Case Report. Omnichannel Strategy. Business & Marketing Essay

OMNICHANNEL STRATEGY
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Omnichannel Strategy
The retail and customer market has been undergoing enormous changes in the last two decades. This meant the customers had to adapt ways to survive in the adversely changing environment. Before 1995, the market was restricted to only a mono channel in which the customers could only shop in brick stores or make orders in catalogs. Innovation had increased in the 90s, especially in the US. In 1995, the government allowed the use of both physical and digital marketing to improve the user experience of the products. In the same year, Amazon was launched, which has become the largest online retailer in the US. A year later, UK copied, which lead to the establishment of the seller deck in 1996. Rakuten ichiba and Alibaba are prominent online retailers on the Asian side. This discussion focuses on the appropriateness of omnichannel strategies for product W, with its considerations, benefits and risks.
Omnichannel strategies entail a lot of concepts, with multichannel being one of them. Multichannel or cross-channeling includes the use of different distribution and promotional channels to improve the user experience of product W. integrating these two increases the efficiency availability of product W to its users in an easy way. Through omnichannel strategies, there will be improved content media creation for the advertisement, distribution, and promotion of product W. Content creation has been there as early as in the 90s, which was majorly used in web content creation (Palmatier, Stern & El-Ansary, 2016). Using this technique will be essential for creating exceptional content for product W, which shall definitely increase its user experience in online retailing. By integrating multiple distributions and promotional channels with excellent use of exceptional content, there will be an increase in the user experience of product W. There will also be an improved relationship between its retailers and customers.
There shall be various benefits gained by using an omnichannel strategy to market product W. benefits for retailers are many. The online retail shops offer a wide range of commodity price for product W. It will also provide an opportunity for the retailers to make orders anywhere on the Internet and providing the ability of the company to track customer behavior on product W. Omnichannel will reduce the cost of constructing retail shops of product W in expensive places where customers visit frequently. Instead, the retailers will build stores in cheap and easily accessible places. The company for product W will benefit more as the product is easily accessible from anywhere by retailers on the Internet. Belvedere and Tunisini (2019) explain in their work that as the audience navigates the Internet, the company is able to track customer behavior on its product and advice the retailers accordingly. This is beneficial as it enables the retailers on the brand of product W. On the other side, customers are able to gain more benefits from implementing the omnichannel strategy on product W.
Shopping online and going to collect the item will save customers time in shopping product W. Time to drive into the store, walking around to chose and collect product W brands and waiting on the line to pay for the product is saved by just browsing on the list of products and going straight to pay for it online easily on the phone. In the past, the new times had an article that explained that the US used to waste 37billion each as they waited in various stations for service. By use of online shopping and then collecting the product from the nearest store, time will be saved, which will be used efficiently elsewhere to increase the economy. Due to reduced costs in building retail shops, the product price will reduce, which will be a benefit to the customers. The reduced price will save on customer's time as they also save on their pockets. Customers will also be able to get detailed information from online retail shops compared to physical stores. In a physical store, the staff is just motivated to sell only the products they have unlike online, which offers more brands of the company. The Internet has eliminated the distance factor in most businesses, which was a major factor in accessing business products in the past. Nowadays, people are able to browse competitor's products product at any time and any place. Customers will be able to make orders of product W from anywhere in the country, which will greatly improve the user's experience.
Despite having benefits, there are risks that the company needs to be a...