Companies that use omnichannel marketing statistics to guide their decision making will rule in the quickly changing retail landscape! Learn these omnichannel marketing statistics. Including how to master your own KPIs!
Did you know that retailers with omnichannel marketing capabilities retain on average 89% of their customers? This is compared to a 33% customer retention rate for companies with weak omnichannel strategies.
Omnichannel statistics: Impact on sales and revenue
1. Retailers who don’t sell on multiple channels miss out on up to 30% of sales
With many options to shop on multiple channels using different devices, retailers who don’t meet consumer expectations lose out on significant sales opportunities. Some research estimates retailers lose anywhere between 10% and 30% of sales when they fail to meet omnichannel shopping expectations.
2. Using 3+ channels increases order rate by 494%
Marketing campaigns that exist on multiple platforms with a synergetic omnichannel approach are significantly more effective than single-channel campaigns. Omnisend reports a 494% higher order rate (0.83% vs 0.14%) for marketing campaigns that use at least 3 channels, as compared to those launched on just one channel.
3. Consumers shopping across online and offline channels have a 30% higher lifetime value
Though omnichannel statistics show how important it is to sell across online channels, let’s remember that . Consumers mostly use social media, websites, and apps to do their research and compare different retailers. Once they have set their mind on something, they may order it online. But if the store isn’t too far away, they won’t be willing to wait a couple of days for their order to arrive. Instead, they’ll go to the store to pick it up themselves. Aligning online experience with the in-store one can ensure you don’t lose your shoppers.
4. Social commerce sales are expected to hit $45.74 billion in 2022
eMarketer estimated online retail sales via social media channels to climb to more than $45 billion by 2022, a 25% increase from 2021.
5. Mobile sales will be 10.4% of all retail transactions by 2025
Currently, mobile commerce (m-commerce) makes up 5.9% of total retail transactions. eMarketer forecasts total mobile sales to continue to increase each year, making up 10.4% of total retail transactions by 2025. This puts mobile commerce sales to be 44% of total ecommerce sales, hitting $488 billion in a single year.
6. Omnichannel campaigns with SMS are 429% more likely to convert
Omnisend found that retail and ecommerce marketing campaigns that use just one channel are significantly less effective than omnichannel campaigns that add SMS text messaging. In fact, campaigns with SMS added have a 0.74% order rate compared to just 0.14% for single-channel campaigns—that’s a significant 429% difference.
7. Omnichannel campaigns with push notifications earn a 614% higher order rate
Email marketing platform Omnisend’s analysis found that omnichannel campaigns with push notifications earn a 614% higher order rate than campaigns that use just a single channel. As many as 38% of people who clicked on a push notification purchased something.
8. The livestream market is forecast to be worth $35 billion in the US by 2024
Retail Touchpoints reports that a 2020 study from Coresight Research estimates the US livestreaming market will be worth $35 billion in sales (3.3% of all US ecommerce). McKinsey & Company also reports the livestream market in the US could make up as much as 20% of all ecommerce sales by 2026. Plus, 15% of US-based consumers say they’re interested in livestream shopping.
In China alone, the livestream market is worth $170+ billion annually. This is one of the most sophisticated livestream markets across the globe.
9. Livestream shopping converts at a 10x higher rate than traditional ecommerce
The average ecommerce conversion rate sits at about 3%. But livestream shoppers are more likely to buy. Retailers that leverage livestream selling get conversion rates up to 30%—10 times higher than ecommerce. Most retailers use YouTube for livestream shopping.
Omnichannel statistics: What retail executives think
10. According to 87% of retailers, an omnichannel marketing strategy is critical or very important for their success.
A study of retailers has highlighted a gap between the importance of omnichannel strategies and their implementation, with many feeling that they have not mastered omnichannel effectively: only 8% say they have achieved it.
11. 42% of retail executives spend up to half of their marketing budget on omnichannel initiatives.
In 2022, already 6% of marketers spend up to 100% of their marketing budget on omnichannel initiatives.
Omnichannel statistics: Consumer behavior
12. 51% of shoppers make purchases on their phone while inside a store
Another 58% report making the online purchase from a different retailer, highlighting the importance of creating a positive digital mobile shopping experience to complement the in-person one.
13. 47% of consumers are more likely to purchase online if in-store return is an option
Offering the option to return online purchases at your retail location can boost sales. Approximately half of global consumers are “significantly more likely” to make an online purchase if given this option.
This is especially important considering about $761 billion in merchandise, or 16.6% of total retail sales, was returned in 2021—$166 million for every $1 billion in sales. Auto parts, apparel, home improvement and housewares are the niches with the highest returns rates.
14. 80% of consumers who return a product to a store spend their refund in the store
While returns are certainly a hassle for retailers, it doesn’t always lead to lost sales. When a shopper returns a product in your physical store, 80% of the time they’ll spend the money they get back on other products from the store. In some cases, these shoppers spend as much as 10 times more than shoppers who only engage via online channels.
