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5 omnichannel strategies to help improve sales

online-seller5 omnichannel strategies to help improve sales
If you’re a small business you’ve probably come across the term ‘omnichannel’ whilst building your business strategy. Even if you haven’t, you’re likely already implementing it. Omnichannel is a marketing technique. It allows for seamless and effortless, high-quality customer experiences to occur between and within contact channels.

All that to say your retail experience integrates multiple methods of shopping for your customers. You could have a website, but you also own a shop, or run a stall. That’s the omnichannel strategy. If you utilise social media as a marketing tool, that’s another channel. Have you considered creating an app for your business? That’s a channel.

So, now you have a bit of an idea of what ‘omnichannel’ is, here’s a list of ways the strategy can improve your business.


 

Increase your availability

Your business’ availability is integral to your customers satisfaction. By using multiple channels, you increase the availability of your product and wider services. If you own a store, having a website or app means customers can shop 24/7, which scratches that instant gratification itch.

You can’t be switched on all the time but consider auto responses and AI chatbots that signpost solutions for your customers. It’s important to show there’s always customer support, even if it’s artificial.

Social media is a must. It’s another channel that you can utilise for sales but also a platform you can use for customer interaction. You can do livestreams, interact with posts about your products and help customers. Don’t be afraid to get creative.

Increased availability is a must for those who want to build a solid foundation for their business.


 

Optimise your digital touch points

Digital touch points refer to all interactions that happen between a consumer and your digital brand. Ads, content creation, webpages, reviews, anything about your business that happens in the digital space can lead to a sale.

It’s important to make sure you leave no stone unturned. Every webpage should lead somewhere, always link back to your store in social media posts, emails and chats should have a personalised auto reply.

Forrester found that digital touchpoints currently make up 49% of US retail sales. Every missed touchpoint is a potential lost customer.


 

Drive traffic and sales

Have you ever wanted to buy something in store, but you’ve checked its availability online first? Have apps ever offered you in store discounts? Utilising omnichannel strategies means you can help drive traffic though certain veins.

If you think about your business like a car, consumer traffic is the petrol. The more traffic you have, the better it is for business. Having multiple platforms consumers can interact with increases the amount of reach you have. Which boosts traffic and improves the likelihood of a sale.

Having the ability to influence traffic where you want means you have more control. Remember traffic creates leads, who then become your customers. When generating leads invesp found a friend’s recommendation increases consumer trust by up to 90%. So, make sure your business strives for great customer experience.


 

Happy customers equal greater profits

Customer retention is key to your business’ success. It’s also cheaper to retain customers than it is to invest in new ones. On average it can cost five times more.

Invesp also reports that businesses that invest in their omnichannel strategy can see customer retention rise to 89%. Whilst those with weaker or no omnichannel strategies only see 33% retention.

If your customers are happy with the way your business runs, they will come back. They’ll also help generate leads for you by providing word-of-mouth marketing. Bottom line, the happier your customers are, the better your profits will be.


 

Consumer Data

When you use an omnichannel strategy you have access to all your customers data. And you can use it to your advantage. You get to see how your customers find your business, which platforms they view your store on and you’ll also know where customers drop off in their journey.

Having this information helps identify sticking points or bottlenecks in your service. View consumer data as another form of customer feedback. The information is just more intricate and allows you to make improvements to your business’ foundation.

Customer data is one of the best tools in your kit and is a key piece in development. Wondering what other steps you can take to help your business’ growth? Check out our blog on future proofing.

Whilst these are just some examples, remember there’s no one way to implement an omnichannel strategy. It’s about testing what works well with your business and adapting your strategy to optimise your customers experience.
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Currencies Direct

Currencies Direct is one of Europe's leading non-bank providers of currency exchange and international payment services. Since we were formed in 1996, we've maintained our focus on providing innovative foreign exchange and international currency transfer services to corporations of all sizes, online sellers and private individuals. We have also expanded our services to provide dynamic and pioneering "business to business" solutions to help companies, tier 2/3 banks and other non-bank financial institutions to process their international payments. Our headquarters are in the City of London (United Kingdom) and we have operations in continental Europe, Africa, Asia, and the United States. Currencies Direct is jointly owned by private equity firms Palamon Capital Partners and Corsair Capital.

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