Retail Media Outlook: Keys to Success in 2022
The digital landscape is changing before our eyes. Shopper habits have evolved post-pandemic, creating unique opportunities and challenges for retailers and brands. However, new solutions and tools are becoming more readily available to help retailers succeed in the retail media world, especially when competing with popular e-commerce giants like Amazon or Walmart.
Now more than ever, the ability to connect with customers in-store and in-app is an extremely important factor to creating positive, long lasting digital relationships. In fact, according to a recent Salesforce report, 67% of consumers use several channels in a single transaction—from the beginning stages of their shopping journey to the end of their purchase.
In order to achieve success, retailers and brands must continue to provide a seamless, connected experience that effortlessly combines in-store and in-app shopping—and omnichannel commerce is the solution that can make it happen.
The Move Towards Omnichannel
Omnichannel commerce is an engagement strategy that ensures a smooth shopping experience no matter where a customer is shopping from: a desktop, mobile device, or even an in-person brick-and-mortar store. By providing multiple touchpoints throughout the shopping journey, retailers can expand their reach and access their customers through several channels. No matter where customers are, they can rest assured that the omnichannel retailer can provide support—both physically and digitally.
According to an Aberdeen study, companies with strong omnichannel customer experience management systems achieved a 91% higher retention rate on a yearly basis. They also averaged a 3.4% increase in customer lifetime value, which is a testament to how the omnichannel approach builds long-lasting loyalty. The data suggests that brands and retailers with well-prepared omnichannel strategies will not only see greater retention, but also foster longer, more meaningful digital relationships with their customers.
Omnichannel commerce also offers customers a more personalized shopping experience. By allowing shoppers to seamlessly switch from one channel to another, retailers can collect a wider range of data and create a more unique, individualized journey for the shopper. However, omnichannel marketing often requires more technical solutions and larger teams in order to be effective. For companies that don’t have access to resources, this can be a challenge, especially if they don’t have ways to access their customers’ shopping behavior.
Keys to Retailer Success
As retailers think about developing their omnichannel strategy, it’s important to determine which factors will contribute to their long-term success in building digital relationships and boosting overall revenue. The following are a few strategies to consider:
- Assess the customer journey and identify any gaps in between touchpoints. User data should flow smoothly from one channel to another in order to avoid potential bottlenecks.
- Integrate multiple channels while ensuring that branding remains consistent. Shoppers should be able to seamlessly navigate across branded, user-friendly channels.
- Connect in-store shopping with in-app browsing. Doing so will help create a more cohesive, enjoyable, and personalized shopping journey.
- Capture and leverage customer data to continually update their omnichannel strategy. Cater to individual shoppers by identifying their purchase patterns and creating a data-based omnichannel experience. It might look different for everyone.
- Personalize engagement. Epsilon Research revealed that 80% of consumers are more likely to purchase when retailers provide experiences that feel relevant to their needs and purchase trends. Send personalized push notifications, show tailored videos, offer customized promotions, and more.
- Build customer loyalty by responding to their shopping preferences. When retailers enhance the shopping experience, customers are more likely to return time and time again.
- Find reliable technology partners who provide the tools and guidance for meaningful opportunities. An effective, out-of-the-box retail media platform can take growth to the next level.
Keys to Brand Success
Brands can take advantage of omnichannel commerce to build awareness around their campaigns and engage with shoppers throughout the shopping journey, from the pre-purchase to the purchase to the post-purchase stage. In order to optimize their strategy for an omnichannel environment, brands should:
- Invest in retailer networks to help amplify their brand presence. Partnering with retailers can provide valuable access to a target customer base.
- Create a memorable brand experience by crafting a narrative. Stories stir emotion, and emotion leads to action.
- Increase visibility across a greater variety of advertising and promotional channels, as well as other connected devices. The more channels, the more opportunity for shoppers to hear from their favorite brands. It’s crucial for brands to draw attention to their products and promotions before their competitors in order to maximize customer engagement and foster loyalty.
- Leverage access to first party data to build brand loyalty. Unlike third party data, first party data is able to gain more accurate insight into a customer’s in-store and online shopping patterns—while protecting their privacy.
Data doesn’t lie: the future of the shopping will be omnichannel. By incorporating an effective in-app, desktop, and in-store presence into the shopping journey, retailers and brands can give shoppers a personalized shopping experience that bolsters loyalty—and drives sales.
Swiftly offers digital solutions to help your retailer company thrive in today’s increasingly digital world. With a retail platform, a mobile platform, and deeper insights into retail media analytics, we can help you get started without the need to burn through more resources.
Ready to implement an effective omnichannel strategy? Get in touch.