April 12, 2018
Omnichannel is the word of the moment, with everyone in ecommerce talking about the central role that it will play in the next phase of personalization.
Certainly much of that impact will be a result of competition between retailers, as they strive to outpace one another with increasingly advanced customer experiences. That alone is a reason to take omnichannel personalization seriously: it’s only a matter of time before customers expectations rise to reflect the higher level of sophistication that the leading businesses are able to offer.
However, there is yet another reason to invest in omnichannel that is garnering less attention in the industry: customers that interact with a brand across channels—whether it’s by using multiple devices as part of the journey to purchase, or shopping and purchasing both online and in-store—are measurably more valuable than their single-channel peers. EMarketer recently reported that US “omnichannel” customers—those buying both in-store and online—make up only 7% of all customers, according to data obtained in November 2017 from Criteo. Yet these cross-channel customers are responsible for 27% of all retail sales.
Multiple studies have shown that omnichannel customers bring in a disproportionately large share of the revenue—but only in the cases when retailers are able to recognize them and deliver a personalized experience.
The practice of cross-channel shopping is becoming more common among consumers, as well. The “average” shopper will increasingly resemble this extra-lucrative group of specialized users, as more and more people adjust to a multi-channel way of life. An article in the Multichannel Merchant highlights the sheer number of shoppers who rely on multiple devices versus single-device shoppers and what it means for marketers...more revenues and increase in average order value.
It therefore behooves businesses to gain a full understanding of omnichannel customer experience—right away. Mastering this skillset as soon as possible means staying ahead of the curve so that you can continue to provide stand-out experiences for everyone you serve. But failing to do so also means losing out on a particularly valuable group of consumers who could present incredible ROI if they become loyal to your brand.
Monetate has just released a new white paper that lays out the omnichannel imperative facing businesses today: Why Omnichannel Matters NOW. Download your copy today to see the data and get our breakdown of what it means for retailers and consumers.