Why Every Multichannel Retailer Should Aim For Omnichannel Evolution

We’re all in on omnichannel at Wolfpack because we’ve seen how transformational it can be for our customers. But we also recognize that while it’s our area of expertise, it might not be yours. So today we’re exploring the differences between multichannel and omnichannel and how to evolve your retail operation.

What’s The Difference Between Multichannel And Omnichannel?

Starting with a really quick comparison of definitions, multichannel is where you are selling products through multiple channels like your brick-and-mortar stores, webstore, or third-party distributors whether they are other retailers or other platforms – such as Amazon.

Omnichannel is the same except all those channels are integrated.

Simple, right?

It’s definitely an easy definition to understand at first, but there’s a lot of extra value when you scratch the surface.

What Do Multichannel Retailers Miss Out On?

Let us be clear, there’s nothing wrong with multichannel, especially when a business is starting out. Establishing a retail presence is challenging enough; so no one is expecting you to connect everything up seamlessly out the gate. But it’s that connection between channels that offers so much value in the long term.

When all your order and inventory data is completely connected it’s much easier to get a better idea of the bigger picture. For instance, if you don’t connect your channels you might miss opportunities to cross or upsell, simply because stock isn’t available on your online channel – despite the fact it’s sat taking up shelf space in a store. The impact of that is lost revenue but also worse cash flow – something every business wants to maximize, especially during growth.

What Are The Big Benefits Of Omnichannel Retail?

Your customers pay your bills, so keeping customers happy should always be number one. Aside from opportunities to sell more and improve cash flow, which are themselves massive benefits of omnichannel, the biggest upside is how much better you can make your customer experience. Take the example of our work with Premier League football club Manchester City. Imagine you're a fan at a match, and you decide to buy a personalized shirt. You get your phone out, drop a quick order and you get sent a QR code. You head to the stadium store at half-time, and a quick scan by a customer service agent brings your purchase to life. As you walk back to your seat, your new shirt in hand, the RFID tags are deactivated, meaning you walk straight out the door to watch the second half. Utterly seamless and (arguably) more impressive than Erling Haaland’s debut season

For Man City, that is now a reality in their stadium store thanks to ORP – our Omnichannel Retail Platform.

How Do I Transition From Multichannel To Omnichannel?

In 2024, the only way to become an omnichannel retailer is with digital tools. We’ve mentioned ORP but to bang that drum a little more, it really is the perfect tool for growth-focused retailers who want to compete and win in their market.

Really, multichannel is just a starting point, omnichannel – and a growing omnichannel presence – is the ticket to growth for retail businesses. You have to get the data and insight that interconnection brings to make better decisions on selling, stocking, and serving your customers.

So if you want to move from multichannel to omnichannel, you’re going to have to join the dots of your whole organization. You’ll be pleased to know that with ORP, that doesn’t have to be a barrier to entry, but an opportunity for expansion.

Looking to take your retail operation to the next level but don’t know where to start? Wolfpack are omnichannel experts, so get in touch with us today.

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