What is "Omnichannel"?
It is the different methods of purchasing available to the consumers. Some options are physical in a brick and mortar store, online in websites and even by mobile.
There are 2 types of Omnichannels:
1. Showrooming from physical to online purchase
example: Shopee goods -- you want to see the physical first before purchasing it online
2. Webrooming from online to physical purchase
example: Apple products -- you research about the features first before going to an Apple store to purchase a unit for yourself
With both types, what is important in the age of digital economy is to secure the data of your consumers. It is part of the brand association aspect that clients feel comfortable and emotionally secured with your brand that differentiates it from your competitors and creates your competitive advantage.
An example that I thought of is the comparison between Banks with physical branches vs Digital Banks. I know we are evolving to the digital era and soon, physical branches will become less and less as these are costly. This is why BDO can only offer a small interest rate for their savings account versus ING bank who offers 4%. ING does not have any branches and is purely online, therefore, it only has minimal expenses and can offer a higher rate to us consumers. Whereas in BDO, with thousands of branches and employees, it can only offer a minimal rate to cover its fixed and overhead expenses. Yet, why does BDO still have more followers as compared to ING here in the Philippines?
The reason is the security and complacency we Filipinos have seeing a physical branch where our inquiries and concerns can be addressed whenever we have some versus ING where there is no branch or hotline to come running to in case of problems and everything is just via online.
Maybe in time, ING can improve its customer service hotline to gain more Filipino followers because after all, they are also a bank just like BDO.
Stay Hungry & Stay Safe!
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