Omnichannel retailing usually combines online and physical commerce, which is commonly known as e-tailing. While this is an essential business process that aims to increase profitability, fostering higher customer loyalty rates has become harder than ever before. Recent studies now show that customer retention can increase business profits between 20%-65% yearly. The challenge, however, is that most buyers often switch brands after making a single purchase.
Additionally, it has become extremely challenging for businesses to compete in terms of quality or price as most consumers may inadvertently pay high prices on commodities without quality assurance. In fact, most customers tend to buy products or services for the simple convenience of higher quality buying experience. Given the challenge of improving consumer loyalty and attention, most businesses are now pursuing customer communication processes into a monolithic system as they struggle to make more sales.
The personalization and convenience of the buyer’s shopping experience can influence consumers purchasing power. Research further suggests that personalized interaction and follow up on purchases is important to improving customer loyalty. Like other strategies, the omnichannel approach is designed to appeal more to consumers by creating a personalized shopping experience where they can enjoy a sense of connection with your brands.