There is no doubt that the shopping experience has evolved dramatically since our parents’ and grandparents’ time. Today, when a teenager wants to buy something, the first place they start their search is on their phone. However, ask the oldest member in their family where they would first look, and their answer will probably be the shopping mall or high street. It is obvious that online shopping is getting increasingly popular with young people while the older generation prefer being able to touch and try out products before making purchase decisions. That is why your SME should switch to an omni-channel approach to cater to all customer preferences.
What Is Omni-Channel Retailing?
If you are not familiar with omni-channel retailing, the concept is very simple: it refers to businesses that have both a physical store and online platform where they sell their goods and services. This is in contrast to multi-channel retailing, where businesses have a few different online platforms for selling their products, such as on their own website and through an e-commerce site.
Benefits of An Omni-Channel Approach
Some businesses may be hesitant about trying out the omni-channel approach due to the rental cost associated with brick-and-mortar stores, or the technology involved in maintaining an online platform. However, the benefits far outweigh the effort and initial cost. Here’s why:
- You get the best of both worlds: COVID-19 has proven that businesses need to be flexible and adaptable in order to survive. If you only had a physical store during the outbreak of the pandemic, chances are, your business has taken a huge hit in profits or possibly even brought in no revenue for some time. However, businesses with online stores are still able to resume operations and bring in some level of profit, despite it being reduced.
- A new shopping experience: Contrary to what people may think, an omni-channel approach is not about offering the same product in two separate places. It is about creating an entirely new experience by fusing the two into one seamless way of shopping. For instance, have you had any customers pop into your store after finding out about your product online? If so, that is one thing you can capitalize on with an omni-channel approach.
- Cater to all customer preferences: As mentioned, customers have their individual preferences when it comes to where and how they shop. However, the truth is that no one shops exclusively online or instore. Even seniors have had to learn how to shop online following the onset of COVID-19. With an omni-channel approach, you can reach out to all customers regardless of their preferences.
Titan Merchant Services Has POS Systems for An Omni-Channel Approach
Are you looking to make the switch to an omni-channel approach, but having trouble figuring out how the POS systems will work for each platform? If so, Titan Merchant Services is up to the challenge. From ecommerce POS to countertop POS, we have the perfect solution to suit the unique needs of your business.
If you have any inquiries about our POS systems, please feel free to contact us today.
