How can e-commerce brands boost conversions by seamlessly integrating online and offline marketing strategies?
As the world of e-commerce evolves daily, retailers must stay abreast of the latest trends and implement innovative strategies to ride the wave of this market. Online retail is estimated to reach 10.24% of total retail sales by 2024 in India (4.7% in 2019). So only about 10-11% of the retail market is online, showing that physical stores will still be crucial (depending on various complicated factors).
Instead of replacing the physical store with an online store, companies are looking to leverage both sales channels. Additionally, advancements in technology have led many retailers to offer customers online or offline (O2O) shopping experiences.
O2O is distinguished by an arrangement that combines the click-and-order convenience of online shopping with the brick-and-mortar functionality of offline business to deliver a value-added shopping experience for participants involved in the process.
How can e-commerce brands take advantage of O2O marketing strategies?
The O2O business model receives massive applause from buyers around the world. Big players like Alibaba, Amazon and Google have already invested significant sums in O2O services. Since it is specific to retail, online-to-offline commerce applies to omnichannel commerce and multichannel marketing. Rather than seeing e-commerce as competition that steals revenue from traditional brick-and-mortar stores, retailers are learning that it’s best to use both channels to complement each other.
- Reduced time to market for brands
Advertising tools allow businesses to reach customers and collect data quickly and accurately. From there, owners can analyze and stay ahead of the trend. O2O offers the utility of faster communication through the integration of an offline presence with an online infrastructure. Businesses can promote their deals and discounts quickly using the online component of O2O and increase the likelihood of attracting more customers.
- Profiling customer behavior
O2O helps to understand the various attributes and characteristics of customers, including purchasing power, behaviors, preferences and consumption habits. This helps in adapting online and offline marketing to reach consumers widely, which proves to be very beneficial as companies can offer flexible pricing.
- Opportunities for face-to-face interactions and enhanced feedback channels
O2O facilitates two-way communication, eliminating the gap and improving the interaction between businesses and customers. It helps clarify customer queries and share experiences. Businesses benefit from virtual proximity, which means they can instantly communicate with their customers or meet face-to-face if needed. Timely communications are essential, as they can influence the purchasing behavior of potential customers. Additionally, customers can provide feedback so that businesses can plan future sourcing and sales goals in advance, based on customer requests and thoughts. Customers may also feel thrilled with the availability of increased interaction opportunities.
Customers increasingly have the exact expectations they have of brick-and-mortar retail, and using both online and physical space builds trust between consumers and experts. Rather than focusing on product quality, it’s essential to make the customer journey as integrated and cohesive as possible. O2O showcases the power to harness the best of both worlds by interacting with and understanding customers online and offline. This can open up many amazing opportunities for retailers.
The opinions expressed above are those of the author.
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