No industry has seen the effects of digital disruption hit hard quite as publicly as the retail sector.
Shock headlines detail the decline of footfall, with indignant images of boarded up stores and empty high streets. Pre-Christmas forecasts preached that the most successful holiday retailers would be those offering the optimum online shopping experience.
But aside from the scare-mongering surrounding physical stores, the key focus for retailers has remained steadfastly the same; how to offer the best customer experience? There are key challenges the industry can address today to keep up with changing consumer demand.
Customer loyalty is at an all-time low, with their demands constantly increasing.
You have key decisions to make – from your store strategy, to new growth areas and how to engage online for loyalty – and you need to make an informed decision. You turn to your data to inform your decision, right? That’s not the case for many retailers who are struggling to gain insights from the masses of data available to them. Taking control of your data and having the power to display it in ways which are easily digestible allows you to turn your big data into rich data – information that has the power of context.
Lack of loyalty
We all have more information at our fingertips than was even imaginable 20 years ago. Great for consumers, who are more empowered than ever before. But for retailers, this makes for a fickle customer. Customer loyalty is at an all-time low, with their demands constantly increasing. Retailers offering added value to their customers above and beyond their competitors can take share from anyone who falls short.
The bricks-and-mortar story
It’s true that physical stores are seeing a downturn in the number of customers they serve – but there is no doubt the shop has a place for many retailers. Giving customers the maximum amount of convenience is key in our fast-paced, digital world. Retailers who are able to use digital technology to enhance the in-store experience, and give the customer the impression that physical and digital have merged, are onto a compelling experience which will be hard to beat.
Much of this comes down to offering something the customer really wants. The consistent theme is the omnichannel experience.
The omnichannel enigma
You know the story as both a retailer and a consumer yourself; customers expect the same experience, no matter the channel. Now, more than ever, there is a plethora of channels for a customer to contact and interact with your brand. Retailers that can offer a holistic experience across every touch-point of the customer’s journey will have the advantage.
The key is in removing silos. If each department and each employee has access to the same customer information, it will have a hugely positive reflection on the customer’s experience.
It’s time to stop the shock headlines and look at the challenges for the opportunities that they present. By addressing these challenges today, retailers can set themselves up for success tomorrow. Why now? Because today, your customer is demanding. Tomorrow, they will expect even more.
Read our extensive report on how businesses need to prepare for 2020.