This is why retailers priority should be on personalization, not discounts.
Many fashion retailers treat omnichannel as a burden — something they are forced to do, just to keep up. But I try to remind them that, with the right approach, omnichannel also provides an enormous opportunity, since cross-channel shoppers — those who both buy online and in stores — are significantly more profitable than the average customer.• Higher revenue: Average annual revenue is two times that of other repeat buyers.
But what if you can shift this distribution slightly — let’s say just a 1 percent increase in the cross-shopping segment? It would mean reap millions in incremental revenue annually. So how do capture the potential value of the cross-channel customer journey? Here are three critical best practices that, again and again, have delivered success to the retailers I have worked with.A certain number of your one-time and single-channel customers have already given signals that they could become cross-channel customers. And your first task is to figure out what, exactly, those signals are.
The same approach can be used to discover segments for your “offline-to-online” strategy — i.e., discovering store-only customers who would benefit from shopping online.There are many ways to personalize messages when promoting in-store shopping among online-only customers. Based on a customer’s zip code, you can invite her to the store closest to her home.
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