By Angie Tay, Group COO / EVP

The evolution of sales channels continues to pick up pace. Fueled by changing consumer preferences and technological innovation, as well as the effects of the pandemic, commerce has been pushed on an accelerated path toward digitalization.

The channels through which consumers make their purchases are also getting more varied. In the US, more consumers are turning to social networks for their purchases. The number of social shoppers is expected to almost double from 61 million in 2019 to 114 million in 2025. Meanwhile, GlobalData forecasts that the global business-to-consumer e-commerce market will be valued at $8.3 trillion with a 9.1% compounded annual growth rate from 2022 to 2026.

Today, purchasing anything in a few taps instead of making your way to a brick-and-mortar store has almost become the default option. However, embracing both online and in-person platforms presents an attractive opportunity to connect with current and potential consumers across all stages of their buying journey. Such an approach can also make a real difference for any business that aims to provide a satisfying customer experience. After all, you can offer the best products, but if your customer doesn’t feel engaged, you risk losing that sales opportunity.

Embracing the “phygital” age

As the landscape continues to evolve, businesses can consider embracing innovative strategies such as direct-to-consumer platforms, online marketplaces, and omnichannel retailing to thrive in this dynamic environment.

An omnichannel sales strategy meets potential customers at every touchpoint in their purchasing journey. Offering multiple platforms for the customer to choose at their convenience, whether via an app, website, or physical store, is one of the most effective strategies to adapt to omnichannel CX for retailer and build customer loyalty.

Combining offline and online channels also enables businesses to maximize their reach, optimize resource allocation, and ultimately drive profitability. Tools such as search engine marketing can drive in-store sales as 55% of shoppers still rely on search to inform purchasing decisions, making omnichannel CX for retailers a crucial strategy in today's market. According to McKinsey, brands that embrace omnichannel strategies see a 5 to 15% revenue increase across their consumer base.

For a truly effective omnichannel sales strategy, brands must also have a strong approach to customer support. As customer transactions increase, particularly driven by the rise of digital natives, brands will be under pressure to cope with the increased volume and corresponding customer issues, emphasizing the need for robust omnichannel CX for retailers.

One of our clients, a leading European online retailer for luxury fashion with patrons from more than 120 countries, partnered with TDCX to ensure that its hard-won customers were provided the service that is expected of the brand. We provided them with round-the-clock multilingual and omnichannel customer service support and achieved a 95% response rate within 24 hours on all tickets and a net promoter score of more than 85%.

How outsourcing can help retailers grow

Faced with many competing priorities and a resource crunch, many of our clients expressed that it was a challenge to deliver the type of service that they envisioned. They, therefore, turned to outsourcing as a solution.

Through CX outsourcing providers such as TDCX, firms can build robust omnichannel customer engagement strategies and design a more personalized purchasing experience. Firms are thus able to manage their customer service needs better and achieve their sales targets effectively. Such an approach also frees up internal workforces to focus on their core business activities, such as innovation and business strategy.    

As an outsourced CX provider, we are familiar with the common pain points faced by consumers. Many e-commerce players would be familiar with the double-digit sales campaigns and the intense competition to drive consumer spending. To support our client, a leading e-commerce platform with a presence in Southeast Asia and South America, in achieving their sales targets, we led the creation of playbooks and knowledge-based tools for the client, along with the launch of a massive campaign to drive customer engagement. This achievement was possible thanks to our ability to translate the client’s CX vision to operational excellence.

Through data-led insights and strategies, TDCX has since become the trusted CX partner of many clients in the retail sector. Companies can harness expert insights and tools to scale and efficiently adapt to the changing commerce landscape, increasing their chances of building a successful online presence.

To promote knowledge sharing within the retail industry, we recently organized a TDCX Talks E-Commerce Industry Meetup in Singapore. The event assembled leaders from some of the biggest, most well-known, and premium e-commerce providers to share their views on the future of commerce. It was a night of robust discussions on revolutionizing retail, the future with super apps, and sustainable e-commerce, with many of the insights shared captured in this article.

TDCX will be organizing more of such events in the future, so do keep a look out for them on our channels. In the meantime, we’re always here to help with your CX needs, so do give us a shout, and we’d be happy to have an exploratory conversation.