How Omnichannel Engagement Can Boost Your Bottom Line

Jun 14, 2023

As technology continues to evolve, so do the expectations of customers. Nowadays, consumers expect to be able to engage with brands on a multitude of channels, such as social media, email, phone, chatbots, and more. This is where omnichannel engagement comes into play. 

Omnichannel customer service is a strategy that allows businesses to connect with customers on multiple channels seamlessly, creating a cohesive and personalized experience across all touchpoints. In this blog, we’ll explore how omnichannel engagement can boost your bottom line.

Importance of Providing a Seamless and Consistent Customer Experience

Customers expect businesses to offer a personalized and unified experience across all channels, and failing to meet these expectations can result in lost sales and decreased customer loyalty. A survey by Salesforce found that, when making B2B purchases, 82% of buyers expect to have the same kind of buying experience as they would have when making personal purchases for themselves. The study also found that 80% of customers believe that the experience provided by a company is equally significant to the quality of its products or services. 

Let’s look at the factors of omnichannel engagement that contribute to the bottom line.

Improved customer satisfaction and loyalty

Omnichannel engagement can help businesses build stronger relationships with their customers, leading to increased customer loyalty. According to a survey by Epsilon, 90% of respondents find personalization appealing, and 80% of them are more inclined to do business with a company that offers personalized experiences. 

Also read: A Guide on How To Increase Customer Loyalty  

Boost in customer retention  

According to the data from Aberdeen, companies that have well-established omnichannel customer experience management programs typically see a 91% higher year-over-year increase in customer retention rate compared to companies that do not have such programs.

Increased sales

Omnichannel engagement can lead to increased sales by providing customers with a seamless and personalized experience. According to a study from Omnisend, marketers who employed three or more channels in a campaign achieved an order rate that was 494% higher compared to those who used only a single channel in their campaign. Additionally, the study found that campaigns that used only one channel had a purchase rate of 3.21%, whereas campaigns using three or more channels had a purchase rate of over 12%.

Improved operational efficiency

By providing a single view of customer interactions across channels, businesses can reduce the time and resources needed to respond to customer inquiries and resolve issues. Rather than requiring customers to repeat their concerns across different channels, businesses can access all relevant information in one place. This not only improves the customer engagement experience but also increases the speed and accuracy of issue resolution.  

As per predictions by International Data Corporation (IDC), By 2025, 60% of G2000 B2B field sales teams are expected to decrease in size by 40% due to increased effectiveness achieved through digital engagement. Also, by the year 2023, interactive sales and enablement capabilities will be essential for virtual selling, with 65% of G1000 business sales leaders using training tools like conversational AI.

Competitive advantage

Omnichannel engagement can provide businesses with a competitive advantage by offering a superior customer experience. A study by Salesforce reveals that if businesses do not offer their customers their preferred channels, 40% of those customers say they will not conduct business with them. Furthermore, businesses with strong omnichannel engagement strategies retain 89% of their customers on average, while those with weak omnichannel engagement retain only 33% of their customers, says invesp.

Adopting an omnichannel engagement strategy can have a significant impact on a business’s bottom line. By providing a seamless and consistent experience across all channels, businesses can improve customer satisfaction and loyalty, increase sales, and gain a competitive advantage. 

Outsourcing to a BPO (Business Process Outsourcing) company can help businesses achieve these benefits more efficiently and cost-effectively. First Credit Services is a reliable and experienced BPO company that can provide comprehensive omnichannel customer engagement solutions tailored to the specific needs of your business. 

With a proven track record of success, First Credit Services can help your business boost its bottom line through improved customer satisfaction, increased sales, and streamlined operations. 

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