Winning customer loyalty is a continuous and important objective for retailers, but it's not always an easy task. Unfortunately, alienating customers can be.
Thanks to market research, point-of-sale information, loyalty cards, online and mobile transactions, location data, and social media, retailers are sitting on vast pools of data. Yet many struggle to manage this invaluable resource, as data has become increasingly complex and is of limited use without intelligent analytics.
Retail will always be with us, but it will be different going forward. Now is the time to be experimenting and expanding your brand in the mind of your customers and investors.
With the inherent convenience of ordering favorite specialty items online, come new demands from consumers, namely: the expectation of finding their favorite brands in the app store. The more consumers turn to their smartphones for buying convenience, the more competition arises for brands looking to cash in on the gold rush.
Location data answers much more than just "Are buyers visiting my store?" It answers questions like "Which locations and audience segments do competitor's loyalists frequent?" and "How much market share are my marketing campaigns stealing from competitors?"
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The explosion of information is clearly accelerating. Data is flooding companies and the problem is only getting worse. As the next big explosion heats up with Internet of Things technology the rate of information growth will go exponential.
There's a general assumption in business today that change is good, but we can't launch into change for the sake of it. There needs to be a clear business imperative, meaning the ability to define and measure change, demonstrating value. To do this, we need to go to the bottom line.
Understanding the consumer is just one part of the equation for Crate & Barrel. The key, as a top leader explained, is knowing what a consumer is looking for, helping them find it easy and quick, and driving the purchase forward.
In mature categories with declining volumes and margins, there are immense pressures on the c-suite to innovate. Consumers have already voted for a seamless experience across time and place. Future success will require "omni-retail" of engaging consumers when, where and how they want to shop and purchase.
Jeff Kagan explains why timing your entry into new areas of retail payment technology is key. Early adopters get a competitive advantage yet they take the arrows, he explains. Then over time, as wave after wave of competitors jump in and do the same thing, the competitive advantage gives way and becomes simply a cost of doing business.
Todd Enders, VP of product marketing for Salesforce Service Cloud, shares insight and tips to unlocking rewarding customer experiences that will drive sales and customer loyalty in a live one-hour event April 25.
The advent of digital has changed life as we know it, including the shopping experience. The state of retail is now evolve or die. The dogma of old school retail leadership is now a blueprint for what NOT to do.
Lowe's customer experience innovations is moving at the speed of light, advancing robotics, apps, AR and VR technologies to make home improvement shopping easier and more rewarding.
Stop me if you;ve heard this one before: You're more likely to go back home to retrieve your smartphone than the wallet you left behind.
The upcoming June ICX Summit boasts top leaders in customer experience speaking on a range of topics from CX strategy to measuring customer experience return-on-investment
Media outlets often make the mistake of stereotyping millennials either as lazy, entitled, antiestablishment types who can’t stop taking selfies, or as clever, socially conscious adults. Both stereotypes fail consider the full spectrum of the millennial demographic.
Peter Fader, professor of marketing at the Wharton School of the University of Pennsylvania and co-founder of Zodiac, explains why a truly customer centric company is one that aligns iproducts and services around the wants and needs of its most valuable customers. In other words, it's about using customer lifetime value (CLV) metrics.
The decision on which mobile app to work with is an important decision. Some are sleek. Others are clunky. Some are quick. Others are slow as molasses. There are many items you must choose from, but here is an important something to think about.
To keep up with shopper expectations, it's more important than ever for retailers to enhance and integrate the physical and digital. As we move further into 2017, the retail world will see a reversal of some previous trends and the emergence of others.