If your retail organization wasn’t already aware, some of the statistics featured within the infographic coupled alongside this post may ring some alarms. Recent research would suggest that retailers are failing miserably in regards to new customer acquisition. On the other hand, they excel at continuing to draw their existing customers back in. Existing customer continued sales come in at a 60% to 70% chance, compared to a 5% to 20% chance of closing that first sale with a new customer. Despite having such a miserable success rate with new customers, retailers continue to prioritize strategies dedicated to attracting them. This post will detail the ways in which organizations can continue being successful while balancing efforts between existing customers and new customers.

Retail organizations make the decisions they do for the sake of attempting to improve their dynamic revenue growth. What the information in the infographic would support, however, is that this isn’t the right way to do so. What has been found to be successful is a strategy that interconnects both online and in-store sales techniques to create a customized shopping experience for customers. Online shopping excels in customization, while in-store shopping tends to specialize in personalization. A mix between the two can lead to immense success for a retailer.

Mixing these two strategies is what has led to the success of omnichannel marketing. Though, there are some smaller, independent retailers who have yet to adapt within the last few decades. While it’s unclear how much more successful they can be with a fully fleshed out digital marketing strategy, many retailers are proof that the mix of the two is the most ideal combination for retail businesses.

The importance of online shopping is seen in the lack of time that customers spend in most retail stores today. The average customer only gives a store about fifteen minutes of their time. Are there that many retail organizations capable making a meaningful connection within that time? For those retailers that believe their retail experience should extend past those fifteen minutes, they find ways to communicate with customers online. Countless social media platforms, or their online marketplace where customers can check stock on products in-store or order online are some examples. The trick of being proficient in both in-store and digital techniques is being able to weave online and offline sales tactics for maximum efficiency.

As mentioned previously, while in-store experiences tend to be the best source of personalization from a retailer, omnichannel strategies allow each experience, even online, to feel as genuine as the best visit in-store. Frequent personalized communication give the customer a sense of value and appreciation from the retailers they frequently visit. Promotions of particular products, incoming sales and even stock notices personalized to a customer’s wants and needs would be impossible to accomplish within those fifteen minutes a customer spends in store.

Unfortunately, retailers have a lot of work to do if they hope to provide their customers with the best experience they can each and every visit. For more information on how your organization can do just that, please spend some time looking over the infographic included alongside this post. Courtesy of IDL Displays