You may have heard and probably more than once, the buzzwords omni-channel and multi channel in your marketing circles. You may have even thought you understood their meaning at one time or another but became disillusioned when you heard another version that wasn’t quite the same as yours. Besides having some overlapping similarities they also have some pretty clear distinctions and if you’re a retailer or promote anything online you’ll want to have a firm grasp on their meanings and their differences. Both omni channel and multi channel define key strategies for operating a successful online retail business. Despite their importance however, a large number of people remain unsure about these terms and what the distinctions are.
Starting with the most basic first, multi-channel marketing refers to reaching customers on multiple channels. It encompasses the presence, as an online business, on social media channels, in search result pages, and on related sites or in industry specific circles.
Omni channel on the other hand refers to the customer experience. It focuses on providing a seamless shopping experience and a unified, consistent presence across all channels. Further, omni-channel strategies focus on building a better relationship between the brand and the customer. As a result, businesses with a strong omni-channel strategy in place see a 91% higher year over year increase in customer retention compared to businesses without an omni-channel strategy. (Ref Emarsys)
How Inventory Tracking Software Can Provide Assistance
With Your Omni/Multi Channel Strategies
As a retailer, you’ve probably considered inventory management software at one time or another. You may even have it currently. If so, I bet you didn’t know the ways in which inventory tracking can assist you with your omni channel and multi-channel strategies. Thru simple implementation of inventory tracking software you’ve gained ground on your delivery of both strategies. Through the software’s management of several processes related to order management, inventory management, and more; retailers have more time to allocate to their omni and multi channel marketing strategies .
Use Inventory Tracking to Personalize Your Marketing
Inventory tracking apps provide order history on your customer base that is easy to obtain. In turn you can use that information to personalize and tailor your marketing efforts. Knowing your customer’s buying habits provides a powerful marketing tool for your retail business. Start using it to your advantage if you aren’t already doing so.
How Inventory Management Software Improves Customer Retention
Inventory control is a strong force in customer retention by ensuring product availability. With low stock alerts, and better management of your products, less stock outages are expectant. For retailers, stock availability is 95% of customer retention. On popular products availability may account for an even higher percentage of customer retention. Further, inventory management software ensures the correct products are shipped on time, and to the correct address.