Although still trending, omnichannel as we know it is becoming obsolete, what’s next?
After the pandemic, omnichannel went from being a trend to a business necessity. Also, the developments planned for the next ten years took months to be implemented, causing speculation and uncertainty for decision makers. What’s next for omnichannel? It is believed that new technologies will be brought to the various distribution channels such as the metaverse, drones and robots, all focused on improving the end consumer’s shopping experience.
In the following article, we will establish what omnichannel is, its benefits and finally the technological trends that we believe are of vital importance to be one step ahead when considering implementing an omnichannel strategy.
What is omnichannel and what are its benefits?
Omni-channel is a strategy used to reach more consumers through different channels, all connected through technologies and systems. Having an omnichannel model not only increases the profitability of the business, but it also provides
The following benefits:
- Improve the customer lifecycle (CLV) as an estimated 53% of European retailers implement omnichannel strategies for this purpose.
- Reach different consumer segments by increasing the spectrum of potential customers in both physical and digital channels.
- Increased operational efficiency and reduced costs due to the unification of information and data at the different points of the value chain.
- Increased sales as omni-channel consumers are 10% more likely to shop online than single-channel shoppers
- Improved inventory turnover, due to real-time traceability of sales, which results in improved demand forecasting.
What are the current technology trends in relation to omnichannel?
Since before the pandemic, new technologies began to be developed to facilitate end-consumer access to products. These innovations have become standardized and have been increasing exponentially since 2020:
- Internet of things (IoT): According to academics, we are currently in the “omnichannel evolution of the internet of things”, which is defined by the facilitation of data retrieval from potential customers because they purchased smart products (cars, appliances, technological equipment). With this information, it is possible to have a preview of the consumer’s behavior in order to design a personalized shopping experience.
- Artificial intelligence(IA) The implementation of chatbots and personalized automated communication has brought about a revolution in the way people shop. The omnichannel consumer expects to have similar experiences across channels, and advanced artificial intelligence can help. An Accenture study concluded that 13% of companies currently have that same experience across all their channels. With AI and Machine Learning, you can close this trend and be at the forefront of consumer experience trends.
- Augmented reality Virtual reality points of sale and product testing are becoming trends for businesses. Consumers no longer have to leave their homes to try on glasses or shoes, which facilitates their purchase and therefore improves their experience.
Success story with the use of the metaverse in omni-channel: Benetton
The use of the metaverse in omnichannel is already a reality, in which different companies have begun to dabble and test their creativity with a type of technology that had not been used before. Benetton, the Italian fashion company, is adapting not only their physical stores to a digital model, but they are also developing a digital world where you can get games.
The user can access a game where they can accumulate points and then present them as QR in the store as coupons. This is one of the examples being implemented in the short time the technology has been in development.
In conclusion, it is important not only to keep up with current omni-channel trends, but to look to stay one step ahead and use our creativity to use new technologies to optimize our business and improve our customers’ experience.
If you would like to learn more or are looking to include these technologies in your strategy, please contact us and we can support you.