Seventy-four percent of customers now shop across more than one channel during every purchase. This creates new demand-planning and experience challenges for even the most celebrated brands.
If inventory isn’t available wherever your customer happens to be, sales are at risk—even if you nail every other aspect of the experience. How can you make sure stock is available everywhere at once?
Omnichannel retail is all about customer centricity. It provides a new framework for creating a business strategy built to meet customers’ needs and wants, in hopes of building strong relationships that result in a high average lifetime value.
Brick-and-mortar retail was supposed to be dead. But while many legacy retailers have had a rough go of it, modern retailers, including boutiques, aren’t just surviving. They’re finding ways to thrive. Research shows that for every company shuttering its stores, more than five other brands are opening new stores to fill that space.
Today’s retailers can’t survive without at least some elements of omnichannel retail at work in their stores. This is especially true for businesses operating multiple store locations.
Want to increase customer satisfaction? Make sure you have a great return policy in place. Though some businesses think of returns and exchanges as a necessary evil of the retail world, there’s plenty of evidence that a customer-friendly return policy can improve customer satisfaction and even improve your bottom line.
You can’t help but love seeing a familiar face walk into your store. As you build your business, your most important customers are the ones who become your biggest fans and keep coming back.
The 80/20 rule is alive and well for retailers: Successful brands can expect to see roughly 80 percent of their sales from just 20 percent of their customer base. Just don’t trick yourself into thinking that low prices are key to building customer loyalty.
You want your customers to love your brand, regardless of how they shop. In-store? Online? Who cares, as long as they keep coming back!
In reality, it’s not a question of whether to prioritize in-store or online shopping; it’s all about creating a magnetic shopping experience. Most shoppers are using both channels on a regular basis, as well as mobile and social media. You need to be sure that wherever they go, they’ll have the best possible shopping experience.
Millennials aren’t kids anymore. The majority have entered the workforce, built careers, and pursued milestones such as marriage, home ownership, and starting a family. As a result, today’s millennials are a major force in retail, accounting for 30 percent of all retail sales in the United States.
For shoppers, the holiday season is best described as joyful chaos. We all love a good family gathering and an excuse to overindulge in food and fun, but these festivities also tend to bring a flurry of shopping and rushed decision-making.
Your customers are feeling the pressure to buy the right gifts and deliver a flawless holiday celebration. To do it, they need your help.