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.
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.
Retailers not using Internet of Things technology may soon want to investigate its potential given big opportunities to boost the customer experience and save big bucks.
Leading retailers are beginning to make sweeping changes to keep up with consumer demands. In the past six months retailers like Amazon, Target and Kroger have taken public and deliberate steps to "think small" by focusing on online shopping and opening smaller brick and mortar stores. This monumental shift is the future of retail.
Today's retailers are missing out on sales due to a poor digital product content strategy which not only results in a weak customer experience but puts a dent to the brand in most cases.
As most business owners know, the cost of acquiring a new customer is much higher than retaining a current buyer. It's why companies put a lot of effort into retention marketing. But what happens when those current customers are buying less frequently?
Bottom line, smartphone technology and apps are an incredible way to reach customers in new and creative ways. Use technology in new ways to give the customer what they want and that will improve customer retention. However, developing a great app is more complicated than many know.
In a world where anyone can whip up an e-commerce site and begin selling in a matter of hours, merely taking products to market just isn't good enough anymore. Consumers are surrounded with options, so retailers need to find better ways to turn those browsers into repeat customers.
For many customers, online shopping is exciting (or, at the very least, more enjoyable than leaving the house to visit a store). Actually, receiving the product is even more exciting. But that time in between the purchase and its arrival? Not so much.
Rental car companies can effectively respond to competition by adopting the successful strategies and best practices digital retailers use to engage customers by offering a richer, customizable and frictionless experience.
With today's consumers tapping devices before they hit a brick-and-mortar or hop online to shop, retailers need to ensure apps are performing well and the store network can support the expected in-store digital experience.
The two retailers are tapping a gamification-focused employee training platform and achieving way beyond a more knowledgeable workforce.
For today's consumers, omnichannel is their "new normal." They now shop and purchase anytime and everywhere. What this means for traditional retailers is that they must become more flexible and "seamless."
The impulse to socialize at the market lives on — witness the late 20th century phenomenon of "hanging out at the mall," or the 21st century rise of farmers markets and pop-up shops in the most densely urbanized settings.
The buzz about bots is on the rise. No, not the all-knowing Isaac Asimov supercomputers. The 1-800-number variety that never seems to detect any urgency in the phrase "I'd like to speak to a person."
The opportunity to learn from best-in-class CX deployments, insight on the latest of Internet of Things and how best to build the customer experience are just three of nearly a dozen reasons to attend the upcoming ICX Summit.
While the New York Times describes Amazon's Treasure Truck as another of Amazon's "puzzling retail experiments," it can be viewed as Amazon's continuing effort to refresh retail by trying innovative approaches.
Networld Media Group will launch FoodTruckOperator.com on April 1. It will cover industry trends and news, profile business owners and explore the technologies and tools available to help operators grow their businesses.
When it comes to creating a ‘MEaningful’ customer experience, Kohl's is relying big time on data to understand customer behavior and craft a personalized experience.
People are the secret to retail success and creating a customer experience for the 21st century means retail industry must transform its approach to lure new talent into the store.