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Choosing Wisely: Comparing Omni-Channel and Multichannel CRM Strategies

Just a decade ago, channel silos were the norm in retail. Brands used separate systems and teams to manage their physical and digital stores. Customers would research products online and then purchase in-store or vice versa. This fractured experience frustrated consumers who wanted the flexibility to engage with brands anytime, anywhere, anyhow.<br>

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Choosing Wisely: Comparing Omni-Channel and Multichannel CRM Strategies

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  1. Choosing Wisely: Comparing Omni-Channel and Multichannel CRM Strategies Even though the terms are interchangeable, there are some significant differences. Let us examine the key capabilities, benefits, and limitations of each strategy to discern the ideal CRM approach in the retail omnichannel age.

  2. The Dawn of Omnichannel Retail Just a decade ago, channel silos were the norm in retail. Brands used separate systems and teams to manage their physical and digital stores. Customers would research products online and then purchase in-store or vice versa. This fractured experience frustrated consumers who wanted the flexibility to engage with brands anytime, anywhere, anyhow.

  3. CRM is mission-critical In tandem, CRM has become pivotal for retailers to build meaningful customer connections and loyalty across channels. CRM capabilities like campaign management, customer analytics, and loyalty programs enable personalized interactions based on purchase history and preferences. The data also informs merchandising and inventory planning. Forrester forecasts US retail CRM spending will reach $15 billion by 2025. But should retailers pursue an Omni Channel CRM or multichannel CRM strategy to engage today's cross-channel consumers? Let us examine the key differences.

  4. Omnichannel CRM Omnichannel CRM provides a single, integrated view of each customer across all channels and touchpoints. Key capabilities include: • Unified database of customer interactions across all channels • Ability to track customers from initial research to purchase to post-sales service • Personalized messaging tailored to individuals at specific touchpoints • Recognition of customers regardless of channel • Consistent promotions/pricing across channels • Seamless transactions like cross-channel returns/exchanges

  5. Benefits of Omnichannel CRM: • 360-degree customer view enhances personalization • Higher conversions by addressing needs seamlessly across channels • Improved customer satisfaction and loyalty • Lower cost to serve customers due to process harmonization • Future-proofed for emerging engagement channels • Higher marketing ROI from unified analytics

  6. Thank You View Source:- https://www.etpgroup.com/solutions/omni-channel-crm/

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