Omnichannel Approach for Customer Retention and Increased Profits

StartUp City | Thursday, February 21, 2019

Omnichannel is necessarily the way to measure customer involvement across multiple channels or platforms. Mobile use is growing steadily. To buy goods and services, more devices are being used today. To engage customers seamlessly, numerous solutions such as eCommerce platforms, POS (Point of Sale) systems, marketing automation, and customer relationship management tools must be connected to make omnichannel sales and marketing initiatives a reality. It is therefore critical that retailers create a fully integrated ecosystem that combines all aspects of their data and related parts to the new omnichannel world.

In this process, integration plays a crucial role. The combination of different systems offers clear and unambiguous product information, expanded buyer insight, coordinated product information and marketing campaigns and economies of scale on the supply side, from purchasing to inventory management.

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A company has to keep the to-do list while building their program. The company has to follow the stakeholders in mind from company departments, supply chain management, government agencies, and customers. But to begin building the system company has to keep the product, marketing, sales, customer support, and customer success. What’s essential for the company is to understand the goals and objectives of omnichannel for the integration of systems and processes. Departments in the company need to be aligned with the goals and objectives of the system.

For instance, an enterprise needs to create automatic data mapping and transformation from the brand’s ecosystem standpoint. The company has to include the POS, ERP, Warehouse Management systems for data mapping. The integration will help the company in eliminating the need to re-key data over and over again, therefore decreasing manual work, which frees both IT and non-IT to focus on business development rather than on simple business maintenance.

An organization needs to decrease excessive manual intervention, and it makes sense to automate the integration process through a standardized integration platform as opposed to doing this with point-to-point integration. Disney, Virgin Atlantic, Bank of America, Oasis, REI, Starbucks, and Chipotle have tweaked their omnichannel approach according to their business model, which has helped them outperform their industry peers. Delivering a true omnichannel experience can help achieve better customer experiences through targeted promotions and remarketing strategies based on data-driven customer segmentation. Generate new customers by increasing exposure to the brand.

Collecting more robust data will allow a company to make better decisions on product development and marketing strategies, eventually improving operational efficiency through real-time communication.

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