Introduction
Over the past decade, retail industry has undergone tremendous changes with advancement of technology and growing preference of customers towards online shopping. Customers now expect seamless shopping experience across all channels whether online or in-store. To meet evolving customer expectations and stay ahead of competition, retailers are increasingly adopting omnichannel approach. Omnichannel retailing aims to provide unified and consistent shopping experience to customers across all customer touchpoints. In this article, we explore what is omnichannel retailing, its benefits for customers as well as retailers and key aspects of successful omnichannel strategy.

What is Omnichannel Retailing?
Omnichannel retailing refers to integrated sales experience for customers via all possible channels of shopping namely in-store, online website, mobile apps, social media, call centers etc. The key principle of omnichannel retailing is providing seamless experience to customers as they move from one channel to another. For example, a customer can browse products online, check availability and pricing in-store and pick up the order from nearby store. Or customer can initiate purchase online and choose to return in-store. Such seamless switching ensures consistent brand experience for customers across touchpoints.

Benefits for Customers
Omnichannel approach provides numerous benefits and convenience to customers. Customers can easily compare prices and check product availability across various channels from the comfort of their home or on the go via mobile. They have flexible options to buy online and pick up in-store or try in physical store and purchase online. Customers have option to return or exchange purchases either through online channels or physical stores. This 360 degree shopping experience saves time of customers and makes shopping more convenient.

Benefits for Retailers
Retailers also gain significant advantages through omnichannel strategy. It allows them to engage with wider customer base and drive more sales. Omnichannel presence helps increase brand awareness, improve customer retention and attract new customers. Cross channel shopping data provides deep insights into customerpreferences and behavior which helps optimize inventory, supply chain, merchandising etc. It further strengthens customer relationships and enhances their lifetime value. Retailers can also leverage omnichannel strategy to gain competitive edge over others and improve overall business performance.

Key Aspects of Omnichannel Strategy
Here are some of the key components that retailers need to focus on for successful implementation of omnichannel strategy:

- Integrated Technology Platform: Retailers need centralized and integrated IT infrastructure to support seamless data and order flow across channels. This includes common Customer Data Platform (CDP), order management system, inventory visibility etc.

- Consistent Customer Experience: Customers should have uniform experience, pricing, promotions, payment options and return policy irrespective of the shopping channel used. The brand experience needs to be sustained.

- Omnichannel Fulfillment: Retailers require chainwide order visibility and fulfillment options like buy online pick up in-store (BOPIS), ship from store, same day delivery etc. to provide fast and flexible fulfillment.

- Omnichannel Workforce: Successfully executing omnichannel strategy requires workforce with new skills like ability to serve customers on multiple channels, fulfillment roles, technology proficiency etc. Workforce needs proper training and tools.

- Data & Analytics: Big data from all channels needs to be collected, integrated and analyzed to gain insights into customer segments, preferences, trends and for personalization.

- Budget Allocation: Funds are required for implementing technology integration, enhancing fulfillment infrastructure, training workforce, running campaigns for seamless channel promotions etc. Adequate budget needs allocation.

- Measurement Metrics: Retailers should establish KPIs to measure omnichannel strategy effectiveness through parameters like conversion rates, Average Order Value (AOV), customer retention and lifetime value.

Challenges in implementation
While omnichannel offers significant advantages, its implementation poses various challenges for retailers. Retrofitting legacy systems for integration and ensuring consistent customer experience across stakeholders can be complex. Behavioral change in workforce may also be needed. High investment on infrastructure, technology and training requires upfront capital. There are also risks of losing sales due to out of stock situations if inventory visibility across locations is not precise. Fulfillment capabilities need to meet customer service level expectations. Data privacy and security also demands attention with so many touchpoints involved. Retailers need to address such challenges proactively for reaping omnichannel benefits.

Conclusion
In today's era of empowered consumers, retailers must adopt omnichannel retailing model to stay relevant and competitive. While omnichannel execution comes with its own set of challenges, it promises manifold rewards when implemented effectively. It enhances customer convenience, retention and lifetime value. For the retail sector, omnichannel is the future that provides 360 degree visibility into business operations and opportunity for sustainable growth. With continuous innovations, omnichannel strategy will reshape shopping experience in coming years.