For retail executives, there is absolutely no time to sit still and rest on one’s laurels. The retail environment is shifting continually, meaning that the routes to expansion, growth and development are not the same today as they were 12 months ago. Executives must, therefore, constantly be on the lookout for ways to do things better.
However, one thing that is never going to change is the need to give the consumer experiences and treatment that they will value. A company can have the best products, services or solutions in the world, but if the customer isn’t being treated appropriately, they will simply take their money elsewhere, and likely encourage others to do the same.
A focus on the customer
All retail executives worth their salt will state, without pausing for breath, that no business can thrive unless it focuses on its customer experience. And latest research backs this up. According to a study conducted by North Highland, a whopping 93 per cent of all retail leaders have admitted that 2020 will be the year they put additional focus on the value of customer experience, with the vast majority stating that such an approach is a ‘strategic priority’.
However, the way that superlative customer experience can be engendered is not necessarily simple. Consumers shop in very different ways, via an array of mediums, and all have slightly different needs and expectations.
From the customer’s mouth
So, what does the customer actually want? What will make their retail experience valuable, and how can you ensure they keep coming back to you time and again?
According to research carried out by BRP, the following is true:
- 87 per cent of all consumers want their shopping experience to remain consistent, regardless of the platform/medium, they are using at the time.
- 79 per cent of all consumers say they want their retail experience to, in some way, be personalised.
- 67 per cent of all consumers want promotions, coupons or sales offers that are personalised to them
- 36 per cent of all consumers would like the option to pay monthly for products.
Damningly, the research also found that six in 10 (63 per cent) of consumers will refrain from shopping at a store in the wake of just one poor experience, so keep that in mind at all times.
What else is on the cards?
In 2020 retail executives will also need to focus on enhancing operational efficiency across the board. With the market becoming increasingly challenging, and given that profit margins are liable to become tighter as companies figure out how best to transition and evolve, it will become ever more essential to make the shopping experience as seamless, beneficial and reliable as possible.