More and more consumers are becoming omnishoppers as a result of the current economic climate.
Customer experience is not a one-size-fits-all concept, and this is especially true when inflation is high. Deloitte reports that 42% of consumers now “dedicate a lot of time” to planning their grocery shopping trips, and many of them visit multiple stores to compare prices. With the advent of e-commerce, consumers can now easily compare prices from different retailers without having to travel to various stores.
The size of each shopper’s basket and overall spending amount, however, is crucial to profitability as inflation continues to affect retailers. Retailers must therefore develop a seamless cross-channel experience that persuades even the most price-conscious customer to become a high-value client.
The term “Omnishopper” refers to these cross-channel consumers who frequently use both online and in-store shopping methods. According to Nielsen, they make up 57% of the population and scour various touchpoints for the best deals.
Although it requires skill, attracting and keeping these omnishoppers is extremely valuable. You must comprehend this group’s characteristics and purchasing habits before you can win them over.
What Is an Omnishopper
These are extremely interested customers who might engage with the brand on social media or through mobile apps. In terms of demographics, Nielsen discovered that the most typical age range for omnishoppers is 45-64 and that 60% of these consumers earn more than $50,000 annually. Furthermore, omnishoppers will spend more than $600 billion on retail purchases by 2025, predicts Nielsen.
This group’s power is expanding, and it’s a strong demographic for sales volume. In fact, omnishoppers spend 4% more on average when they visit an e-commerce site and 10% more each time they visit a physical store than their single-channel competitors. Retailers looking to increase profits in the face of inflation ought to focus their efforts on this valuable group.
Getting to Know the Omnishopper
Omnishoppers are methodical, enthusiastic, and devoted customers. They are not impulsed buyers, to start with. This group carefully prepares a list and researches prices and product specifics before shopping. Despite this focus on comparisons, omnishoppers who did their online research on a retailer’s or a rival’s website will ultimately spend 13% more in-store.
Omnishoppers also show loyalty to their preferred brands and merchants. It has been demonstrated that their level of engagement cultivates solid relationships, which encourage helpful referrals and effective word-of-mouth marketing.
Getting The Omnishopper Involved
Due to these factors, it’s crucial to spend money on omnichannel experiences that are seamless and encourage customer loyalty despite inflation. Analyzing customer data is the first step in deciding which experiences to upgrade. After that, you can modify customer preferences into the online and in-store touchpoints.
Invest in fresh engagement strategies for various channels once you have a solid understanding of your customers. Adopt, for instance, omnichannel loyalty programs that offer online and/or in-store discounts and rewards. The single-channel shopper can also be targeted with this strategy. You can provide a discount for their preferred items that is only valid for online purchases if a customer only makes in-person purchases. This online-only promotion may be sufficient to persuade bargain hunters to use a new channel.
Incorporating subscription models and curbside pickup is also a wise move. Customers can build an online basket in either scenario and pick it up in person to avoid delivery fees. Both alternatives result in bigger baskets and might entice flexible new customers to the store.
The Value of A Seamless Customer Experience
Retailers must maintain contact with their devoted customers during periods of inflation. As stated by virtual assistant services for hire, Retailers with a strong omnichannel presence will succeed the most as people divide their time between online and offline activities. Understanding your customers, where they shop, and what kinds of experiences will excite them will be crucial in 2023.
