Marketers investing in digital transformation for creating winning presence

The retail industry was worst affected due to Covid-19 pandemic as it had come to a grinding halt. Post-pandemic, hybrid models are evolving and will continue to see the confluence of digital channels and physical stores. Recently, a survey showed that around 60 per cent of respondents prefer webrooming, which means they are learning about a product on the web and prefer to buy them in-store. Likewise, 54 per cent prefer showrooming, which means they check out a product in-store and buy it over the web.

Going forward, marketing is not just about bricks-and-mortar. The changing dynamics show that there is a dire need for synchronization between offline and online marketing to give larger value to the customers. Brands are now working on seamless integration of channels - in store, e-commerce, mobile, social to offer an engaging and personalised experience to the customers.

Kamal Kumar, senior sales and marketing professional, Signature Global, said that 2022 saw a significant increase in omnichannel investment. The shift towards omnichannel strategies was driven by evolving customer expectations and the need for businesses to create seamless and consistent experiences across all touchpoints.

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"However, investing in omnichannel alone is not enough. By analyzing metrics such as customer engagement, retention and purchase behaviour, businesses can identify areas for improvement and make necessary adjustments to their omnichannel strategies,” he said.

A survey by Exotel said that a majority of marketers agree with the statement that customer experience is the new and next competitive battleground. The survey added that it is no surprise that a focus to enhance customer experience would emerge as the top priority for 2023. Other priorities in order of importance are improving the omnichannel experience and focus on sustainability initiatives.

Monica K Dhawan, MD, Fusion Corporate Solutions and ex-independent director at Jammu & Kashmir Bank, said that the true success of omnichannel investment during the last few years will be seen in the coming year as brands will brainstorm on impact on the business landscape.

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"Companies are prioritising the measurement of their omnichannel strategies to ensure they are making data-driven decisions that will drive long-term growth and success. Key metrics such as customer satisfaction, conversion rates and lifetime value should be key areas to assess the impact and make informed decisions going forward," Dhawan said.