We have come to the third topic of eCommerceFest 2021. If you have not read the previous blog post, ‘How Search Works’, make sure you do so. For today, the topic is ‘Omni Channel Ecommerce and Retail in 2021’.
The Covid-19 pandemic has pushed businesses all over the world to take their business online. With an increase in the number of eCommerce merchants coupled with the convenience brought by technology, it seems like online business is not only today’s trend but also the future trend. However, is running the business 100% online the solution for retail businesses?
In this panel discussion, you will be exposed to a new business model, the future of retail — OMO (Online-Merge-Online).
Check out the key takeaways of this session.
1. What is New Retail?
New retail is a new kind of business model which aims to blend offline and online business together to create a real omnichannel shopping experience for the customers. This bridges the gap between online and offline so that retail businesses can tap into the benefits of offline business and online business at the same time. New retail provides customers with a unified shopping experience regardless if they are shopping online or offline. It gives customers the same price and an enhanced shopping experience.
2. Action taken by Kidmoro to cope with the challenges
Due to the lockdown, many offline stores are forced to close. It is a big challenge for Kidmoro to close all the offline stores, but there is a big opportunity for their eCommerce business. In order to retain their customers, they place a voucher and thank you note in the parcel that would be sent to the customers and asked for an online review. While everyone stayed at home, Kidmoro started to sell products that are suitable for kids to stay at home and sweetened the deal with a good offer. As a result, more and more customers return to the Kidmoro website and purchase more.
3. Understand customer behaviour
By running your business online, you are able to track customers behaviour and data. You are able to know what keywords they key in, how long they stay on your app or website. As every customer behaviour is different, the push notifications of your app need to be very targeted, as one copywriting/sales writing style does not fit each and every single customer you have. Therefore, you need to understand the preference of your customers and make decisions based on data instead of wild guessing.
4. Online Merge Offline (OMO)
A big trend is coming, especially for retail businesses. There will be no question of online or offline! Instead, it’s going to be Online-Merge-Offline, where Online and Offline complement each other, allowing retail businesses to enjoy the benefits of running both online business and offline business at the same time. Online allows more people to find out and learn your brand as your app or website is running 24 hours a day. On the other hand, offline stores have higher conversion rates because people can see, touch and feel the products on the spot before buying.
5. Online merge offline (OMO) customers
By nurturing more online-merge-offline (OMO) clients, you can enhance repeat purchases and brand loyalty. In other words, customers who buy online will be tempted to visit the physical store one day; customers who buy at the physical store will be tempted to buy at the online store one day. This way, your OMO customers will understand the convenience and the value of the OMO retail.
6. Content adds value
Content is very important to be shared with your customers. In fact, the content on your app or website will add value to your brand. People generally dislike selling, so focusing on hard-selling your products or services is not an effective way to gain more customers. Instead, sell your value — provide content that offers value to your customers and stress on the benefits your products can bring them.
The OMO business model is the future of retail. It helps safeguard the business during the pandemic. Once the pandemic ends, it helps businesses to grow by providing the real omnichannel experience to their customers.
In this panel discussion, both panellists Lee Wei Hong, Senior Business Consultant of 91APPand Cirilo Jr Lemoneras, Ecommerce Specialist (Team Leader) of Kidmoro Singapore shared their valuable insight on the exciting topics. Wei Hong shared how omni-channels help businesses tremendously, while Cirilo shared Kidmoro’s inspiring eCommerce journey to the audience.
Watch the full video of this session to gain more insights from both panelists!