We are deeply rooted in the Consumer First Era for the collections industry, and at the heart of customer engagement strategies, there are two broad terminologies -‘Omnichannel’ and ‘Multichannel’.
From a semantic viewpoint, a multichannel strategy directly translates to – ‘many’ channels, whereas omnichannel translates to ‘all’, and this highlights the pronounced difference between the two of them.
Multichannel was based on the assumption that customers were choosing a primary way to engage - but this isn’t true any longer! For organizations looking to have qualitative interactions with their consumers, an omnichannel strategy is a much better option.
98% of Americans traverses between multiple digital touch points, and an omnichannel approach provides the consumer with a gateway to stay connected with you at the time of their need.
From a consumer standpoint, a good user experience implies that “if I open an ebook on my laptop, my iPad has to pick it up from the same page”. There has to be a seamless transition between all devices.
Keeping your consumer’s journey in mind,
- The multichannel strategy fails to serve their consumers who prefer using different devices, whereas, the omnichannel blends all possible touch points and ensures the consumer experience is consistent and unified.
- When compared with multichannel, omnichannel is a more transparent, streamlined, and versatile approach to addressing the needs of your consumer.
- Multichannel highlights the incompetence of self-service, but the omnichannel enhances the efficiency of digital consumer self-service.
- Omnichannel puts the consumer at the center of the strategy, which drives most digital transformations.
- Omnichannel strategies ensure that your consumers develop a deeply personalized relationship with your company; this helps them achieve a 91% higher YoY increase in customer retention.
- Omnichannel eases the consumer journey without any roadblocks, like loss of information or need to reiterate, and provides your firm a great window of opportunity for building rapport with your consumers.
This set of attributes make omnichannel your go-to consumer engagement strategy. A survey shows that 60% of people prefer brands that interact across multiple platforms.
In a nutshell, omnichannel trumps multichannel in terms of having a more tactical approach towards meeting consumer needs and generating more profits for the collection industry.
If you’re ready to take the leap from multichannel to an omnichannel customer serving strategy, and are exploring an omnichannel solution to build a personalized relationship with your consumer. A solution that has no upfront expensive investment and can be deployed right away - IConnect247 is your answer.
IConnect247 is a white-label solution for both web and mobile - so you can serve your digital-first consumers, wherever they might be!
Schedule your demo today!