A report by MasterCard said that about 80% of consumers across the globe are Omnishoppers and this figure could rise up to 100 % in the near future
India's e-commerce sector was worth about $3.9 billion in 2009. Now, this sector is expected to grow by 17% in gross merchandise value (GMV) at $38.5 billion during the financial year 2018, as per NASSCOM’s outlook for the year. There were also predictions that the brick and mortar stores would fail once the ecommerce sites picked up the pace. Beating all the odds and predictions, these stores are doing pretty well for themselves, while ecommerce is also flourishing.
These are just some of the developments which we have seen in this sector. Due to the emergence of a new class shopper – Omnishoppers, many more multi-dimensional changes are expected in the coming time. So, there is a need to break down the silos, connect online and offline sources, and finally, create a holistic view of the shopper to come up with a new strategy. A report by MasterCard said that about 80% of consumers across the globe are Omnishoppers, and this figure could rise up to 100 % in the near future.
While devising the said strategy, it is important to note that omnishoppers spend more than other shoppers, which is what makes them extremely valuable. So as another holiday period approaches, when we’ll witness a rise in shopping figures – both online and offline, here is what omnishoppers want from retailers and brands in the online space:
Information – the more the merrier
Regardless of how they end up making purchases, omnishoppers turn to online storefronts and mobile apps first to learn about new products. When they’re finally prepared to buy, the ultimate nudge to make a purchase usually comes from those same retail sites and apps—far more often than word of mouth, search engines and social media. That means the more information omnishoppers can get from retailers online, the more confident they’ll feel about making that purchase. In highly considered categories like consumer electronics and baby, shopper reviews organized by relevance also play a big role.
Easy to see—and reliable.
The good news is that better product photography and informative product demo videos can be as powerful as discounted prices to entice an omnishopper to purchase from a specific site. Apparel is starting to take off online, and the retailers that are winning have both an editorial approach to how they merchandise clothing, as well as the 360-degree product photography. Details like these simplify and enhance the overall shopping experience, paving the way for every shopper to enjoy a more effortless path to purchase.
Relevance—but respect the needs
Savvy omnishoppers are more likely to have a favourable attitude towards retargeting. They understand the value exchange between shoppers and brands (that being served more relevant advertising and better deals is made possible with the use of shopping data). But use that information wisely—transparency and consent in advertising practices are crucial.
Favourable terms on returns
The factors above contribute to lowering costly return rates, but if the shopper does need a replacement, make it easy, and if at all possible, free. In-store returns are huge benefits to bricks and clicks retailers.
Meet shoppers’ needs, and help them find products they love
Omnishoppers are seemingly paradoxical in their retail desires. While some prefer to do most of their shopping online, majority also enjoy shopping in physical stores when they have time. There is a reason why so many online retailers are opening stores. They need to keep a balance of convenience and efficiency–especially online–combined with the excitement and thrill of discovering new things which shoppers not only need but love as well.
Tarticle has been penned down by Siddharth Dabhade, General Manager, India, Criteo
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