As the e-commerce world evolves daily, retailers must stay tuned with the latest trends and implement innovative strategies to ride the wave in this market. Online retail is estimated to reach 10.24% of total retail sales by 2024 in India (4.7% in 2019). So only roughly 10-11% of the retail market is going online, showing that brick-and-mortar stores will still be crucial (depending on various complicated factors).
Instead of replacing the brick-and-mortar store with an online shop, businesses aim to take advantage of both sale channels. In addition, technological advancements have led many retailers to offer customers online to 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 features of offline business to provide a value-added shopping experience to the participants involved in the process.
How Can E-commerce Brands Leverage O2O Marketing Strategies?
The O2O business model is getting massive applause from buyers around the globe. Big players like Alibaba, Amazon, and Google have already invested significant amounts in O2O services. Since it is retail-specific, online-to-offline commerce applies to omnichannel commerce and multi-channel marketing. Rather than viewing e-commerce as competition that steals revenue from traditional brick-and-mortar stores, retailers are learning that it is 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 analyse and stay ahead of the trend. O2O offers the usefulness of faster communication because of the integration of an offline presence with online infrastructure. Businesses can promote their offerings and discounts by using the online component of O2O promptly and enhance the likelihood of enticing more customers.
- Customer Behaviour Profiling
O2O helps understand customers’ various attributes and characteristics, including purchasing power, behaviours, preferences and consumption patterns. This assists in tailoring online and offline marketing to widely reach consumers, which proves to be highly beneficial as businesses can offer flexible pricing.
- Opportunities for Face-To-Face Interactions and Enhanced Feedback Channels
O2O facilitates two-way communication, eliminating the gap and improving business and customer interaction. It helps clarify customers’ queries and share experiences. Companies enjoy virtual proximity, meaning they can instantly communicate with their customers or meet face-to-face as needed. Timely communications are critical, as they may influence the purchasing behaviour of potential customers. In addition, customers can provide feedback so businesses can schedule their future procurement and sales targets in advance, per customers’ demands and thoughts. Customers can also feel delighted by the availability of increased interaction opportunities.
Customers increasingly have the exact expectations they have with physical retail, and using both the online and physical space builds a trusting bond between the consumers and the experts. Rather than focusing on product quality, making the customer journey as integrated and cohesive as possible is essential. O2O presents the power to harness the best of both worlds by interacting with and understanding online and offline customers. It can open up a lot of incredible opportunities for retailers.
Disclaimer
Views expressed above are the author’s own.
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