Creating a Strong Consumer Experience: 6 Keys to Retail Success
Post on 23-Aug-2014
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6 Keys to Creating a Stronger Customer Experience
Did you know? Retailers lose $65 billion due to poor consumer experiences.*
*Retail Info Systems News, “Omnichannel Readiness Report,” October 2013
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Welcome to the New Retail Reality.
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Competitors are not only across the aisle, they are also the next website over.
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The Buying Process is no longer concrete and linear.
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Retailers who can adapt to consumer preferences in real-time will be the most profitable.
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Read these 6 Tips:To capture consumers across every stage of the buyer’s journey
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1. THINK “OMNICHANNEL”
49% of consumers said retailers need to integrate in-store, online, and mobile shopping channels.*
*Accenture, “Accenture Seamless Retail Study,” April 2013
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All channels must be created equal, no matter how consumers choose to engage or transact.
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An “omnichannel” strategy enables consumers to start, continue, and end their buying journey seamlessly.
Remember this graphic? Yes we’re enabling consumers to use their own buying journey!
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Consumers now expect the same answers, information, and personalized treatment.
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2. NURTURE ADVOCATES
Up to 15% of a business’ most loyal customers account for 55-70% of total sales.*
*The Center for Retail Management at Northwestern University.
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Simply relying on discounts and benefits to create customer loyalty is not the answer.
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Retailers need to create mutually beneficial relationships with their customers.
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Retailers need to use loyalty promotions and return incentives triggered by social, location, and in-store referrals
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3. LEVERAGE DATA FOR ACTIONABLE INSIGHTS
53% of respondents use Big Data, and of those companies, 43% predict an ROI of 25%+.*
*Tata Consultancy Services
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There’s potential revenue buried deep inside your data.
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With analytics, retailers can understand what is happening both in consumers’ minds and in the market.
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From top areas of customer dissatisfaction to product design preferences.
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Insights from Big Data initiatives can help drive retailers’ decision making.
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4. LET CONSUMERS CONTROL THE EXPERIENCE
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In all lines of business, people are sharing their experiences with friends and industry peers.
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Retailers must wrangle data insights from these conversations to…..
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Not waste time targeting consumers in the wrong channels
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Convert online insights into campaigns to drive in-store purchases
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Use positive feedback to generate awareness and reward brand advocates
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5. PERSONALIZE EXPERIENCE IN REAL TIME
Nearly 2/3 of online shoppers would trade privacy for personalized offers from retailers.*
*Accenture, “Today’s Shopper Preferences: Channels, Social Media, Privacy, and the Personalized Experience”
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Consumers are like snowflakes – no two are exactly the same.
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Emerging technologies allow retailers to…
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Distribute relevant deals and event info when consumers are near a physical location
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Offer unique discounts and pricing based on loyalty and purchase history
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Simplify checkouts with one account for in-store, mobile, and online data collection
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6. ANTICIPATE CONSUMER NEEDS
Retailers must intimately understand how consumersinteract with the brand in each channel.
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They should continually seek out the answers to these questions….
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What are consumers trying to do on different channels?
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How do consumers interact with your services?
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Where can you serve consumers in unique and relevant ways?
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So Remember…….
1. Think “Omnichannel”2. Nurture Customer Advocates3. Leverage Data for Insights4. Let Consumers Control the Experience5. Personalize Experience in Real Time 6. Anticipate Consumer Needs
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Following these 6 Principles will help you in creating a competitive retail business in 2014 and beyond!
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Learn More About Providing a Superior Consumer Experience
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