With traditional brand marketing losing luster due to digital disruption in recent years, the customer is now in charge. In a digital world, it is simply not enough for businesses to be able to compete on price or product features alone. Omnichannel marketing is becoming the key differentiator in a digital world and the currency to drive brand loyalty and boost revenues.  

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The year 2022 saw several businesses expanding their usual methods in order to engage people via many interfaces. Businesses are becoming more savvy in their use of data to acquire a better grasp of the entire client experience. This includes utilising both their online and offline data, culminating in a journey towards genuinely omnichannel measurement.

Yet, in the hurry, many businesses failed to efficiently use their analytics and expenditures were misspend.

According to Lokendra Ranawat, co-founder and CEO, WoodenStreet, businesses are investing in advanced analytics tools that can provide real-time data on customer behaviour so that they can take informed decisions about where to invest their resources and to optimize their omnichannel strategies for maximum impact. 

Omnichannel investment involves creating a unified customer experience across multiple channels, including physical stores, online platforms, mobile apps and social media platforms. The goal is to enable customers to interact with a brand through their preferred channel, and to ensure that the experience is consistent regardless of the channel used. One of the key drivers of omnichannel investment is the need for real measurement.

Ranawat said that another key trend is the use of artificial intelligence (AI) and machine learning to personalize the customer experience. "By analyzing customer data across multiple channels, businesses can create targeted marketing campaigns and personalized recommendations that are tailored to each individual customer," he said.

It is, however, also true that new privacy restrictions make it more difficult to identify and monitor people throughout the internet. Ridihma Kansal, director, Rosemoore, said that with consumers increasingly shopping online, it has become crucial for businesses to integrate their physical and digital channels to provide a seamless customer experience. 

"While omnichannel marketing has been around for some time, many businesses are still struggling to measure its effectiveness," she said, adding that the industry will see real progress in measuring the impact of omnichannel marketing.

According to a survey by Exotel, a cloud telephony platform that powers communication for enterprises, startups and small and medium enterprises, marketers focus on customer retention over acquisition to fuel growth in 2023, further confirming the need to prioritize customer experience for brand retention and loyalty.

Raghunandan Saraf, founder and CEO, Saraf Furniture, said that 2022 witnessed a significant increase in omnichannel investment, but the true value of this investment will only be realized in the coming year when businesses start to see measurable outcomes. 

"As businesses invest more in digital channels, they need to be able to measure the impact of these channels on their overall sales and customer satisfaction," he said.

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