How to turn online shopping into a win-win for your retail franchise
14th Nov 2023
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By Emily Ainsworth
Online shopping is no longer a novelty but a way of life. According to IBISWorld, industry revenue from online shopping in Australia is expected to reach a whopping $56.2bn by the end of 2023. And it's not slowing down. In fact, the online shopping phenomenon is expected to keep growing, as more and more consumers look for convenience, variety and value online (discount code, anyone?!).
But don’t panic, retail franchisees, because your physical stores are far from doomed. Online shopping can actually be a great opportunity for you to reach more customers and increase loyalty.
How? By adopting an omnichannel strategy that integrates online and offline channels seamlessly.
Omni what?
An omnichannel strategy is all about providing a consistent and personalised customer experience across multiple touchpoints. For example, a customer might browse products online, order them via click-and-collect or home delivery, receive personalised offers via email or SMS, and return or exchange them in-store. An omnichannel strategy makes shopping easy, convenient and satisfying for customers, no matter how they choose to shop.
In case you’re now wondering how to implement a winning omnichannel strategy, here are three simple suggestions from IBISWorld and other industry sources to help you out.
- Invest in technology.
Technology is the backbone of an omnichannel strategy. You need to invest in technology to manage your inventory, orders, payments, deliveries, marketing and customer service across multiple platforms. This could include e-commerce platforms, point-of-sale systems, inventory management systems, delivery tracking systems, CRM systems, loyalty programs, social media platforms and chatbots – the list goes on! Investing in technology will help you streamline your operations and enhance your customer experience.
- Collaborate with franchisors.
Franchisors are your best friends when it comes to your omnichannel strategy. They can provide you with guidance, training, resources, standards and best practices to follow. They can also leverage their brand power and network size to negotiate better rates with suppliers, distributors and third-party platforms. Collaborating with franchisors will help you access more opportunities and benefits from your omnichannel strategy.
- Innovate with creativity.
Creativity is the spice of an omnichannel strategy. You need to innovate with creativity to attract and retain customers in a crowded and competitive market. This could include offering unique products, services, promotions or experiences that appeal to your target audience. For example, you might offer personalised recommendations, customisation options, virtual try-ons or experiential retail. Innovating with creativity will help you stand out from the crowd and delight your customers.
So there you have it; three simple steps to turn online shopping into a win-win for your retail franchise. If you'd like to find the best retail franchise opportunities in Australia, you can browse our listings. Happy shopping!
