Since 2013, the largest investments in the retail business sector have been associated with the management of the customer experience.
Experts in the field believe that the more we understand the perceptions and interactions of our customers concerning our company, the more the customer loyalty strategy can be “personalized”, representing a significant asset in the face of increased competition in the market.
Consequently, the retail trade has witnessed an exponential growth in Big Data and investment in personalized technologies over the past 5 years
Retail trade experts view loyal customers as catalysts for generating profitable growth. This has been a key factor in boosting a market that has been, and continues to be, tight.
In the wake of the success of online sales platforms such as Amazon, contactless payment, and online payment service such as Paypal, e-commerce players have been asking themselves the following question: “Does the customer experience on my online platform measure up to the competition?”
N.B. the areas of activity that are most resistant to competition are health and beauty, consumer electronics and specialized retailers.
Retail trade experts have prioritized tools for Customer Insight, Enterprise Feedback Management and Customer Experience Management, in order to have a 360-degree view and be able to offer a satisfying experience that differentiates itself from the competition.
According to Gartner in 2015 and also today, 89% of companies believe they will be in competition as regards the customer experience.
The sectors in which competition is primarily centered on the customer experience are: finance (31%), telecommunications (14%) and the retail trade (10%).
The principal investments of the leaders in customer experience reside in the tools and solutions that safeguard the future of their organizations:
CEM (53%), Enterprise Feedback Management (52%), VOC (51%), Analytics (48%).
This year saw unprecedented changes in the retail trade.
Companies that received good marks for customer experience started to lose ground and had to rework their strategy in order to stay ahead of the competition.
Mergers, acquisitions and other factors have also transformed this industry into a difficult and challenging market.
The leaders in CX (Customer eXperience) created a new omni-channel business model. In this way the newly acquired knowledge concerning real-time customer data capture (FM) has enabled the improvement of customer strategy, as well as their experience.
Since the establishment of this new model, the retail industry has come to understand the importance of knowing its customers very well in order to best customize its services to satisfy them and, ultimately, retain their loyalty.
The three items on which companies are concentrating are :
– Emotional engagement (67%)
– Chatbots (67%)
– Voice of the customer (63%)
Mapping the customer experience and developing employee knowledge : Customer experience mapping tools are essential for ensuring a smooth interaction between employees and customers
Emotional engagement : More than half a customer’s actions are related to his/her feelings, which influence many decisions, both conscious and subconscious. This discovery has resulted in an increased investment in the analysis of emotional engagement.
The real challenges facing executives in the retail trade sector in 2017 are :
– To adapt and improve by the use of customer service technologies.
– To define, as an organization, a management structure for customer relations.