Retail Analysis I
ncreasing levels of online shopping over the last 10 years have seen retailers turn their attention to their digital channels. This has powered a wealth of innovation from new payment methods
to innovations in AR and VR and an overall increased attention on the customer’s experience. With 86% of buyers willing to pay more for a great customer experience, who can blame them? Over the last 18 months the popularity of online shopping has skyrocketed, across all generations, and retailers have had no choice but to interact with their audiences digitally. The closure of brick-and-mortar stores for most of 2020 meant brands needed to shift their focus online to interact with customers and create these lasting brand-to-consumer relationships. As consumer behaviours change to focus more on the online
channel than pre-pandemic, brands must look at how they interact with their customers away from the shop floor. Only 12% of customers agree that brands provide them with a consistent experience, on all channels. So, no matter what channel or combination of channels customers choose to shop via, it is clear the experience they have whilst interacting with their chosen brand must be exemplary and frictionless.
Live video and CX These changing consumer demands and buying habits are impacting how we approach retail. Before the pandemic, retailers were able to put the onus on how customers felt walking around the store, and how they interacted with in-store staff. Retailers could see customers making purchasing decisions first-hand and better understand the journey the customer went on as they made their purchasing decisions. However, with retail now being more evenly distributed between physical and online, retailers have less clarity over the customer journey and, ultimately, the experience they have with the brand.
So, with this need for more visibility over the online customer
experience and the consumer demand for better, more personalised experiences overall, retailers must find a way to satisfy both. Today many retailers are capitalising on the increased demand for online shopping by utilising live video and livestreaming on their websites. Brands like Marks and Spencer and Currys utilise live shopping to give their customers an instore experience digitally. Through video- powered shopping, retailers can connect with their customers, no matter their location or proximity to a store, offering tailored advice and product demonstrations. This, combined with the rising trend of social commerce, is set to
revolutionise the online customer experience and the entire retail landscape as we know it. Allowing customers to engage with staff, but also with friends and family as they shop via livestreams, offers another dimension to the journey digital customers go on.
Investing in Technology Alongside the rise of live shopping, there is also an increasing demand for social commerce, where retailers can use their own social media platforms like Facebook, TikTok, Instagram and Twitch for product launches, seasonal campaigns or influencer marketing promotions. Not only does this allow retailers to reach a wider audience, but it also allows customers to access the brand on a platform that suits them, giving them flexibility over how they interact with the retailer and its products. These solutions give flexibility to the customer; while having the
added benefit of giving retailers access to valuable data that can influence how they reach out to those customers in the future to create lasting brand loyalties. Having access to this data can improve how retailers make marketing decisions but can also determine the kind of relationship they have with each customer. Without this data and insight
into the online customer journey, brands are marketing in the dark. In such a competitive market, retailers really can’t afford not to innovate.
Strengthening the Customer Experience Many retailers have started to shape their online offering to respond to changing demands through live chat and similar services. However, brands need to be considering the entire customer journey from product discovery to purchase and post- purchase care if they want to build that all-important customer loyalty. Fostering connections and ensuring an outstanding experience is vital to retailers as 72% of customers will tell six or more people if they have had a satisfying experience. Customers
6 | December/January 2022
www.pcr-online.biz
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