As Technology advances in today`s fast-paced world, so do newer ideas emerge for conducting Business.
There is little doubt in the fact that technology has facilitated businesses to a great extent. Consider Marketing, for example. 5 decades ago, it comprised advertisements that used to occupy Television screens and Radio alone.
Today, this has been substituted by social media, the frequently used platform for marketing nowadays. Not only has technology reduced human efforts, but also it has greatly minimized the chances of errors, delays, and inconvenience. One such breakthrough in the Business World is the Omnichannel approach to Business.
The Word Omni, Literally, Means All.
The Omnichannel Approach to Business, hence, refers to the integration of all platforms and channels to facilitate the consumer. AliExpress, Disney, McDonalds, among many others, are examples, globally, of few companies that have adopted this approach to Business.
The pioneers in adopting this strategy will receive numerous benefits. Omnichannel approach to Business has several advantages that surely can lead to competitive edge for your business.
First, it helps your Business to better specify your Target Market. For example, if a certain group of customers loves and frequently goes to trips different countries, marketing of other tourist spots outside country can be done to that group of customers. The probability of that group returning to you a customer is higher.
The Omnichannel Approach helps Build Brand Loyalty
Acquisition of customer data is another benefit of this approach. Since every channel is managed by the business, records of all transactions are accessible.
Hence, that Data can be used for the benefit of the business. When the demographics of your customers is available, Marketing to them is easier.
If Careem and Uber employ this approach to business, it can yield them maximum benefits because there is a greater likelihood of similar customers travelling to similar commercial spots for their Job, Business requirements.
Furthermore, Omnichannel Approach to business comprises both Physical and Online presence for your Customers.
Undoubtedly, both these experiences have their own merits and demerits. By integrating both, your customers are likely to be more satisfied than otherwise. In Business terminology, Customer Satisfaction is the most prized objective of any business.
Consider that you own Super Mart that involves Physical shopping and, at the same time, entertains orders online.
Your customers can place orders of their choice, in advance, and purchase it at their Satisfaction and your ease from your Store. What this means is that your customers needn’t go anywhere else!
As time elapses, so are the strategies for conducting businesses and transactions being changed to adapt to consumer needs. Being aware of these strategies is imperative in today`s world.
In the Local Markets of US, if any business adopts this strategy, it is likely to succeed far more than its competitors. Of course, there are demerits of everything and obstacles as well.
However, in my opinion, through apt Business tactics, one can mitigate the risks that involve the implementation of such strategy.
Nevertheless, I foresee great rewards for those who in a proper way, at the right time, choose the Omnichannel approach to business. That time is now. As the English Proverb goes,
“Make Hay while the Sun Shines.”