Sales Strategy
Optimizing Retail Strategies For The Future Of Customer Experience March 04, 2024 (0 comments)
Helsinki, Finland--Businesses often require exceptional customer experiences (CX) to differentiate themselves. With the customer experience management market valued at $11.4 billion and projected to hit $20.4 billion by 2028, it's evident that investing in CX is not just a trend but a necessity for survival and growth in the retail industry.
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Gartner's survey highlights that 66% of customer loyalty is driven by CX, overshadowing price and brand as the primary factors influencing shopping decisions.
An article by customer experience company Lumoa states that for brick-and-mortar and online retailers, developing a CX strategy is crucial for attracting and retaining customers. Offering standout retail experiences can significantly boost your customer base and profitability.
Understanding Retail Customer Experience
Customer experience in retail is shaped by every interaction a customer has with your brand, from initial contact through post-purchase. In an era dominated by e-commerce, retail journeys have become more complex, involving multiple touchpoints such as websites, apps, newsletters, and physical stores.
This necessitates a seamless and consistent experience across all platforms to meet and exceed customer expectations, fostering loyalty and trust.
CX Versus Customer Service
While closely related, customer experience and customer service are distinct concepts. Customer service refers to direct interactions for resolving issues or providing assistance.
In contrast, customer experience encompasses the broader perception and feelings customers develop based on their entire journey with a brand. This includes everything from product quality and pricing to delivery speed and after-sales support.
Navigating Global Shifts and Innovating CX in Retail
The COVID-19 pandemic has dramatically altered consumer behavior, with a noticeable shift towards online shopping. This shift underscores the importance of investing in digital CX strategies to retain new customers.
Innovative CX strategies combine proven methods with new technologies to create engaging and personalized shopping experiences. Key tactics include understanding customer demographics, ensuring consistency across touchpoints, leveraging modern technology like AI and AR, and implementing loyalty programs to foster repeat business.
Learn more in the article in Lumoa.