15. 63% of shoppers research online when considering a major purchase
In the US, more than 60% of digital consumers conduct online research when they make a “major purchase.” This means it’s important to show up digitally, even if you rely on in-store sales. Use online channels to share information about your products and brand. In most cases, these shoppers end up buying in-store anyway.
16. 55% of consumers want to look at products online and see what’s available in nearby stores
As part of the research process, more than half of shoppers want to be able to look at products online and see information about where they can get those products in-store. Real-time inventory data syncing is crucial if you want to show accurate information—you don’t want to send a customer to your store only to find out the item they want is actually out of stock at that particular location.
17. More than 50% of consumers are likely to look at a product online and buy it in-store—and vice versa
Product research happens online and in stores. In fact, 54% of shoppers say they’re likely to check out a product online and later buy it from a physical store. On the flip side, 53% are likely to check out a product at a store and then later purchase it online. That’s why it’s important to show up online and in person so you can meet shoppers where they are.
18. Companies that employ omnichannel customer service strategies have a 23x higher customer satisfaction rate
Having a strong omnichannel strategy doesn’t only mean your messaging and products are aligned across different channels. It also means your customer service system remembers each customer and can relay them to the same representative every time.
According to omnichannel customer support statistics, 89% of customers get irritated having to repeat their problems to several representatives. A coherent omnichannel strategy prevents that by having your customers’ needs met.
19. Companies with the best omnichannel customer engagement strategies turn 89% of buyers into loyal customers
According to omnichannel retail statistics, companies with weak omnichannel strategies retain only 33% of their customers. It’s obvious that implementing an appropriate omnichannel strategy pays off.
Omnichannel statistics: Implementation challenges
20. As little as 8% of retailers can provide omnichannel in real time, all of the time.
To achieve omnichannel success, every channel should communicate effectively to drive the next interaction with a client in an efficient way. Companies that maintain such consistency across all touchpoints will more than likely win more customers over and stay ahead of their competition.
21. 49 % of retailers say their biggest challenge is breaking down organizational and information silos
Shopify’s survey found the biggest challenge for brands that want to implement an omnichannel strategy is “breaking down organizational silos between digital and physical stores” (49%). Another 47% say integrating online and retail store data and operations will “prove to be difficult.”
22. 87% of customers believe brands need to put more effort into providing a more seamless experience.
In this day and age, customers are looking for maximum convenience. If your app doesn’t reflect the state of your products in stores, or your customer support system isn’t aligned across channels, your business will suffer.
Omnichannel: real results for retail companies
23. Omnichannel adoption boosted Zara’s digital sales by 74%
Fashion retailer Zara integrated digital and physical retail with omnichannel in Q2 2020 as well. As a result, the brand grew online sales by nearly three quarters in the first half of the year.
24. Adidas had 1,000 weekly orders when it launched click and collect
When Adidas first entered the click and collect market in 2015, it forecast few sales. However, the sports and fashion brand received 1,000 orders in its debut week. The retailer couldn’t keep up with initial demand and had to pause and relaunch the program a few years later.
25. Oasis smoothens customer service to bump up satisfaction rates
Oasis is a UK-based fashion retail store that deploys omnichannel strategies across its eCommerce website, mobile application, social media, and brick-and-mortar store. What truly stands out is that sales associates at the Oasis store can access store data using iPads that display real-time and up-to-date stock information. They can also learn about the product and its features on the fly and address any customer queries. The iPad also functions as a cash register, allowing them to instantly finalize your purchase whenever you are ready.
How retailers can improve omnichannel strategies
It all starts with a powerful customer data platform.
Retailers need to invest more time and resource into technology to effectively implement their omnichannel strategies or face being left behind.
Omnichannel strategies are dependent on the premise that multiple channels are integrated with consumer data being available across multiple touchpoints. Retailers need a solid infrastructure that ensures availability, usability, integrity and security of their data.
Loyal Guru’s CDP allows retailers to collect and unify valuable zero- and first-party data from multiple siloed and inaccessible data sources (purchases, stores, products, suppliers, customers….) to build a single, coherent, 360º customer profile.
If you’re a retailer and you’d like to talk about any of the omnichannel trends and statistics outlined in this article in more detail, then get in touch with our team – we’ll be happy to show you examples or talk through your brand’s unique challenges.
The numbers don’t lie. Search volume for “omnichannel” continues to grow.
Source: Google Trends
More than 50% of shoppers use 4 touch points before making a purchase. An average shopper uses almost 6. It means retailers need to take advantage of as many channels as possible if they’re looking to beat the competition, including their physical store, website, social media profiles, emails and a mobile app.
Omnichannel marketing statistics suggest that as long as these different channels are well-connected and allow a fully-integrated shopping experience, your revenue will soar.