As many as 86% of marketing decision-makers agree that omnichannel has increased consumer expectations, according to a survey from SAP. Additionally, 86% agree that the benefits of investing in an omnichannel approach clearly outweigh the challenges.
In partnership with SAP, London-based research agency Loudhouse interviewed 839 decision-makers across the U.S., UK, Brazil, Germany, Netherlands and Greater China to gather data for the report.
The brands that have invested in omnichannel strategies are recognizing several benefits, including improving:
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Sales (74%);
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Acquisition and loyalty (64%);
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Competitive advantages (62%); and
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The overall customer experience (57%).
Although many organizations are recognizing the business-wide impact of omnichannel, 72% of respondents acknowledge that they struggle to transform omnichannel data into tangible business assets. To that end, only 16% said they are meeting all business and analysis needs to craft optimal customer experiences.
Over the next 12 months, retail businesses are focusing on:
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Innovation (42%);
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Optimization (30%);
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Promotion (21%); and
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Forecasting (8%).
The SAP report concludes with three recommendations for businesses looking to improve consumer intimacy:
1. Embrace data: The ability to synthesize insights and patterns, and apply data to the business and deliver tangible results is what differentiates market leaders from laggards.
2. Build out omnichannel campaigns: Now is the time for retail organizations to implement omnichannel campaigns, the report confirmed. By acting first and fast, retailers can increase their presence in the marketplace.
3. Focus less on channels and more on experiences: Businesses should focus primarily on the depth of their experiences, rather than the depth of their channel mix. While companies may want to maximize the number of channels they use for campaigns, this can complicate each customer relationship and jeopardize the quality of the consumer experience.
Click here to access the complete report.
