5 Key Omnichannel Retail Strategies New Start-ups Need to Consider
We are currently living in an age where online interconnectivity has provided new start-ups with unprecedented opportunities to reach their target markets. As such, omnichannel retail strategies are increasingly becoming the norm for most businesses.
While launching a start-up is still an enormously challenging pursuit, the ability to have a presence across multiple channels has made it easier for new retailers to connect with customers. In this article, we look at 5 omnichannel strategies that every new retail business should consider implementing.
New Start-ups need Retail Strategies that focus on E-commerce
While there will always be exceptions to the rule, having an online store is essential to new retail start-up success. Brick and mortar stores come with geographical limitations that can no longer be ignored in the digital age.
Retail start-ups can now sell their products to someone across the ocean almost as effortlessly as someone who enters their physical store. Why restrict your business to a set location when you can develop a global customer base with e-commerce?
Physical Stores still matter
If you came out of the previous paragraph with the idea that brick and mortar is a lost cause, you would be sorely mistaken. The word omni in omnichannel means “in all ways or places” and, as such, you shouldn’t be placing all your eggs in one basket.
The advantage that physical stores have over their online counterparts is face-to-face interaction. Having a physical location will always be an effective retail strategy for customer relationship building.
Social Networking as a Retail Strategy
One of the most popular omnichannel retail strategies is marketing through social media. Social networks like Facebook, Twitter and Instagram are incredibly effective tools to drive brand awareness.
In fact, 86% of retailers in the United States alone have a Facebook page and you don’t have to look very far to find research that supports social media’s positive effect on buying habits.
Email Marketing works wonders
Another powerful omnichannel retail strategy is email marketing. The great thing about this strategy is that customer engagement is already a given since consumers willingly provide their email address to receive your newsletter.
This means the consumers you are addressing with email marketing are usually already interested in your product or service. The fish is on the hook, you just need to reel it in.
Mobile Retail Strategies are a must
Finally, any new start-ups that neglect the importance of retail strategies for mobile will come to regret it very quickly. From interactive apps to mobile check-out capabilities, mobile strategies are vastly improving the customer experience for retailers, leading to increased sales.
Connecting with your market across various channels is the name of the game today. There are countless ways to improve your omnichannel strategy, especially as a new start-up, but both online and physical stores, as well as social media, email and mobile are the places to start building your foundation.