THE PHYSICAL STORE WILL SURVIVE THANKS TO OMNICHANNEL

Experts in the field warn that the survival of the physical store will depend on a 180 degree change. As in Darwin's theory and the evolution of species, if physical stores are not transformed, many will have to close. What does this transformation consist of? Well, simply and in two words it would be digitization and versatility. Physical stores represent the most used sales channel so far, to continue like this they must facilitate the purchase process no matter where it is made.

Studies carried out confirm that six out of ten customers make their purchases in the physical store. However, the same study says that 93% of consumers search for products online before making a purchase. The point is that the consumer has finally learned to use the best of the digital world and the best of the physical world. If the first place on the sales podium is held by physical stores, the second, as a sales generator, is obviously occupied by the online channel.

Leaving aside the power of the digital channel, it is undeniable that the passing of the pandemic has drawn a new commercial reality. For this reason, physical stores will be forced to broaden their sights.

The expansion towards the face-to-face of digital companies such as Amazon, for example, poses one more threat to the more traditional sector. It does not matter if it is a clothing store, food, kitchenware... all, absolutely all will have to make the change to survive. By this we mean that an important chain of stores does not necessarily have to be the only one that enters into this change. Any business selling products or services, whatever it is dedicated to, will have to catch up.

What is omnichannel and what are its benefits?

Omnichannel is nothing more than a communication strategy used to be in contact with prospects or customers through different channels. The use of the different channels; email, social networks, website..., it must be done under the same strategy to reach the consumer at the right time.

With omnichannel, what is sought is to attract buyers with the way in which the information is presented.
The omnichannel strategy has become popular in recent years as a result of the rapid change in consumer behavior and needs. In omnichannel marketing, it is expected to improve the customer's shopping experience to bring more benefits to both the company and the consumer. To achieve this, all the parties involved in the purchase process must be coordinated so that the response or contact to the client is solid. In addition, it is advisable to have the updated database in order to provide a perfect service, without duplicating efforts or data. The advantages of omnichannel for any type of business are the following;

• Image of the brand. The image of the brand can be greatly benefited by being consistent in the message and in the different communication channels.
• When applying an omnichannel strategy, the administration will be much more efficient and the processes more productive. All areas, purchasing processes and information analysis can be controlled.
• Higher conversion. Omnichannel will allow the transversal organization of communication channels, physical store, eCommerce, social networks..., being present throughout the purchase process.
• Information gathering. Monitoring users will help us to know the purchase preferences and may include other marketing techniques at the right time and place.

The future of the physical store in the hands of omnichannel

This is the main and final conclusion we reached from OmniWallet. The Covid-19 pandemic has conditioned the acceleration of the trends that were already perceived, especially in terms of the growth of electronic commerce.

Studies carried out recently assert that online sales will represent approximately 35% of all retail sales by the year 2030. This suggests that many stores that currently only operate as physical stores will opt for opening an online sales channel. . The change will not be from one day to the next, but rather slowly and calmly. This does not mean that by carrying out the metamorphosis the sales that already exist in the physical store will be reduced. E-commerce will be a plus, what is known as an extra, on the one hand, they will have physical sales and, on the other hand, online sales. As we can see they are all advantages and in principle nothing has to go wrong.

Another option than in OmniWallet We do not rule out that it is the other way around, stores that started being online and suddenly decide to open physical stores, AliExpress for example.