Customer 360 Uplifts Customer Experiences and Fortifies Competitive Advantage in Retail
Customer 360 in Retail – Data and the Digital Economy
In today’s “always on” digital world, the way that consumers buy goods and services is swiftly changing – they interact with brands on their own schedule, often online rather than in-store. Buying online is fast and effortless. The convenience of mobile devices makes the browsing, price comparison and purchase experience faster and easier for consumers. However, due to the expediency that the internet provides, customers have high expectations related to the buying experience and post-sale service that retailers provide. For brands, the pressures of online retailing present challenges of delivering the superior user experience that users expect while grappling with the business impacts of dwindling margins and higher costs of meeting customer expectations.
For retail leaders, online sales growth is the impetus that drives the customer data strategies and dataflows that fuel customer experience, engagement, service, and revenue. Retail customer attrition is at an all-time high — customers expect a seamless and consistent experience across instore and online channels. When retailers are burdened by poor data quality, the experiences they deliver become jarring and unwelcome. According to Marketing Dive, 48% of shoppers abandon brand websites and purchase from a competitor when they are subjected to a poorly personalized experience. Further, 68% of retail customers abandon retailers, because they are treated with indifference; 66% depart due to poor customer service.
Retail is now more competitive than it has ever been. Consider these statistics:
- 73% of consumers use multiple channels to shop. – Harvard Business Review
- 87% of consumers begin their shopping journey with digital, a jump from 71% in 2017. – Salesforce
- Smartphones were used in more than one-third of U.S. retail sales in 2018, including everything from initial product research through purchase. That accounts for more than $1 trillion in sales. – Forrester
- More than 70% of millennials and Gen Z belong to loyalty programs, compared to less than 20% of Baby Boomers. – PRNewswire
This eBook explores how building insights from relationships between people, places and things require trusted data in order to build a Customer 360 in retail view.