How Omnichannel Selling Can Directly Build Customer Loyalty
Improving the customer experience and increasing customer engagement is key to a sustainable and profitable retail business. The introduction of Buy Online, Pick Up In Store (BOPIS) and Buy Online, Return In Store (BORIS) services has helped retailers not only preserve, but also drive more customer traffic to stores during the COVID-19 pandemic, helping to create additional revenue streams. However, simply offering these services is not enough, as inconsistent execution undermines a retailer’s customer base and risks losing some customers entirely.
While retailers cannot guarantee that their customer experience will be the best possible all the time, they can take steps to provide a more consistent BOPIS and BORIS offering, which in turn helps support the all-important customer experience.
Why BOPIS and BORIS facilitate the customer experience
The key to a great customer experience is convenience, and that’s exactly what BOPIS and BORIS can deliver. Customers want a simple and straightforward shopping experience, free of unfulfilled or late orders due to inventory issues or difficulty locating products. As the world continues to recover from the COVID-19 pandemic, entering our new normal, stores are starting to see the benefits of taking advantage of these deals. BOPIS and BORIS continue to revolutionize retail as customer shopping habits become more omnichannel-centric than ever.
How Item-Level RFID Is Key to BOPIS and BORIS
Identifying why it is essential to implement BOPIS and BORIS is only the first step, as companies cannot hope to operate them effectively without the right tools. It’s critical to understand that you can’t run a successful omnichannel sales channel if you don’t have an accurate overview of your inventory. This is where RFID at the item level comes in.
RFID technology fully implemented at item level is vital for BOPIS and BORIS. It provides customers with a seamless experience and provides associates with the tools they need to quickly locate items to fulfill customer orders. By leveraging item-level RFID technology and its ability to deliver a significant increase in inventory accuracy (over 98%), retailers can launch an omnichannel offering through the successful implementation of BOPIS and BORIS.
Customer experience is the path to customer loyalty
There are many different variables in shopping that affect customer loyalty, ranging from the selection of products sold to the knowledge and engagement of store associates. Some of these variables are more directly impacted by store operational processes than others. A Harvard Business School study found that just a 5% increase in customer retention can lead to a 25% to 95% increase in corporate profits.
It is also estimated that it costs businesses five times more to win new customers than to retain existing customers. Being forced to continually acquire new customers to replace departing ones is an expensive and inefficient business process, and increasing engagement with your current customer base is the right path to profitability.
The most fundamental aspect of customer retention is providing a consistent high-level sales experience, and that starts with having the best technology in place to help you with your offers and operating a model. BOPIS and BORIS of high level.
BOPIS and BORIS go from “Nice to Have” to “Business Essential”
Previously, a BOPIS and BORIS offer was a “nice to have” – a benefit of being a more technologically advanced retailer. However, as this technology becomes part of everyday retail, those who have had their BOPIS and BORIS offerings in place for some time are beginning to stand out not only in the delivery of the service, but also in the quality of their execution. constant. Retailers who have been hesitant to address their inventory shortfalls are now at a tipping point where they must act urgently to avoid falling behind the competition and hemorrhaging customers.
Dean Frew is Chief Technology Officer and SVP for RFID Solutions, SML Group, and founder of SML Intelligent Inventory Solutions (formerly Xterprise, purchased by SML in 2013). Frew is responsible for driving SML’s RFID tag and solutions strategy. He leads the RFID solutions division, drawing on his more than 20 years of experience in providing RFID solutions to retailers and brand owners around the world.