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Report: Product price fast giving way to customer experience focus

Companies are increasingly focusing on customer experience rather than product price when it comes to the competitive retail segment.

February 1, 2016

A new report claims companies worldwide are re-focusing strategy on customer needs and brand experiences as compared to product-focused efforts and it reflects how retailers are continually moving away from price as a competitive differentiator.

The Forbes Insights study, conducted with Pitney Bowes, reveals how data, specifically consumer data, are becoming an invaluable aspect in fostering a compelling and rewarding customer experience.

"This report underlines the importance of clear, valid and accessible data on your customers," states Bruce Rogers, chief insights officer and head of the CMO practice at Forbes Media, in an announcement. "Otherwise, it's impossible to control the quality of the customer experience."

Customer data are crucial in attaining the needed holistic view of customers and transaction streams.

"Business solutions can only be as good as the data you retrieve," states Jack Bullock, SVP of digital commerce solutions, Pitney Bowes. "Missing the mark could result in poor brand experience for your clients and even fines, legal action and revenue loss."

The key approach, according to the report, is establishing a strong customer information management strategy that not only helps retailers know who the customer is, what they’re interested in but also allows retailers to hurdle the various challenges around data collection and analysis. Those challenges range from storage to data accuracy.