Let us look at four headlines that made news recently
- India’s home grown retail giant #Future Group buys #FabFurnish.com for 20 Cr in 2016.
- #Future Group buys a stake in #com, a fashion e-tailer.
- #Amazon bought #AdityaBirla’s retail chain #more.
- The world’s largest retailer #Walmart bought #com around the same time.
Different people will draw different interpretations from the above headlines. However, the core message in these headlines is – omni-channel retail is in for a long, smooth haul.
Gone are the days when brands could afford to funnel their wares through one distribution channel and laugh their way to the bank. With internet, established brands have started facing the heat from digital distribution and are now keen to climb the bandwagon to grab a piece of the action playing in the virtual world.
What is the Omni-channel way for a brand? Let’s find out.
- Engage anywhere: Being omni-present allows engagement with customers virtually everywhere. From his car, a customer can place his order on #Amazon and get it delivered by the nearest #more outlet, or vice versa.
- Improve experience: Omni-channel implies convenience and dramatically improves experience and shifts brand loyalty.
- Brand new experience, every time: With failing attention span and falling loyalty, customers are always looking for better experiences. Omni-channel offers a seamless experience across all customer touch points.
- Better inventory management: Brands like #VanHeusen have digital store where customer can ‘try’ their clothes virtually without physically wearing one.
- Target multiple demographics: Lingerie retailer #Zivame has a strong presence in both the worlds. As an e-tailer it caters to the younger lot, while at its physical store it caters to customers who still believe in touch & feel.
- Live demo: Physical stores allow live demos (#Pepperfrystore) while e-stores offer real-time auctions and sales. Both can feed into one another.
At Khurana Brand Communication, we are convinced that going forward, omnichannel is the way to go for retail brands.