the globe have changed drastically over the past five years. Online-based experiences are now an intrinsic part of the shopping process, as users become more and more channel-agnostic. With smartphones and tablets accounting for over 50% of online sales, consumers are discovering products online, even when they are not actively shopping.
This seismic change sped by the pandemic and lockdowns, is here to stay and it has impacted every single retail brand and the way it markets its products.
Gone are the days when offering the ultimate in-store shopping experience was enough to build a loyal customer base. Today, shoppers who are able to purchase products across multiple channels have a 30% higher lifetime loyalty value as compared to others—making omnichannel retail strategies more important than ever.
Advantages of a Connected Retail Shopping Environment
With omnichannel retail becoming such an important phenomenon, brands across the world are working to create a unified shopping experience for their customers. Here are some of the advantages of a connected shopping environment, for both brands and buyers:
- Increased customer engagement
When shoppers have the power to log in from one device and continue their purchase somewhere else, it gives them a sense of freedom and convenience. This ultimately increases brand engagement. Customers want brands to meet them around every corner, at every step of the way, creating a seamless shopping experience throughout. And this is proven to work. Statistics show that 62% of consumers who engage with their favourite brands on 10 or more channels make weekly purchases.
- Higher customer satisfaction
According to the State of Omnichannel report by Veeqo, customer satisfaction rates are 23x higher for omnichannel companies. The availability of live chat, home delivery, telephone support, click and collect services, and multi-device checkout have enhanced the retail experience, thereby increasing customer satisfaction.
- Better customer loyalty
Higher customer satisfaction leads to better customer loyalty, as shoppers keep coming back to their favourite brands for future purchases. Complete transparency, personalized offers, and efficient service are just some of the reasons why customers prefer to shop with their regular brands over and over. 31% of premium shoppers are willing to pay extra, if the brand caters to their taste, buying habits, and offers a personalized buying experience.
- Revenue growth
Not only does omnichannel retail give brands the opportunity to reach customers across multiple platforms, it also lets them cross-sell and up-sell products to their target audience. This results in an increase in the average order value, thereby growing overall revenue.
Several brands across the world have successfully implemented omnichannel retail strategies to boost their brand presence during the pandemic. One of these is – Decathlon. Stay tuned for part 2 of this article series—customer conversions with connected retail.