Eight critical omnichannel stats to inform your CX strategies 

George Ward | Nov 13, 2016 22 views No Comments

 

Omnichannel fulfillment strategies, such as “Buy online, pick up in store” (BOPUS for short) or click-and-collect, can provide a win-win for both you and your customers. You will be able to take full advantage of cross-selling, promotions, and existing inventories – all while saving substantially on costs. For their part, your customers get what they want quicker than standard shipping and more conveniently than when they purchase off the shelf.

But delivering a seamless and rewarding omnichannel CX is challenging. Here are eight stats to inform your strategies:

1. Omnichannel CX is getting increasingly popular49% of Americans tried some form of omnichannel purchase method for the first time at some point in 2015. Similarly, nearly a 1/3 of shoppers opted for buying online and picking up in store during last year’s holiday period. Given this wasn’t even an option a few years ago, these are pretty big numbers.

2. Omnichannel CX increases revenueOmnichannel fulfillment makes purchasing additional items at checkout easier. Think about it: when customers buy item(s) via your click-and-collect or BOPUS program, that’s an appointment to go into your store. Who knows what else they may find that they want or need while they’re there? In fact,  69% of shoppers who used an omnichannel purchasing method during the 2015 holiday season bought additional items while picking up in-store according to the International Council of Shopping Centers (ICSC). 

3. Omnichannel CX reduces your costsA big tick in the plusses column for omnichannel is that it enables either you, your customers or both to save on shipping and packaging costs (not to mention the positive environmental impact of the resulting reduced waste levels). Wesley McDonald, CFO of Kohl’s, noted last year that the company’s BOPUS program — rolled out earlier in 2015 to all of its 1,164 stores saved the company $5 a box on average on shipping costs.

4. Omnichannel CX improves inventory managementBuy online, pick up in store capability means you can offer up to 100% of your store assortment on your website – driving sales in merchandise categories that were previously inaccessible to online shoppers. Best Buy CFO Sharon McCollam claimed that “making in-store items available online unlocked an additional $2 billion in inventory for potential sales”. 

5. Your customers love to shop across channelsIn their daily lives, consumers are now used to crossing channels easily and with great frequency so you need to engage with them on these terms. In fact, 26% of US online adults who have used BOPUS prefer it to standard shipping.

6. Omnichannel abandonment rates need to be managedWhen it comes to omnichannel, purchase abandonment represents a serious risk. People get sick, have an emergency, forget to pick up or change their minds altogether. One in five adults have also abandoned a BOPUS order because it wasn’t ready upon arrival. You need to get to the bottom of why your customers abandon their orders so that you can do something about it.

 7. Creating effective omnichannel CX can be costlyAside from putting all the necessary processes in place, adequately updating your inventory data system alone can be expensive. In fact, this can cost a midsize specialty retailer with a sales range of $2bn to $4bn anywhere between $10m and $20m. But – done right – the initial investment is likely to be more than worth it.

8. Omnichannel CX requires the right people in the right placeTo fully maximize the potential benefits of omnichannel CX, you need to ensure you hire the right staff and station them in the right locations. A recent study found that 87% of retailers believe that they are losing revenue due to a lack of accurate labor planning for omnichannel services. Engaging with your customers about their experiences across your various locations is the best way to ensure you get this right.

Delivering effective and enriching omnichannel CX isn’t easy. But it offers a fantastic opportunity to increase customer loyalty, close the loop between online sales and in-person conversions, enhance overall CX and generate greater revenues. To fully realize these benefits, you need to let your customers tell you what they think about your processes by implementing comprehensive VoC solutions – this allows you to identify, diagnose, size and act on key issues, which in turn drives significant and impactful changes over time.