2019 has seen global retailers compete in the race towards omnichannel perfection. While it may look like brands are scrambling to win over today’s consumers, there is solid data backing retail’s latest transformation. GlobeSt reports that consumers who make an online purchase are likely to spend money in that brand’s physical store within 15-to-30 days. When one sale is instigating another, who wouldn’t jump on board?
Bricks indeed drive clicks, but what about
vice-versa? Let’s dive in and see what experts have to say about how online
shoppers interact with physical stores.
Making
Sales On Multiple Platforms
The omnichannel strategy has some strong
leverage with today’s shoppers. When brands are seamlessly available on both
physical and online platforms, consumers are taking full advantage of that
accessibility. This has a beneficial impact on total sales, boosts brand
awareness, and enhances the overall customer experience.
ICSC research showcases the tangible results
of multichannel franchising: whether the shopping begins in-store or online, it
sparks a larger spending yield for retailers. An online purchase of $100 is
likely followed by an in-store purchase of $131, and a $100 in-store purchase
pushes for a $167 online transaction. The report showcases that an optimized
omnichannel system enables physical and digital outlets to act as extensions of
each other, with consumers spending continually at both - all within 15-days.
The
Omni-Channel Experience
We live in a world that dances between two
distinct areas - physical and digital. Tech plays a huge role in our daily
lives, so why should our shopping experience be any different? While we all
know that today’s consumers love the convenience, instant-gratification, and
ease of online retail; some things can’t be gained through a screen. This is
where experience comes in to totally change up the game.
When one-click shopping is available,
necessity has lost its place as brick and mortar’s security. Instead, there’s a
new perk that’s buckling down on the retailer’s physical presence - and it’s
consumer experience. Shopping in stores is now being viewed as a luxury
pastime, whereas online shopping is the need-based outlet.
Each has its own place in contemporary
shopping, and consumers are loving retail’s new dynamic approach. “Simply put,
consumers want a great experience whether it is online or in the store” notes ICSC’s President and CEO Tom McGee.
Physical
and Digital: A Match Made In Retail-Heaven
The idea that online and brick and mortar retail
are bitter enemies is quickly becoming outdated. The real pros know that
contemporary success is attained by those who unite these two fronts, and those
who resist are destined to fail. Both frontiers have their strengths and
weaknesses, but they support each other in a perfect union.
Brick and mortar stores provide their
customers with human interaction, giving them an experience that can’t be
achieved online. Taking the relationship a step further, brands can give
shoppers enhanced customization, convenience, and uniquely catered experiences
online. By buying online and opting for in-store pick-up, 67% of shoppers are likely to buy items in-store when
they come to get their purchase. This interconnectivity is driving
retail forward in 2019 and beyond.
Omnichannel is a two-way street, but it’s
clear that it’s boosting retailer’s success. For more CRE insights, visit our blog.
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