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Creating a Strong Consumer Experience: 6 Keys to Retail Success
- 1. 6 Keys to Creating a Stronger Customer Experience
- 2. Did you know? Retailers lose $65 billion due to poor consumer experiences.* *Retail Info Systems News, “Omnichannel Readiness Report,” October 2013 Share with your networks!
- 3. Welcome to the New Retail Reality. Share with your networks!
- 4. Competitors are not only across the aisle, they are also the next website over. Share with your networks!
- 5. The Buying Process is no longer concrete and linear. Share with your networks!
- 6. Retailers who can adapt to consumer preferences in real- time will be the most profitable. Share with your networks!
- 7. Read these 6 Tips: To capture consumers across every stage of the buyer’s journey Share with your networks!
- 9. 49% of consumers said retailers need to integrate in-store, online, and mobile shopping channels.* *Accenture, “Accenture Seamless Retail Study,” April 2013 Share with your networks!
- 10. All channels must be created equal, no matter how consumers choose to engage or transact. Share with your networks!
- 11. 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! Share with your networks!
- 12. Consumers now expect the same answers, information, and personalized treatment. Share with your networks!
- 14. Up to 15% of a business’ most loyal customers account for 55-70% of total sales.* *The Center for Retail Management at Northwestern University. Share with your networks!
- 15. Simply relying on discounts and benefits to create customer loyalty is not the answer. Share with your networks!
- 16. Retailers need to create mutually beneficial relationships with their customers. Share with your networks!
- 17. Retailers need to use loyalty promotions and return incentives triggered by social, location, and in-store referrals Share with your networks!
- 18. 3. LEVERAGE DATA FOR ACTIONABLE INSIGHTS
- 19. 53% of respondents use Big Data, and of those companies, 43% predict an ROI of 25%+.* *Tata Consultancy Services Share with your networks!
- 20. There’s potential revenue buried deep inside your data. Share with your networks!
- 21. With analytics, retailers can understand what is happening both in consumers’ minds and in the market. Share with your networks!
- 22. From top areas of customer dissatisfaction to product design preferences. Share with your networks!
- 23. Insights from Big Data initiatives can help drive retailers’ decision making. Share with your networks!
- 24. 4. LET CONSUMERS CONTROL THE EXPERIENCE
- 25. Share with your networks!
- 26. In all lines of business, people are sharing their experiences with friends and industry peers. Share with your networks!
- 27. Retailers must wrangle data insights from these conversations to….. Share with your networks!
- 28. Not waste time targeting consumers in the wrong channels Share with your networks!
- 29. Convert online insights into campaigns to drive in-store purchases Share with your networks!
- 30. Use positive feedback to generate awareness and reward brand advocates Share with your networks!
- 31. 5. PERSONALIZE EXPERIENCE IN REAL TIME
- 32. 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” Share with your networks!
- 33. Consumers are like snowflakes – no two are exactly the same. Share with your networks!
- 34. Emerging technologies allow retailers to… Share with your networks!
- 35. Distribute relevant deals and event info when consumers are near a physical location Share with your networks!
- 36. Offer unique discounts and pricing based on loyalty and purchase history Share with your networks!
- 37. Simplify checkouts with one account for in-store, mobile, and online data collection Share with your networks!
- 39. Retailers must intimately understand how consumers interact with the brand in each channel. Share with your networks!
- 40. They should continually seek out the answers to these questions…. Share with your networks!
- 41. What are consumers trying to do on different channels? Share with your networks!
- 42. How do consumers interact with your services? Share with your networks!
- 43. Where can you serve consumers in unique and relevant ways? Share with your networks!
- 44. So Remember……. 1. Think “Omnichannel” 2. Nurture Customer Advocates 3. Leverage Data for Insights 4. Let Consumers Control the Experience 5. Personalize Experience in Real Time 6. Anticipate Consumer Needs Share with your networks!
- 45. Following these 6 Principles will help you in creating a competitive retail business in 2014 and beyond! Share with your networks!
- 46. Learn More About Providing a Superior Consumer Experience