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    Omnichannel Strategy: Here Are the Top 3 Drivers of Omnichannel Profitability

    April 18, 2024
    6 minute read
    Omnichannel Strategy: Here Are the Top 3 Drivers of Omnichannel Profitability

    Ever been swept away by an orchestral performance? If so, you’re already familiar with the unique kind of magic that can unfold when individual musicians, each a master of their respective craft, unite for a common, choreographed goal — achieving a much higher impact than what any single player could achieve on their own. 

    Much like a conductor weaves many distinct sounds into ear-pleasing harmony, an effective omnichannel strategy integrates the unique strengths of your existing marketing channels to maximize their overall effectiveness. 

    This approach not only accelerates growth but also offers resonant, highly personalized experiences that your customers won’t be able to forget — long after the proverbial curtain falls. 

    Here’s a closer look at why so many brand leaders embrace omnichannel

    What Is Omnichannel Profitability — And Why Should Brand Leaders Care? 

    Omnichannel profitability is a strategic approach to growth. Brands aim to maximize their return on investment (ROI) across various customer touch points and channels by integrating them under one omnichannel strategy umbrella. 

    Salsify’s “2024 Consumer Research” report notes that 49% of consumers prefer a perfect omnichannel blend of in-store and online shopping experiences.

    By integrating omnichannel into their strategies, businesses will create the seamless and consistent experiences customers increasingly expect while maximizing their ROI. 

    Rob Gonzalez, Salsify co-founder and chief marketing officer (CMO) and author of the new whitepaper “What Is the Next Gen PXM?” says that brands striving for omnichannel profitability need to drive both top-and bottom-line growth while keeping an eye on the most critical drivers of ecommerce success

    Here are three ways in which brands can achieve this. 

    Critical Driver 1: Sales Growth

    Unsurprisingly, optimizing sales growth is an integral part of achieving omnichannel profitability. 

    By emphasizing the need to maximize the efficiency of every customer interaction, brands can “Get more juice out of every squeeze” by increasing in-store and online impressions, across a greater percentage of their product portfolio.

    In particular, enhancing your brand’s return on ad spend (ROAS) can often contribute greatly to achieving omnichannel profitability. 

    Customer data, properly leveraged to provide shoppers with highly personalized experiences, can also cut away barriers to purchase. 

    Make the most of every touch point, and your customers will reward you for it — probably more than once. 

    Critical Driver 2: Increased Operational Efficiency

    Now is the age of doing more with less — powered largely by automation and artificial intelligence (AI) innovations.

    As large brands manage their customer experiences over dozens — if not hundreds — of different channels, it stands to reason that removing some of the guesswork while automating certain workflows can provide brands with a significant competitive advantage. 

    Over the next 10 years, it’s easy to envision a world where your entire product portfolio gets the same level of consistent optimization across an even wider array of channels. Ensure your brand takes a proactive approach to these technological developments and how they could improve your customer journey. 

    Critical Driver 3: Tech Stack Consolidation

    Ecommerce has changed a lot over the past 10 years and was particularly accelerated by rapid changes in shopper behavior and other constraints seen during the COVID-19 pandemic. 

    As a result, many brands saw their commerce tech stack balloon in size during a relatively short period. 

    Brands striving for omnichannel profitability will need to develop a smaller set of solutions with a wider range of use cases to operate at a lower total cost of ownership. 

    Achieving this balance will empower brands to meet the ever-evolving market demands while positioning them for continued growth and resilience as innovations emerge. 

    Omnichannel Strategy: Your Brand’s Secret to Growth

    In under a decade, omnichannel commerce has become the “new normal” for online brands — make sure that, as these innovations continue to revolutionize ecommerce, your brand is ready to make the most of these blossoming opportunities. 

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    Whitepaper: What Is the Next Gen PXM?

    Are you looking to navigate the future of omnichannel marketing with confidence? Download our whitepaper to uncover expert insights and strategies that will propel your brand forward amid the ever-evolving PXM landscape.

    DOWNLOAD WHITEPAPER

    Written by: Chris Caesar

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    Whitepaper: What Is the Next Gen PXM? Want to navigate the future of omnichannel marketing with confidence? Download our whitepaper to uncover expert insights and strategies that will propel your brand forward amid the ever-evolving PXM landscape. DOWNLOAD WHITEPAPER