Chapter 3: Brands and retailers are evolving their customer experience strategies
In the face of changing shopping habits, fewer than half of retail executives have completely defined their customer experience strategies.
Chapter 3: Brands and retailers are evolving their customer experience strategies
While 66% of customers expect companies to understand their unique needs and expectations, only 32% of retail executives say they have the full ability to turn data into personalised prices, offers, and products in real time across channels and touchpoints.
Part of the challenge is that the average retail organisation uses an estimated 44 different systems to manage customer experiences. This puts loyalty at stake because 80% of shoppers will abandon brands after three bad experiences.
“Data’s important, but we’re using it in places that are not accessible, and in today’s digital transformation, it needs to be there for everyone.”
Data scientists help brands and retailers operationalise data
Brands and retailers adopt unified engagement platforms
Retail executives are also investing in technology that will help their organisations increase agility and streamline the end-to-end shopping journey. This includes a unified engagement platform, which enables retailers to access and operationalise customer data across marketing, commerce, and service functions. This drives personalised and relevant engagement across the increasing number of physical and digital channels.
The top five reasons retail executives plan to adopt a unified engagement platform are to:
- No/don’t know: Does not see a unified engagement platform as a priority and does not anticipate any resources being focused on it in the near future
- Exploration: Currently monitoring the unified engagement platform market and gathering information for educational purposes.
- Consideration: Actively discussing the viability of a unified engagement platform approach but has no formal plans or budget in place.
- Strategy: Creating a formal plan, developing a business case, and seeking a budget for a unified engagement platform.
- Execution: Implementing a business and technical strategy for a unified engagement platform to manage change.
- Realisation: Operating a unified engagement platform and measuring its benefits to gauge future investments.