The Importance of an Omnichannel Strategy in Ecommerce

To establish a successful eCommerce business, you need more than just a website. Businesses are expanding their online presence to include more channels, such as social media networks, bots, apps, and more. The reason? Consumers aren't just going to eCommerce websites or searching on Google - they're going to marketplaces first. Thus, you have to develop an omnichannel strategy that incorporates all the different sales channels that customers utilise.

You need to make sure you're meeting your target audience where they are as search and buying habits adapt to this trend. Instagram, Facebook, and Pinterest, as well as marketplaces like Amazon and eBay, are already adept at capturing your audience's attention. Because of frequent behaviours like asking for suggestions on social media and aimless product browsing, they're already "built-in" in many people's purchase processes.

Your eCommerce business should take advantage of the opportunity to sell to clients on these other sales channels in order to expand its reach, increase brand awareness, shorten the path from stranger to buyer, and minimize friction for shoppers who locate your products on other channels. An omnichannel strategy is key, and here are some statistics to back it up…

1. 50% of Product Searches Start with Marketplaces

Search is frequently touted as the best area to meet your clients when they're searching for your product. After all, you're approaching them with a solution while they're thinking about the issue. However, where shopping searches happen, is changing.  Think about it: with so many search results coming from marketplaces, why not start there anyways? As a result, you must begin there as well. Going where your clients are, entails not only listing your products on your own website, but also on the marketplaces where they browse.

OMNA helps you to sync inventory and operations on channels, like Shopee and Lazada, with your own eCommerce website. In addition, it imports orders from those channels back into Shopify so that you can fulfil them conveniently. OMNA makes it easier to manage your omnichannel operations, so you can focus on growing your business.

2. Consumers Trust You More on Marketplaces

Customers are more likely to trust your business if it is 'backed' by a larger marketplace. According to a report, in the context of an online marketplace, 65% of consumers are comfortable purchasing from businesses they've never heard of.

They already trust a multi-merchant marketplace like Shopee and Lazada, whereas, when they first come across your website, you're just getting to know them and creating trust from the ground up. Identify which marketplaces your buyer personas frequent and trust while you're just getting started, and piggyback on those when developing your omnichannel strategy.

3. Third-Party Sellers Drive a Majority of Sales

You could be wondering if selling on Amazon is worthwhile, or if customers prefer third-party merchants on such platforms. According to a report, third-party merchants were responsible for 51% of Amazon unit sales in 2018. In other words, non-Amazon companies are selling more things on Amazon than the company itself.

With so many third-party sellers competing on marketplaces right now, a critical aspect when developing your omnichannel strategy is to optimize your listings so that you're the seller people find and add to their basket. Use descriptive titles and descriptions, adhere to the platform’s search rules, and carefully use keywords.

4. ECommerce is Growing

ECommerce may appear to be crowded, but it is far from saturated, and there is lots of potential for your business to grow. The industry is still developing significantly and should continue to do so. The Singaporean eCommerce segment is expected to grow at a compound annual growth rate of 16.2% from S$7.8 billion in 2021 to S$14.2 billion in 2025, according to Data Global.

It makes no difference whether you have a brick-and-mortar store in addition to your online business. As more companies enter the industry, the key to maintaining a successful omnichannel strategy is diversifying your digital channels to help you maintain a competitive advantage. This will allow you to reach clients faster and with fewer steps to purchase.

5. Amazon is Dominating

Marketplaces have a lot of revenue generation potential. According to Salmon, Amazon has a tremendously big percentage of internet spending - around 37%. You can't help but view Amazon as an economic ecosystem in itself. Rather than attempting to steal a piece of that share, jump on board and become a part of it.

If shoppers are spending their money there, you should be spending yours there as well. Make sure you're investing time and resources into building your brand's presence on marketplaces. You may even include it in your advertising campaign by promoting your products on a channel that already has a built-in trust boost.

6. Social Media Is Essential for Customers During Product Research

Social business integrations, in addition to large eCommerce marketplaces, are becoming increasingly vital for your products' visibility. According to the Global Web Index, 37% of internet users use social media to conduct brand or product research.

Users don't have to leave social sites to make purchases due to features like shoppable pins, shop sections on Facebook pages, and Instagram eCommerce connections. Consider selling your things instead of just promoting them on social media. The popular social media browsing and window-shopping behaviours can be wonderful for impulse buyers, and the less friction between them discovering you and making a purchase, the better. Social may be a new segment, but it will increasingly become a more vital aspect of your omnichannel operations.

7. Shoppers Compare Prices On Mobile While In Store

The distinction between in-person and online buying experiences is becoming increasingly hazy. According to a KPMG study, 65% of buyers have used their phones to search up price comparisons while in a physical store.

This means that your product must be available on mobile in all of the places where your mobile customers purchase. This entails not just ensuring that your website is mobile-friendly, but also that you can be found via apps like Amazon.

8. ECommerce Site Conversion Rates Are Low

Only 2.72% of eCommerce website visits resulted in purchases, according to Statista's 2019 Q1 data. To put it another way, over 97% of visitors will leave your website without purchasing anything.

Your website is just one of several touchpoints a potential customer will have with your company. It's your responsibility to be easily found across a variety of platforms, as part of your omnichannel strategy, in order to provide as many touchpoints as possible. To seal the sale, you'll need that kind of visibility.

Conclusion

Even in the B2B industry, eCommerce and multi-channel selling are still on the rise. Stop relegating your thoughts about third-party platforms to traffic acquisition and start thinking more about customer acquisition as you explore ways to expand your client base.

You must be present wherever your consumers are shopping at all times. Customers must have a uniform, consistent, and seamless experience as they connect with your company throughout those channels.