Omni-Channel Strategy
- 1. Omni-channel Strategy 101 Rico Beans - MBA, CSCP
- 2. Omni-channel is connected and engages consumers throughout the purchase funnel •Multi-Channel •Omni-Channel All channels available to customers but not integrated All channels available to customers and are connected
- 3. The path to purchase has become more complex as connected customers utilize a wide range of channels when shopping Awareness Learning about product via marketing vehicles Research Finding product details in store, online, and apps Purchase Completing the purchase whether in-store, online, or mobile Fulfillment Picking up the product in-store or having it delivered Loyalty Being an advocate for the brand by recommending to others
- 4. Leverage the P.R.I.C.E model to assess and build your omni-channel strategy •Experience•Information •Range•Price •Convenience
- 5. The opportunity to engage customers beyond brick & mortar is prominent in several product categories 0% 5% 10% 15% 20% 25% 30% 35% 40% Electronics & Appliances Entertainment & Leisure Apparel & Footwear Consumer Healthcare Beauty Personal Care Home & DIY Grocery Ecommerce Penetration by Category Penetration In consumer electronics and home appliance, ecommerce penetration is 34% due to an increase of customers purchasing online
- 6. Consider these 6 tips when building an Omni-channel strategy Be customer centric: Personalize to individual customers were possible. Emphasize product data by providing content and customer reviews. Harness the power of data & analytics: understand not just customer transactions but customer interactions such as visits to store, social media and search Learn to sell niche products: Leverage online to sell niche products that are not economical for store sales. Integrate Channels: Carry info provided by customers on one channel to other channels such as abandoned carts Establish switching costs: Establish privileges and perks for loyal customers. Differentiation should be based on user experience vs. price advantage Develop the right partnerships: Identify the retailer that will share data and provide resources to reach your customers 1 2 5 3 4 6