With the emergence of technologies and customer’s evolving demands, e-commerce businesses are transforming their approach into an omnichannel retail strategy. Today’s customers are not only keen on buying products by visiting any physical store or just taping the Buy Now option. Instead, they first compare the products to different channels in terms of product recommendations, consistency in pricing, or compare festival bonanza offers and check reviews on multiple channels instead. However, to fulfill customers’ demands, most of the popular brands are practicing an omnichannel strategy to deliver what customers are seeking for at the right time and right place. Moreover, an omnichannel strategy is not only helping retailers to get higher revenue growth, but they are also retaining maximum prospects and customer engagement. But most of the e-commerce businesses and retailers are still clueless about how omnichannel aids benefit. As per the proven e-commerce brand strategy 90%
To help you better understand the benefits of delivering an omnichannel experience, and current impact, here are some essential facts you should examine:
Pricing strategy is the biggest challenge for retailers when it comes to creating an omnichannel experience for your customers. But at the same time, it is essential that retailers must provide a unified price strategy in all the channels. Because the buyers have multiple touchpoints and they can connect with you anywhere through mobile, marketplaces, social media, online, or in a store. In case you fail to provide consistency in pricing, there is a probability that you might lose the deal and could lead to them moving towards your competitor rather than you. Regardless of where your customers choose to buy, they expect their experience to be the same.
As per the survey, businesses that have implemented consistent pricing across the channel have seen a massive increase in customer retention and revenue. With 64 percent of executives believe that Consistent pricing is an essential component for your omnichannel brand strategy.