What is Omnichannel Retailing? | Omnichannel for Retailing? | #retail #omnichannel #ecommerce

Marketers using three or more channels in a campaign earned 494% more orders than those using a single-channel campaign

Did you know that 39% of buyers globally prefer to buy from brands that provide a "unified" experience across all their channels and this trend is only going upwards?

To understand "Omnichannel" we shall first discuss the evolution of different business models in Retail & at the end of this video, you will be able to analyze how far are you from the "Omnichannel" business model.

Back in the day, Retail started with "Brick & Mortar" which was the only channel *, to reach out to the end consumers
From a single channel, retailers started moving on to selling products through multiple channels like Television, Internet, Store, etc. Since they were now using multiple channels, the business model was called “Multichannel”.
Let me explain this with an example: When you are using multi-channel, you may be selling through the mobile app., through your store, and also through the website but there is no provision for a customer who bought from the store & wants to exchange online or vice-versa. Your offers/ loyalty program & discounts for an online customer are different from that for an in-store customer. i.e. the products, prices, & policies are different across these multiple channels.

After multichannel, evolved the cross-channel business model where the consumers were able to shop through multiple channels but these channels were partially connected with each other. E. g.: You can shop from Store A and exchange in Store B, Your products get delivered tp home if they are not available at the store, etc. One of the scenarios could be, Customers can shop in-store and website at the same prices, but have to return from the primary channel of purchase.
Online buyers are not able to redeem loyalty points for in-store purchases. Thus in cross-channel, somewhere the channels are partially connected to each other but still operate in silos.

More than 80% of the retail brands to date operate in a multichannel or cross-channel business model & Omnichannel is a thing of the future for them.

So, What is Omnichannel retailing?

As per the etymology, When a retailer is present everywhere, across all channels and all of these channels are completely interconnected, you become an “Omnichannel brand”.
Eg.: Buy Online, Return in-store, Buy-online-pick Up-store, Browse In-store & Buy online (at the same time).
In the Omnichannel Loyalty Program, buyers are able to redeem loyalty points accumulated either for in-store or online shopping. No discrimination on channels, while giving a unified brand experience. Consistent price of the products across all channels, Same day quick delivery (in fact, grocery retailers are delivering not even on the same day but within a few minutes)

A Major difference between all the other channels and omnichannel is
Omnichannel is about customers, not channels.
Omnichannel brands build their presence where the customer is & not ask the customer to be present where they are!

A few brands that have successfully adopted the "Omnichannel" experience are:
Abercrombie & Fitch
Foot Locker Retail
J.C. Penney
Macy’s department store
Hema stores by Alibaba
and many more

To know more about Omnichannel, you can refer to other videos on the YRC channel
If you need support to take your brand "omnichannel", you can talk to our expert and we shall surely guide you.

TAT for this video is :
A tour of the “Hema” Store in Shanghai.
Here are the glimpses and I am sure you would be able to take a lot from the video as this is one of the first brands to have a self-checkout system & practically runs without any front office staff.

Thank You For Watching!

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__MUSIC USED__
Alec Koff @YouTubeMusicLibrary

__Timestamp__
0:00 - Introduction
0:41 - Brick & Mortar, Cross-channel, Multi-channel
2:05 - What is Omnichannel
3:15 - TAT
4:14 - End

[omkarghorpade]

This is the only video that could explain the concept so well! Kudos! You deserve more views.

[g.trisha]

When retailers provide various channels for shopping.. even they open new demographics of customers to reach out to that particular retailer. Omnichannel definitely opens newer avenues.