How O2O Sales Strategy can Enhance the Efficiency of Retail Business
Today, enterprises are experimenting with various sales strategies to connect with their customers and boost growth. Online-to-offline (O2O) is one such sales strategy that allows businesses to find customers online and bring them to their physical stores to make purchases. In O2O sales strategy, both the offline and online channels work in tandem to increase sales for an organization.
O2O strategy allows customers to search for a product online and pick it from the brick and mortar store. It also allows consumers to return a product at the physical store that was bought online. The most significant advantage of the strategy is that it will enable businesses to track offline transaction and understand customer behavior. Understanding customer behavior will allow brands to target the consumers that suit their specific marketing campaigns.
The present scenario of retail business relies significantly on cash for business transactions, which does not provide clear visibility of the merchant's business to banks, companies and lending institutions. Digitization of payments at the physical store will allow businesses to gain insights into the real-time offline consumer transaction data. This will also enhance the visibility of a merchant’s shop, enabling banks and lending institutions to sell financial products like the loan, insurance, and other services to consumers as well as the merchants.
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The retail brands have no information about their end customers, which creates a gap between retailers and the end customers. The gap leads to reduced visibility of sale and inventory at the merchant site. The O2O strategy will allow retailers to digitize the supply chain, helping them to gain access for billing, transaction, coupon, and inventory data.
Customers today rely on online methods to research for a product as online channels offer a plethora of options for customers. However, physical stores can gain more customer traction with the convergence of online and offline sales, as this convergence will allow customers to view the product physically.
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