Rapid technological advancements and digitalization have completely changed how consumers and organisations think about themselves today. Consumers now have more control over the pre- and post-shopping experiences, which has led to a paradigm shift in the purchasing process in recent years, especially in the wake of the unexpected pandemic.
Samewise, these days consumers have been accessing content in a multi-channel fashion. In the last three years for obvious reasons, the switch of consumers making the discovery online then transcending the channel to go offline for the touch and feel, and sometimes even coming back to complete the purchase online for convenience has become a norm, particularly in high-value categories or volumetric categories.
Now, that is a huge shift in the consumer behaviour pattern – the consumer is multi-channel and multi-device at the same time.
Commenting on the market need, Navin Joshua, Founder of the GreenHonchos tells that “they come in with an understanding of that unique customer shift and comes with an omnichannel approach for targeting the consumer purchase. We integrate the tech layer in terms of the stack, as well as the marketing layer from the digital ecosystem for a fairly unified online commerce strategy because the metrics across tech and digital are on the same stack. So, our understanding of that as a science and the journey from tech to digital for enabling a higher conversion and integrated customer experience is our sweet spot. That is our consultative approach to scaling brands online where we don’t believe in one size fits all. It is unique to the brand type and customer type. And that is where we help brands identify their target audience and their consumer behaviour and have strategies for each”.
In retail all the brands now prefer omnichannel because the largest cost is the product and the stocking itself. Especially, if you go back to the online days when you needed to create dark stores or warehouses at each point of sale. I think eCommerce is a refreshing change in terms of the overall stock holding to sell-through ratio because centralized inventory can be exposed to multiple points of sale online, thereby raising efficiency. Also, from a capital intensity perspective, it makes complete sense for a brand or a business to go omnichannel as well as Omnifulfil. So there’s a part of Omni-experience and part of Omni-fulfilment.
Apart from the cost factor, there are many experience factors in omnichannel that help increase the customer value proposition. One is time to deliver by localization of inventory that omnichannel enables, and that is a huge benefit. Also in certain categories that are volumetric in nature, omnichannel enables a form of wider serviceability. Otherwise, it was always only within the vicinity of where they had a central warehouse. The other is the cost of shipment. When it is local logistics that is enabling it through omnichannel there is huge cost efficiency that businesses can leverage. So as a 360 enabler to the consumer as well as the business, omnichannel is here to stay. Moreover, brands that have an offline and an online play have the ability to be omnichannel even in their offers, promotions, loyalty and rewards, and thereby have a higher customer lifetime value or LTV.
“At GreenHonchos we firmly believe that a differentiated story, or a narrative or what we are calling a content-to-commerce journey, is what will make brands stand out in all the clutter. Ecommerce comes with a great opportunity for entrepreneurs and businesses to have a wider reach much sooner than the erstwhile distribution model that was much more time and labour-intensive. But along with that comes a very low barrier to entry, which is where the clutter hits immediately. The first mile can be just pushing through digital marketing spending or burn or getting some kind of reach and recall. But over a period of time, the age-old marketing dynamics kick in, where it has to be an integrated approach of content, social, aggregation of full 360 approach, with multiple sources of traffic and channels, kicking in at the same time for the next wave of growth.” further commenting on the future of D2C brands, Joshua , Founder of GreenHonchos.
